Did you receive a $500 stimulus check from the IRS this week?
Here’s what you need to know — and it may not be what you think.
You may be surprised to find a $500 stimulus payment in your mailbox or bank account. No, it’s not the second stimulus check, which Congress has not yet approved. It’s part of the first stimulus check and it pertains to dependent payments. The first stimulus check, or Economic Impact Payment, was part of the Cares Act, which was the $2.2 trillion stimulus package that Congress passed in March. The IRS sent checks this week for dependent payments of up to $500 as part of the first stimulus check that were not paid previously to some Americans. The IRS sent checks in one of two ways beginning on these dates:
Direct Deposits: August 5, 2020
Paper Checks: August 7, 2020
Under the Cares Act, if you have a qualified dependent under age 17, you could receive up to $500 for each dependent, assuming you qualify for a first stimulus payment. To qualify for a check up to $1,200 for individuals and $2,400 for married/joint filers, you needed a 2018 or 2019 adjusted gross income of no more than $75,000 for individuals and $150,000 for married/joint filers. If your income was less than $99,000 for individuals and $198,000 for married/joint filers, you may have received a direct payment with a lower amount.
Who received this $500 check?
If you receive this check, it may have come as a surprise. The reason? You may not have been required to file a tax return and used the Non-Filer tool on the IRS website to provide information on your dependent children age 17 and younger. According to the IRS, if you entered this information before May 17, 2020, you likely will receive a check now. If you provided this information to the IRS after May 17, you likely already received your dependent payment with your first stimulus check.
How will you get the dependent payment?
You may be wondering if you will get a check in the mail or through direct deposit. It depends on how you received your first stimulus check. For example, if the first check was sent through direct deposit, then you will receive the dependent payment directly in your bank account. Similarly, if you received a paper check, your dependent payment also will be provided through a paper check.
Will I get a dependent payment?
If you’re not sure if you qualify for a dependent payment for the first stimulus check, there’s a way to check. You can use the Get My Payment tool on the IRS website, which can tell you the status of your dependent payments. Like the Non-Filer tool, the Get My Payment tool is free to use. Under the Cares Act, dependent payments were only available to dependents 17 and younger, which means that many high school students, college students and adult dependents were not eligible for dependent payments.
Will I get a stimulus check?
You may be wondering: “When will I get a second stimulus check?” If you received a first stimulus check, including dependent payments, you may be wondering about a second round of stimulus payments. There have been numerous proposals for a second round of checks, but Congress has not approved a stimulus check. Congress largely agrees on a second round of stimulus payments, although there are four main plans for a second stimulus check. Congress has agreed in principle to $1,200 stimulus checks on the same terms as the Cares Act, although no decision is final until Congress passes legislation. However, Republicans and Democrats have yet to agree on a stimulus package. This caused President Donald Trump to sign executive orders for a payroll tax cut, enhanced unemployment benefits, an eviction moratorium and student loan relief.
Will you get a second stimulus check through Trump’s executive order? Trump supports a second round of direct payments and has even said second stimulus checks could be more than than $1,200. However, his executive orders do not include any checks. This means that Congress can still pass legislation to send you direct payments. While Congress has not agreed to the dollar amount of dependent payments, Congress did agree in principle on waiving the age cap so that dependents of any age — including high school students, college students and adult dependents — could qualify for dependent payments.
Will you get a second stimulus check in Trump’s executive order?
This second stimulus check would pay the most
When will my second stimulus check come?
Trump suspends student loan payments until December 31
New stimulus today: second stimulus checks, unemployment benefits and more
15 secrets to refinance student loans
Second stimulus checks: 4 plans compared
5 student loan changes for 2020
Trump: Student loans may be extended for “additional periods of time”
Trump: Second stimulus checks may be higher than $1,200
What the new stimulus package means for your student loans
Stimulus: here are the latest numbers for second stimulus checks and more
Second stimulus checks may be less than $1,200
Second stimulus checks: your questions answered
Trump wants at least $2 trillion for next stimulus
Don’t expect student loan forgiveness in next stimulus bill
Student loan refinancing rates are incredibly cheap