NASHVILLE, Tenn. (WTVF) — Many people are starting to receive their second stimulus payments and millions more are anxiously waiting for theirs. So, what exactly can you expect? Here are key details on how and when the money will arrive and what to do if it doesn't.
We, of course, have been through this once before, and you should know this second round of stimulus payments works much like the first -- with a few key changes that should make the whole process work just a bit better.
"It's pretty similar to the last one -- $600 per-person and $1,200 for a married couple. $600 for every child 16 or under," said payroll and tax expert Dr. Friday Burke.
Yes, those who are on disability and social security will get checks. Again, anyone who is claimed as a dependent will not.
Burke says there's much to digest in the latest plan.
"I've been reading and to give you an idea this is about 1,000 pages and it's a 5,000 page bill."
The U.S. Treasury has already started sending out money to millions of Americans.
If you haven't received a payment yet, you probably know someone who has. It's happening quickly this time because there is a January 15 deadline to pay some 100 million Americans.
What happens it you don't get your money by then?
"That's where it will get extremely complicated for the everyday taxpayer," said Burke.
Complicated, but not hopeless.
No payment likely means the IRS does not have your updated bank deposit number or your current address if you've moved -- or there could be some other snafu.
When these issues cropped up during the first stimulus, you had to update your information or inquire on the IRS online portal. That was a mess.
This time, you simply make note when you file your taxes.
"There is a way on the 1040 2020 return to claim any missed stimulus money you did not get and they'll be refunding it with your refund on your 2020 tax return," said Burke.
So, if you don't get your stimulus by January 15, then be sure to file your tax return. It will be line 30 on this year's form.
Then you'll be in the system and get your payment. It will just a take a bit longer.
A few other changes this time around: stimulus payments will not be garnished if a parent owes child support. In fact, this new law prohibits seizing stimulus checks for any kind of debt, including from private creditors and banks.
