Despite direct deposit payments being sent out, the IRS has said that those payments may be marked as „pending“ or „provisional“ until January 4.
After President Donald Trump signed the $900 billion coronavirus relief package approved by Congress, the Internal Revenue Service (IRS) and Treasury Department have started sending out the second round of stimulus checks. The payments are generally $600 for singles who earned less than $75,000, and $1,200 for married couples who filed taxes jointly and earn less than $150,000. Those earning more are set to receive reduced payments. People with qualifying children will also receive $600 for each child. Dependents who are older than 17, however, are not eligible for the additional payment. Treasury Secretary Steven Mnuchin said that direst deposits for each eligible man, woman and child have started on Tuesday. Mnuchin also stated paper checks would be mailed out beginning December 30. In the $900 billion stimulus bill, Congress set a January 15 cutoff date for the IRS to sent stimulus payments, leaving just 17 days to process more than 100 million payments since the first payment was released on December 29.
