$600 stimulus payments to start going out Tuesday night, Treasury Secretary says

$600 stimulus checks going out
Photo credit Getty Images - FILE

(WWJ) Your next virus relief check from the federal government may be coming sooner than you expected.

As the US. Senate is pressured to increase the amount, the U.S. Treasury Secretary says some people with direct deposit may start seeing $600 economic stimulus payments in their accounts as early as the night of Dec. 29.

Secretary Steve Mnuchin tweeted Tuesday evening that the U.S. Treasury has delivered a payment file to the Federal Reserve. He said the payments would start Tuesday night, and continue into next week.

Mnuchin said paper checks will then begin to be mailed on Wednesday.

Later this week, you can check the status of your payment by going to IRS.gov and clicking on "Get My Payment."

As with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way, the IRS says.

Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card.

To quality for this round of payments, U.S. residents need a Social Security number. Individuals earning up to $75,000, and couples earning up to $150,000 will receive the full amount. After that, the amount of the check then decreases by $5 for every $100 of income above those thresholds, phasing out completely at $87,000 for individuals and $174,000 for couples.

Dependents under age 17 are also eligible for $600 checks, and there’s no cap on the number a household can receive.

The IRS says if additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.

Income is based on 2019 tax returns.

Get more information at THIS LINK.