More Money, More Opportunities
More Money, More Opportunities
The second stimulus check, sent in late December 2020, differs from the first in several key ways. Payments are smaller ($600 vs. $1,200), but are being distributed faster. Dependent children now qualify for $600 (up from $500), and income phaseouts are lower, impacting eligibility for more people. The IRS is using 2019 tax returns for eligibility, and unlike the first round, those owing child support
The IRS’s “Get My Payment” app, intended to allow people to track and provide bank account information for coronavirus stimulus payments, has a significant flaw: those who have closed bank accounts used on prior tax returns (2018 or 2019) cannot update their information. Payments intended for these accounts will be rejected, resulting in a mailed check—which may be sent to an outdated address—and a potentially lengthy wait. The IRS currently offers no way to update this information
