Many Americans are patiently awaiting the coming second coronavirus stimulus check, but now we are hearing that some people have already received it.
According to a recent article from Forbes, some Americans are seeing a second coronavirus stimulus check arriving in their bank accounts this week. So, why has this happened? According to the first stimulus check under the Cares Act signed into law back in March, eligible Americans who earned less than $75,000 a year and joint filers who earned less than $150,000 a year received $1,200 or $2,400, respectively.
Additionally, those people who have dependents aged 16 years or younger received $500 per dependent. Unfortunately, some people saw an extreme underpayment in the first round of stimulus checks, and now the Internal Revenue Service (IRS) is getting around to fixing that problem. So, how did this happen? Americans that qualified for the stimulus check, but weren't required to file a tax return and also used the IRS Non-Filers: Enter Payment Info Here Tool to enter their information before May 17 could have encountered a programming error.
This programming error may not have included the listed dependents in the application, which is why the IRS is now rectifying this issue, calling the payment an EIP, which stands for 'economic impact payment'. Forbes says, "The IRS explained that there was a programming error that they fixed on May 17 so only those people who entered information before that day missed out on the $500 per dependent."
If you happen to be in this situation, don't worry, the IRS won't require you to do anything as it has already begun sending out the outstanding funds.
Here's what the IRS website says about when to expect the money:
"The IRS will automatically issue the additional $500 EIP per qualifying child to affected individuals in early August for those who used the Non-Filers tool before May 17, 2020. Direct deposit payments are scheduled for August 5, 2020, and paper checks or debit cards are scheduled to be mailed August 7, 2020. You can use Get My Payment to check the status of the $500 EIP per qualifying child, and you will receive another notice in the mail letting you know the $500 EIP per qualifying child was issued."
"If you received your EIP by direct deposit, the additional $500 EIP per qualifying child will be direct deposited to the same bank account."
"If you received your EIP in the mail, the additional $500 EIP per qualifying child will be mailed to your address of record."
"If you used the Non-Filers tool on or after May 17, 2020, your EIP included $500 per qualifying child."
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