Although Congress passed COVID relief with a $600 stimulus check last month it might be a while before you see any money.
Congress only gave the IRS until January 15th (today) to disseminate the checks. Why was it that the IRS was only given a little over two weeks to process millions of payments? This certainly wasn't the case with the $1,200 stimulus checks passed under the CARES Act last March. That was rolled out over a period of 20 weeks instead of two.
What all of this means is that if you didn't get your $600 then more likely than not you will have to claim it as a tax credit on your 2020 individual income tax return. The same is true for those Americans (and there are some) who did not get the $1200 check.
It makes me wonder if some Americans will get the $1,400 stimulus checks proposed by President-elect Biden in his $1.9 trillion COVID relief proposal he announced yesterday before they see the other $600.
Naturally all of this depends on how quickly the newly elected Democratic controlled Congress particularly the Senate which will also be busy confirming Biden's cabinet appointments and pursuing impeachment against outgoing President Donald Trump. Even with that on the agenda I have a feeling Americans might see that $1,400 faster than they see the $600.
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