Can get $600 stimulus check Soon, Treasury says

Treasury Secretary Steve Mnuchin tweeted on Tuesday evening the department “has delivered a payment file to the Federal Reserve for Americans‘ Economic Impact Payments.” His tweet continued: “These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week.”

Americans who have direct deposit set up through the Internal Revenue Service could be receiving their stimulus payment as early as Tuesday night. Paper checks will begin to be mailed Wednesday, according to a press release from the Treasury Department. Mnuchin also tweeted that you can check your payment’s status 

However, not everyone qualifies for the payment. USA TODAY reporter Jessica Menton goes over who qualifies and who isn’t getting stimulus money.

The new round of stimulus includes $600 direct payment to individual Americans who earned up to $75,000 in 2019, or $1,200 for couples filing jointly who made up to $150,000. That is less than the payments of $1,200 for individuals and $2,400 for couples approved in the Coronavirus Aid, Relief and Economic Security Act in March. 

This current round provides $600 per child, up from $500 in the spring.

The size of the benefit would be reduced for those earning more than $75,000, or $150,000 per married couple, similar to the last round of stimulus money. The amount will decrease by $5 for every $100 of income above those thresholds, phasing out entirely at $87,000 for individuals and $174,000 for couples.

There is no cap on the number of children a household can claim, so, for instance, a family with two adults and two children of four would could receive up to $2,400.

Source: https://www.usatoday.com/story/money/2020/12/29/treasury-600-stimulus-check-coming/4081474001/

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