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What To Know About Federal Stimulus Payments
Tips to Get Your Money, Honey
The Money Trail
Economic Impact Payments come from the second $900 billion stimulus package tied to the coronavirus pandemic. Congress passed the Consolidated Appropriations Act, 2021 (H.R. 133)
, which president Donald Trump signed into law on December 27, 2020. This latest round of payments follows the delivery of the $2.2 trillion CARES Act Economic Impact, back in March 2020. There’s already talk of a possible third stimulus payment in the new 117th Congress. President-elect Joe Biden has signaled support for a $2,000 payment.
Who Gets a Payment?
According to IRS information, if you’re a U.S. citizen or U.S. resident alien, you may be eligible for $600 ($1,200 for a joint return), plus $600 for each qualifying child under age 17. According to the agency, this generally applies if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2019 tax return,
For the second round of coronavirus stimulus checks, approximately 8 million people will get prepaid debit cards with the $600 instead of direct deposit or checks.