On December 27, 2020, the national government enacted a relief package that included another round of Economic Impact Payments (often known as”stimulus payments”) to Americans. Eligible individuals will be given a payment of $600, or $1,200 for married individuals, plus $600 for each qualifying child. However, those obligations slowly phase out for incomes over $75,000 for single taxpayers, $112,500 for taxpayers filing as head of household, and $150,000 for married couples filing together.
$87,000 for unmarried taxpayers
The Internal Revenue Service (IRS) and the Treasury Department began devoting such payments on December 29; many recipients will obtain those funds from direct deposit. Paper checks and debit cards also began going out and will continue to be delivered through January. For Social Security and other beneficiaries who obtained the first round of payments through debit card, they’ll receive this instant payment the same manner. As of January 4, about $112 billion of their second round of payments have been sent out; general, such payments are expected to cost a total of $166 billion according to the Committee for a Responsible Federal Budget.
How Many First-Round Stimulus Checks Have Been Issued?
The first round of stimulus payments authorize under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As of August 28, 2020, the IRS had issued 153 million payments — nearly $269 billion. The Congressional Budget Office estimates that those first-round payments will eventually cost a total of $281 billion.
The first Economic Impact Payments issued before in 2020 were $1,200 per person, or $2,400 for all those filing jointly, and $500 per qualifying child. The payments start phasing out at Precisely the Same income levels as the present payments, but because the payments authorize under the CARES Act were bigger, the maximum income levels to Get a payment were also bigger:
- $99,000 for unmarried taxpayers
- $198,000 for married couples filing jointly
- Distribution of First-Round Upgrades by Condition
The map below shows the amount, and total amount, of first-round payments sent to taxpayers by state.
4 tips for avoiding a Coronavirus stimulation payment scam
- Only utilize irs.gov/coronavirus to distribute information to the IRS — and never in response to a call, text, or even email.
- The IRS will not contact you by telephone, email, text message, or societal websites with information about your stimulus payment, or even to ask you for your Social Security number, bank account, or government benefits debit card account number.
- Anybody who does is a scammer phishing to your own information.
You don’t need to pay to receive your stimulus money.
- The IRS won’t tell you to deposit your stimulation check then send them cash back. Since they paid you more than they owed you. That is a fake check scam.
Report scams to the Federal Trade Commission at FTC.
To keep up with the latest scams, sign up for the FTC’s consumer alarms.