Federal stimulus checks are prepared for printing at the Philadelphia Financial Center May 8.
Jeff Fusco | Getty Images News | Getty Images
Here’s what you need to know about this latest round of stimulus checks.
How much will the payments be?
The new checks will be for up to $600 per adult and $600 per child.
Individuals with up to $75,000 in adjusted gross income will receive that full payment, as will heads of household earning up to $112,500 and married couples making up to $150,000.
Those with earnings above these levels will receive a partial payment that drops by $5 for every $100 in income.
If you earned much less in 2020 than in 2019, you may not receive a stimulus payment but can still claim this money in the form of a tax credit when you file.
When will I get my check?
If the IRS has your direct deposit information, you’ll be among the first to receive the payment. The check could be in your account within two weeks.
A senior official at the Treasury Department told CNBC it anticipates that people could start receiving their payments as early as this week.
Those who haven’t shared that information with the IRS can expect to get a paper check or prepaid debit card — and, unfortunately, to wait longer for their money.
The Treasury can deliver 5 million to 7 million paper checks a week.
When the first checks were deployed in March, one congressional timeline estimated it would take up to 20 weeks to get the money out. However, millions of eligible people are still waiting.
What if I still didn’t receive my first stimulus check?
When you file your 2020 taxes, you can claim what is known as a “recovery rebate credit.”
This credit will either leave you with a larger tax refund or decrease what you owe.
— Additional reporting by Lorie Konish.
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