Issue #75: Your burning stimulus check questions, answered

January 6, 2021 // ISSUE #75

Hi y’all —

Happy New Year! We’re only six days into 2021, but there’s already a lot happening. Harry Styles released a new music video, the IRS is sending out a second round of stimulus checks, and we’ve collectively started crushing on the cast of Bridgerton.

You probably have questions for me about all of these highly important topics, so I’ll just jump right in. Here’s a quick rundown of everything you could possibly want to know:

How was your holiday break, Julia?
Thanks for asking! It was nice but not relaxing. I did, however, finally finish Supernatural and drink no fewer than a dozen Slurpees, so it could’ve been worse.

What do you think about “Treat People With Kindness”?
As someone who took hip-hop classes for a decade, I LOVED it. The dancing was phenomenal and so was Phoebe Waller-Bridge. I’m not a huge fan of the song itself, though.

OK, let’s talk stimulus. Who’s getting a second check?
The eligibility for the second round of Economic Impact Payments, as they’re formally called, is basically the same as it was for the first. You’ll get a payment as long as you’re an American citizen or what the IRS calls a “resident alien.” Incarcerated people, seniors, Americans living outside the country and families where one spouse has a valid Social Security number but the other does not qualify, too.

Wait, what about dependents?
Families are supposed to receive $600 for each qualifying child. Dependents age 17 or older don’t qualify for the child payment.

Are there income limits?
Yes. If your adjusted gross income for 2019 was up to $75,000 (or $150,000 as a married couple), you’ll get the full amount of $600. Over that, the check will be reduced.

Why is it only $600?
That’s the number lawmakers agreed upon last month. Trump pushed hard for the amount to be $2,000 per person, and a proposal to add on that extra $1,400 actually passed in the House of Representatives, but the Senate declined to vote on it.

Is $600 enough? It doesn’t seem like enough.
This is more of a comment than a question. But, yes, a lot of people are unhappy with the $600 figure, including 49% of respondents to this Morning Consult poll and Bernie Sanders, who tweeted that “at a time when so many people are facing economic desperation, the $600 direct payment is a step forward — but it's not enough.”

all you need to know about me is I just spent half my stimulus money on groceries and it's mostly cheese.

What do I need to do to get a second stimulus check?
Nothing. The IRS says “there is no action required by eligible individuals to receive this second payment.”

How will I get it?
If the IRS has your direct deposit information on file, the money should show up in the next few days (if it’s not in there already). If the IRS doesn’t have your bank account, your stimulus check will arrive via snail mail. It’ll be a paper check or debit card issued by MetaBank®, N.A. Here’s more info about the timeline.

My friend/relative/neighbor said they’ve already gotten their stimulus check. Why hasn’t mine come yet?
Deposits went out before the checks went in the mail. Try to be patient. If you want to track your stimulus check, you can use the IRS’s Get My Payment tool. Enter your personal information and it should show you the details you’re looking for, including when your payment was issued, how and which account it went into.

Now that you mention it, I never got my first stimulus check. What gives?
The rollout was a mess, to say the least. If you never got your first stimulus check and you believe you’re eligible, hold on until you file your 2020 taxes. You should be able to claim the Recovery Rebate Credit, which will either increase your refund or decrease your tax bill.

Is there any chance of us getting $2,000?
Maybe. President-elect Joe Biden, due to be sworn in later this month, has said he supports a $2,000 payment. House Democratic leader Hakeem Jeffries vowed to “continue to fight for a $2,000 direct payment check,” and Republican Lindsay Graham told Fox and Friends he’d “like a standalone vote in the new Congress on the $2,000 check.”

How should I use my stimulus check?
As you see fit. Food, shelter and medical necessities should be your priority. But if you don’t need the money right this second, here are some ideas for how to spend it. (Basically: You may want to stash the money in your emergency fund or use the check to pay off debt.)

Do you think Simon Basset or Anthony Bridgerton is cuter?
Wow, this is the toughest question so far. I’m only on episode two, but I think Basset — aka the Duke of Hastings aka Regé-Jean Page — takes the cake. Sa-wooooon.

RECEIPT OF THE WEEK

check out this crazy celebrity purchase

via Instagram

Jeon Jungkook, a member of the massively popular K-pop band BTS, recently bought a $7 million house in South Korea. The 23-year-old superstar now owns a two-story mansion from the ‘70s that’s reportedly situated near both nightlife and diplomats. His new digs are also close to the BTS dorm, where he used to live with his bandmates… a dynamite location, if you ask me.

INTERNET GOLD

five things I'm loving online right now

1	I’m obsessed with André 3000’s illustrated “quick lil apple pie” recipe, which cleverly uses applesauce and biscuit dough to make empanada-style mini pies. Reminds me of Taylor Swift’s chai sugar cookie recipe. I know I spent basically the whole month of December baking and eating, but these are making me hungry. Time for a snack!
2	In between repeated evermore listening sessions (“champagne problems” in particular), I’ve been really enjoying this album by Sinai Vessel. Check it out if you’re looking for new music in 2021.
3	Do you guys think I need these amazingly gaudy $950 Gucci throw pillows? Yes or yes?
4	A stray dog — complete with a stolen cleat in his mouth — ran onto the field last month during a pro soccer game in Bolivia. Antics ensued; play stopped entirely while the athletes tried to catch him. And here’s the best part: The player who eventually managed to carry the dog off the field later decided to adopt him. If all sports were like this, I might watch them more often.
5	This Blind Date feature in The Guardian is absolutely incredible. Especially this quote: “[Did she have] good table manners? Considering she picked up the entire steak with her bare hands, I’d have to say no. But who am I to judge?”

401(K)ITTY CONTRIBUTION

send me cute pictures of your pets, please

via Leslie Lewis

Kicking off 2021 with a twofer: Meet Tank, a 5-year-old Russian tortoise who only eats organic green beans and kale. Tank is seen here hanging out with Flynn, a much less picky eater. The two of them are trying to figure out if they’re eligible to receive an Econawwwmic Impact Payment.

Back to Bridgerton for now.

See you next week.

Julia

P.S. Have you gotten your stimulus check yet? Do you have any questions I can help with? What’s your favorite track off evermore? Send a Dolla Scholla holla to julia.glum@money.com or @SuperJulia on Twitter. Stay safe!

This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money.

Privacy Policy • Advertise With Us • We're Hiring!

To stop receiving these emails, unsubscribe or manage your email preferences.

Copyright ©2021 Ad Practitioners, LLC. All rights reserved.

Metro Office Park Calle 1, Building 7 Suite 204, Guaynabo, 00968 Puerto Rico, USA

Issue #75: Your burning stimulus check questions, answered

Older messages

What to Do if You Haven’t Received Your Second Stimulus Check Yet

Some Good Financial News

Small Business Owners Just Got More Time to Apply for EIDL Pandemic Loans

Money’s 2021 Real Estate Outlook: What to Expect for Mortgage Rates, Home Prices and More

Here’s When You’ll Get Your Second Stimulus Check

You Might Also Like

After inauguration, it's time to talk taxes

Harry's Take 1-15-25 Stocks Look to Break Lower: Another Sign of a Top on December 16

🇺🇸 America's tariff future

It’s a new year, get a new savings account

Private Equity Is Coming for Your 401(k)

This Skateboarding Economist Suggests We Need More Skateparks And Less Capitalism

Elon Musk Dreams, Mode Mobile Delivers

Shaping inflation expectations: the effects of monetary policy

🌎 Another hottest year

Have you seen the Best Cars & Trucks of 2025?