LAST UPDATED: Jan. 3, 2021, 6:42 p.m.
New Delhi (Anish Yande): The rollout of the Second Stimulus is to be finalized by January 15th by the US Treasury. The second round of Economic Impact Payments was undertaken from December 29th, 2020.
However, according to the conditions stated regarding the second stimulus, not everyone who qualifies would be receiving their checks immediately. Check the criteria and how to obtain your second stimulus.
Eligibility for Stimulus Check:
U.S citizens who adhere to income requirements and are not dependent are largely eligible. The stimulus checks are issued depending upon your economic and marital status.
Last spring, the stimulus checks for qualifying individuals were payments of $1,200. For the current issuing of checks, the US Treasury and the IRS have approved $600 in payments through stimulus checks.
The payments would be processed through deposits, checks issued by banks, and EIP cards. The process would be carried on for 13 days till the January 15th deadline.
The individuals who earn up to or less than $75,000 would receive 600 dollars as the stimulus, irrespective of their marital status. Heads of households who earn up to or less than $112,500 generally qualify for a $600 stimulus payment.
Meanwhile, married couples who earn up to $150,000 are eligible for a $1,200 stimulus payment, depending on whether they are filing jointly. Surviving spouses are also eligible for the $1,200 stimulus payment.
Individuals with an adjusted gross income of more than $87,000 are not eligible for the stimulus payments. Couples with more than $174,000 AGI are not eligible for the stimulus checks either.
Each child or adult dependent would be receiving $600. Children who are older than 17 years are not eligible for the child stimulus check.
How would my stimulus arrive?
The IRS has your direct deposit information on file, and your payment would be processed as an ACH transfer. In case the IRS doesn’t have the information, the stimulus check would be sent via check or debit card.
The debit card is issued as an ‘Economic Impact Payment Card’ from MetaBank. The card would have the US Treasury seal printed prominently. The US Treasury and IRS has advised to keep checking your mailbox and bank accounts regularly and keep a track of transactions.
Image Credit: Google