IRS Rolling Out Second Round of $600 Stimulus Checks; Learn When You Can Get Yours

Stimulus payments have started to roll out on Tuesday night as the IRS and the US Treasury have begun sending the second round of payments to bank accounts and via mail on Wednesday. This comes following the first wave of IRS stimulus payments that started less than two days after President Trump signed the COVID-19 relief bill. The bill authorizes a stimulus check of up to $600 for each eligible adult and child.

According to CBS News, the payout process could extend up to next week as the IRS has already started mailing paper checks on December 30 to people who don’t have their bank account information on file with the tax agency.

In an article on CNet.com, the IRS said eligible individuals do not need to take any action to receive the second payment as they will use the direct deposit information they have provided on their file. However, they cautioned that some "may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of January 4, 2021."

In addition to this, the agency also confirmed it is updating its Get My Payment tool for the second round of payments where qualified individuals can view their status for both payouts.

For those who don’t have direct deposit information on file, the payment will be sent as a check or Economic Impact Payment (EIP) debit card in the mail. They also said some individuals who received their first payments in check may receive the EIP debit card this time and vice versa.

Payments are “automatic" for individuals who filed a 2019 tax return, and the same applies for people who receive Social Security benefits, Railroad Retirement benefits or Supplemental Security Income and Veterans Affairs beneficiaries who didn't file a tax return.

The stimulus payments will not be taxed as they are not considered earned income.

The cut off date for the $900 billion stimulus bill is January 15 by which time the IRS and US Treasury must stop sending payments. Anyone who did not receive their full second stimulus check by January 15, will need to claim all or part of the missing amount upon filing their federal tax returns in 2021 through the Recovery Rebate Credit.

The IRS said if Congress does approve raising the $600 checks to $2,000, it will process and issue the bonus amount "as quickly as possible."