If you received your first stimulus check, don’t be alarmed if another one shows up in the mail. The first payment was just an advance on a second one that will arrive later.
In fact, it’s likely that many of these checks won’t be sent out until early February — or possibly even later this year. That’s because Congress has not yet approved all of the funding needed to cover all of these payments in full.
Even though it’s been nearly a half-year since the initial payments began being approved by Congress and sent out by the Treasury, there are still many people who have not received their payments.
Stimulus Check: Santa’s Gifts From The State
If you’re among those still waiting on your first stimulus check, don’t worry: It looks like there is light at the end of this tunnel.
If you’re eligible for a stimulus check this month, the amount you receive will depend on your income and how many children you have. You’re eligible for up to $1,200 for yourself if your income is below $75,000 as a single taxpayer or $150,000 as a married couple filing jointly. For each child you have under age 17, you can get an additional $500 payment.
If you don’t think the money will come in time for the holidays but still want to be ready with some cash in hand when it does show up (or if it’s already shown up), here are some of our favorite ways to spend it wisely — including one option that isn’t too shabby at all.
It all depends on how much you make and what filing status you have. You can find out which filing status applies to you here.
If your income is below certain thresholds, then the IRS will give you a stimulus check depending on what your filing status is, who else lives in your household (if any), and how many of those people are dependents.