I didn’t receive a $1,200 stimulus check during the first surge of COVID-19. Will I get a payment this time around?

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Will the Internal Revenue Service give me a check based on my 2019 return?

Waiting for check(s)

Dear Waiting,

Your economic impact payment is effectively an advance on a 2020 tax credit, so you should receive a stimulus payment of up to $1,200 and $600, but they likely won’t arrive until you receive your tax refund this year, unfortunately.

On Thursday evening, President-elect Bidens said he will call for $1,400 stimulus checks and more vaccine funds in $1.9-trillion COVID-19 relief plan.

Since last March, the IRS sent $1,200 payments to individuals who earned adjusted gross annual income below $75,000, and sent $2,400 to married couples filing taxes jointly who earned under $150,000. With the latest Congressional package, you can only expect a $600 check if you make $75,000 or less.

“In many instances, eligible taxpayers who received a smaller-than-expected economic impact payment may qualify to receive an additional amount early next year when they file their 2020 federal income tax return,” the IRS said.

“EIPs are technically an advance payment of a new temporary tax credit that eligible taxpayers can claim on their 2020 return. Everyone should keep for their records the letter they receive by mail within a few weeks after their payment is issued,” the agency added.

If the IRS doesn’t have a taxpayer’s direct-deposit information on file, the agency will mail checks. You can submit your bank-account and address information through the IRS tracking tool, “Get My Payment.” It should also tell you if the IRS needs more bank-account information.

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I received hundreds of emails every week from people who had not received their stimulus check in the early months of the COVID-19 pandemic. Some were listed as dependents on their parents’ tax returns, which rules them out of receiving a payment this year; others do qualify yet wondered why they have not received a payment.

If the IRS does not have your bank-account information on file, it will likely take longer. Approximately 14 million Americans, or 6.5% of U.S. households, don’t have bank accounts. Immigration status also plays a role. The government is paying American citizens, as well as some non-U.S. citizens, including “legal permanent residents” or green-card holders, according to the IRS.

Marriage to a green-card holder does not necessarily mean a second stimulus check, lawyers say. Others have had their stimulus checks garnished due to unpaid child-support payments. If you are behind on student loans, however, that will not impact your payment.

I understand that you are anxious, and I hope that you manage to hold out until next year for your check. 2020 has been a year few people will ever forget, but it’s been a time when millions of Americans are facing the most difficult circumstances together.

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There has been progress on vaccines — which, assuming they work, could eventually bring people back to their place of work. BioNTech SE
BNTX,
+3.16%
and Pfizer
PFE,
-0.30%
said a final analysis of their vaccine candidate showed 95% efficacy.

Meanwhile, Moderna
MRNA,
+4.56%
 said its own candidate was 94.5% effective.

A vaccine candidate from AstraZeneca
AZN,
+0.81%
 and the University of Oxford showed an average efficacy of 70% in a pooled analysis of interim data, according to a peer-reviewed study published last week. That’s about the same level of protection as a flu vaccine.

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You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. Want to read more?Follow Quentin Fottrell on Twitterand read more of his columns here

Market update:The Dow Jones Industrial Average
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