US Congress still does not approve the stimulus package 2:06
Washington (CNN) -
Lawmakers are expected to vote Monday on the deal, which would provide $ 600 stimulus checks, but experts say it will take at least two weeks for the Treasury to deposit the cash into people's bank accounts afterward. legislation is signed.
"The timing could be more challenging this time, but the IRS could probably start pulling the money in January," said Howard Gleckman, principal investigator for the Urban-Brookings Center for Tax Policy.
LOOK: This is what the second US stimulus package includes.
In March, Congress awarded individuals $ 1,200 direct payments and couples $ 2,400 plus $ 500 per child under the $ 2 billion CARES Act.
Those stimulus checks began to be phased out for singles earning more than $ 75,000 a year and those earning more than $ 99,000 received nothing.
Income thresholds doubled for couples.
As with the first round, the new stimulus checks will only be sent to people below a certain income level, although it was not immediately clear on Sunday where it would be established.
It took two weeks after that law was passed for the IRS to begin distributing the money, but some eligible recipients have yet to receive it, months later.
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Who gets the stimulus check faster?
Payments are not made all at once.
Those whose banking information is on file with the IRS will likely receive the money first because it will be deposited directly into their account.
Others will receive paper checks or prepaid debit cards in the mail.
About 90 million people, more than half of those eligible, received their payments within the first three weeks of April after the March agreement was signed.
Most people had their money in two months.
Still, about 12 million eligible Americans were at risk of not receiving the money at all because the IRS had no way to reach them.
While most people received the money automatically, very low-income people who don't normally file tax returns had to register online by November 21 to provide their address or bank account number.
The IRS is under pressure
If Congress keeps the eligibility requirements the same as in the first round of scrutiny, the process can be almost as easy as pressing a button.
But it could complicate things if the parameters are changed, especially if Congress adds restrictions on top of revenue.
The extra checks can delay the start of the 2020 tax reporting season. A second stimulus check means the agency will have to make changes to the tax return forms, some of which have already been sent to printers.
What would and would not include the second stimulus package?
2:13
December is not an ideal time to increase the IRS workload.
This is typically the month work is done to prepare for the upcoming application season and there may be fewer staff than usual due to holidays.
“I think the IRS will deliver the stimulus checks in a timely manner.
It could be at the expense of the filing season start date, ”said Chad Hooper, executive director of the Professional Managers Association, which advocates for more than 30,000 -union IRS workers.
Economic stimulus