Stimulus checks: How much you’re getting and when

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WASHINGTON (NewsNation Now) — There are a lot of moving parts in the latest coronavirus stimulus package. Here’s a breakdown of where things stand:

When will I get my check?

  • Direct deposits will begin on Tuesday night, according to Treasury Secretary Steven Mnuchin.
  • Paper checks will begin being mailed Wednesday, Dec. 30.
  • People will be able to track the status on the IRS website later in the week.
  • The IRS already has your banking information ready to get the money.

How much money will I get?

For now, checks will max out at $600 for individuals. Depending on tax filing status, income levels and the number of children you have, that number may increase.

You may not be getting a check this time

If you don’t get a direct deposit by early January 2021, you should watch your mail for either a paper check or debit card.

Courtesy: MetaBank

The debit card will be sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. It has the Visa name on the front of the card and the issuing bank, MetaBank on the back of the card, the Treasury department said.

What about college students?

Many college parents claim their children as dependents, but the $600 dependent bonus wouldn’t qualify their parents for a check. Only children 17 or younger will get the $600 add-on. Adults dependents also don’t qualify for their own payment, according to The Tax Foundation.

What about $2,000?

There is a lot of talk about increasing the payments to $2,000 from $600. Here’s where that stands:

What if Congress passes an increase?

Since checks are going out this week, the difference will be paid in a separate payment.

How to track your payment

Later this week, you can check the status of your payment at IRS.gov/GetMyPayment.

What if I didn’t get a check earlier in the year?

If you did not register online, by mail and did not get a payment in 2020 or you received a payment, but it wasn’t the full amount, you may still be eligible to receive a payment in 2021. According to the IRS, you may be eligible for the Recovery Rebate Credit.

How will I know what happens next?