INDIANAPOLIS -- Part of the $900 billion dollar relief package is a second round of stimulus checks to many Americans. WRTV is working for you and answering your questions with the help of a local tax expert.
“The new round is going to work very similarly to the first round of stimulus checks,” Michael Jamison, CPA and President of OnTarget CPA said.
Here are the basics of the second round of stimulus checks:
-Eligibility is based on 2019 returns
-Full payments of $600 will go to individuals making $75,000 or less
-Each dependent child age 17 and under is eligible for another $600 payment
“Anybody who would qualify for the stimulus payment based on their 2020 tax return when it’s being filed, they’ll get the money when they file that tax return,” Jamison said.
Q: “Is there any information on the stimulus if you had a child in the 2020 year? Do they count on taxes or not at all?”
-Diana from Indianapolis
A: “So if you had a child in the 2020 year, you’re going to fall under the category of someone who will get the stimulus money when you file your 2020 tax return,” Jamison answered.
As for when Hoosiers can start seeing these checks, that’s still unknown. Last week, Treasury Secretary Steven Mnuchin said checks could come out as soon as this week, but that was before there was a delay in the bill being signed.
Q: “ I never got my first one [stimulus check], probably won’t get this one either. I’m on Social Security Disability…” wrote Cindy on Facebook. WRTV reporter Nikki DeMentri added, ”For those that didn’t see that first round check, will they see that second round check?”
A: “I doubt it…what she needs to do is file an income tax return for 2020,” Jamison said.
The quickest way to get the payment is through direct deposit, according to Jamison. A portal on the IRS website is not up at the moment, but he expects one to be in a few days.
The tax expert added paper checks could take weeks. According to the Government Accountability Office, the treasury can deliver five to seven million paper checks a week. Jamison suggests giving the IRS "adequate time" to process these payments, but if it seems everyone else has received the check and you have not, reach out.
President Donald Trump continues to advocate for a larger stimulus check to Americans. The House voted to pass the CASH Act, which expands the direct payments to $2,000. That bill now goes to the Senate for a vote.
Jamison said if the payments are increased at all not much will change. He believes Americans can either expect one check with the new amount or two separate checks with the first check being the $600 dollar payment and second the remainder.