The second round of stimulus checks are on their way, thanks to the COVID RELATED TAX RELIEF ACT OF 2020 that was signed on December 27. But, since a lot of different amounts and restrictions were thrown around during the negotiations, there are still a lot of questions about these new stimulus checks. At the top of the list: How much will I get? And when will I get it? Here’s a few answers to questions you may have:
Question: When will I get my second stimulus check?
Answer: Soon! The IRS has already started sending out $600 payments. If the IRS has your bank account information— either from a recent tax payment that you made or from a tax refund it sent you— then expect to get your second stimulus check faster. That's because the IRS will be able to directly deposit the payment into your credit union account. The IRS can also make a second stimulus payment to a Direct Express debit card account, a U.S. Debit Card account, or other Treasury-sponsored account. Otherwise, you'll get a paper check in the mail.
Question: How much money will I get?
Answer: Right now, you’ll get $600. People who made more than $75,000 will get less. Children under 17 will get $600.
Question: Will I have to pay taxes on it?
Answer: No. If you’re wondering when you can expect your stimulus funds, please CLICK HERE. This will take you directly to the IRS website where you can check your payment status.
To check your credit union account, login for online banking or view your account info in our mobile app.