On Dec. 21, Congress approved a $900 billion coronavirus relief package that includes a second round of stimulus checks. While the bill still needs to be signed by President Donald Trump, it could be delivered as soon as next week. The quickest way you'll get it is likely through a direct deposit to your bank account. If you've changed banks since the first stimulus, here’s how you can change bank details for a second stimulus check.
The new relief package includes stimulus checks of $600 for each eligible individual, $1,200 for married or joint filers, and $600 for dependent children. The money is not taxable as income and won’t impact any tax refund.
How will you get a second stimulus check?
You'll likely get your second stimulus payment the same way you received the first — either by paper check, direct deposit, or prepaid debit card. The direct deposits are likely to hit bank accounts as early as Dec. 31. Debit cards and paper checks will be delivered on a rolling basis, with most arriving by Jan. 15, 2021.
Who is eligible for a second stimulus check?
Individuals who earned under $75,000 in 2019 will get the full $600 payment, while married couples filing tax returns jointly who earned under $150,000 in 2019 will receive $1,200. If you earn over these thresholds, $5 would be deducted for every additional $100 of adjusted gross income. Individuals who earned over $87,000 or married couples who earned over $174,000 won't receive a stimulus payment.
If you don't file federal income tax returns because your adjusted gross income is too low, you'll receive the maximum payment of $600 per adult and $600 per qualifying dependent. If you are a Social Security recipient, the IRS will use this information to calculate your stimulus payment amount and mode of delivery.
How can you change direct deposit information?
The IRS has created an online “Get My Payment” tool where direct deposit bank information can be provided. The tool will inform you the expected date of direct deposit in your bank account. You can also use the “Get My Payment” tool to track the status of your stimulus payment. However, the “Get My Payment” tool doesn’t always work, and your request may result in a “Payment Status Not Available” message.
You can’t change the bank account information in the “Get My Payment” tool if the IRS already has your bank information on file. This is mainly to protect against possible fraud. You can’t change the mode of delivery if the IRS has scheduled it for payment.
What happens if the stimulus check goes to a closed account?
If the stimulus check goes to a closed bank account, the bank will reject the direct deposit request and the IRS will send you a paper check to the mailing address it has on file for you. But rest assured that you won’t miss out on your stimulus payment just because it went to the wrong banking account.
Currently, the U.S. has more than 18.46 million COVID-19 cases based on data compiled by Johns Hopkins University. At least 326,217 deaths in the U.S. have been linked to the coronavirus pandemic.