$600 Stimulus Payments Should Officially Arrive Today
The long-awaited $600 stimulus payments should be available in bank accounts across the country today, according to the IRS.
The IRS’s “Get My Payment” tool also went live today, and is meant to help people check the status of their payments. The agency urged people to use the tool to learn when their money will arrive, rather than calling their bank or the IRS, though it said people shouldn’t need to do anything other than pick up their mail or check their bank accounts to receive the money.
The IRS, together with the Treasury Department, began sending Economic Impact Payments via direct deposits and paper checks last week, just days after the pandemic relief bill was officially signed. Recipients expecting debit cards should receive them in their mailboxes in January, the IRS said.
Democratic and Republican lawmakers finally agreed on the amount of the payments after negotiations dragged on for months: up to $600 for individuals, and $1,200 for married couples who file jointly, plus $600 per qualifying child. Like the last round of stimulus payments, the benefit is based on your 2019 tax return and is phased out for individuals who made more than $75,000, and couples who made more than $150,000.