National unemployment rates have been abysmal over the last year. The pandemic has caused significant damage to the job market, with a record-high unemployment rate of 14.7% in April — right as the coronavirus shut down much of the nation’s economy.
As the COVID-19 pandemic rages on, millions of Americans are still struggling to find employment. As of the last week of December, 25.7 million American workers were still unemployed, out of work, or facing a reduction in work hours or pay. Looking for work? Tap or click here for a tool that will help you find the right career path.
The economic toll the country has paid over the last year has been massive, and millions of Americans are now in need of a quick cash infusion. Fortunately, there will be one coming soon. Those second stimulus checks we’ve heard so much about are finally on the way. Here’s when you can expect to see yours — and how you can check the status of your payment.
New stimulus check details
If you’re struggling to make ends meet, there’s good news on the horizon. You’ll likely be getting a second stimulus check from the IRS. These checks are part of the latest economic stimulus passed by Congress.
Americans received an initial stimulus payment early on during the COVID-19 pandemic but haven’t received another cash payment since. This time around, the payment amount will be $600 per person — about half of what the payment was with the CARES Act.
As we saw with the first payment, though, not everyone will be eligible. The amounts could vary from household to household, too.
According to the new stimulus rules, single Americans making under $75,000 will receive the full $600. The cap on the stimulus payment is $87,000 and up. Anyone making between $77,400 and $87,000 will receive a reduced payment that varies based on your income.
Joint filers with two adults in the household will get $1,200. The income cap for joint filers is $174,000 and up. Joint filers making between $154,800 and $174,000 will receive a reduced payment based on their combined income.
Conversely, if your income is higher than the income cap, you probably won’t receive a stimulus payment this round. The IRS has asserted a deadline of Jan. 15, 2021, for sending payments. Checks have already begun rolling out.
Given the varying parameters for qualification, it’s a little tricky to figure out what, if anything, you’ll be getting from this stimulus payment — and when it will arrive. The easiest way to know what your stimulus payment will be and when to expect it is to use one of these tools:
Second Stimulus Check Calculator
If you’re wondering what your stimulus payment will be, this Second Stimulus Check Calculator can help you determine an estimate. To see how large your payment will be, you’ll need to answer the three questions in the calculator. These answers will give you the estimated amount of your second stimulus check.
You can find the information you need on your 2019 tax return. Make sure you have that handy before calculating your estimated payment to get the most accurate information on your payment.
IRS “Get My Payment” portal
Another good resource to use is the “IRS Get My Payment” portal. This portal is currently offline, but it was a handy tool during the first round of stimulus checks. This tool allows you to check your payment status, the delivery method and other information related to the stimulus checks.
According to the FAQ released by the IRS, the tool is being updated with new information and will be available again in a few days for taxpayers who want to learn more about their pending payments. When this site is back up and running, you’ll be able to provide your bank information to expedite your payment and see your payment status, along with the date it’s scheduled to be disbursed.
As with the first round of payments under the CARES Act, most people will receive the second round of payments by direct deposit. If you were a Social Security or other type of beneficiary who received the first round of payments via Direct Express, you would receive this second payment the same way.
According to the IRS, anyone who qualifies but doesn’t receive a payment via direct deposit will likely receive a check. In some instances, you will receive a debit card instead. If you’re in this category, you should note that the payments will conclude in January.