GREENSBORO, N.C. — This week is Christmas, but next week could be Christmas too because the head of the IRS says the second round of stimulus payments could start going out next week. Whoa.
Monday, the U.S. Treasury Secretary Steve Mnuchin said "People are going to see this money the beginning of next week," in an interview on CNBC. As in, the week after Christmas!
That's a quick turn-around. The first stimulus payments took almost two weeks to get out. But now, there's a blueprint. Conventional wisdom would say direct deposits will be made first and then checks will go out like last time.
Once again, it's expected the IRS will use your 2019 tax return if filed or your 2018 return for information on where to send direct deposit money, where to send checks and how much you get.
The base payment for this second stimulus is $600.
Who gets it? Adults* and dependents under the age of 17 years old.
Did you catch the asterisks on an adult?
There are thresholds.
Individual adults who earn less than $75,000 and couples who earn less than $150,000 will get the full $600 payment.
Just like the last time, if you make more than the threshold, your payment is adjusted by 5%. Individuals who earn more than $99,000 and couples making more than $198,000 will not get the stimulus money at all.