President Trump signed off on $600 stimulus checks, and they'll start arriving by direct deposit this week

By Tanza Loudenback

Just days after President Donald Trump signed a new coronavirus relief bill into law, some Americans will start to see money from a second round of stimulus checks in their bank accounts.

Qualifying single tax filers will receive up to $600 each, and married joint filers will receive up to $1,200 — plus $600 for each child dependent. The money is not taxed as income and will not need to be repaid to the US government.

When is my second stimulus check coming?

Distribution of a second round of stimulus checks can happen swiftly since the necessary channels are already in place from the last round of relief. Most people can expect to get their stimulus check by January 15.

Treasury Secretary Steve Mnuchin tweeted Tuesday, December 29, that stimulus payments may start arriving in bank accounts as early as Tuesday evening. He added that paper checks will start going out in the mail shortly after. 

Mnuchin said the IRS "Get My Payment" tool, where people can track the status of their payment, will be available later this week.

The new legislation requires the IRS and the Treasury to stop sending payments by January 15. If your payment has not been issued by that date — either by direct deposit, paper check, or prepaid debit card — you can claim the amount you're owed on your 2020 taxes.

In the first round of stimulus checks, the IRS sent most payments by direct deposit or paper check and later introduced prepaid Visa debit cards, which were sent to about 4 million people. Direct deposit is the fastest method of delivery, but debit cards make the money more widely available, primarily to households without a bank account.

If you qualify, you will get your second stimulus check the same way you got your first.

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