It will go into our checking account and sit there like the first stimulus payment did.
That is the philosophical issue I have with the stimulus payments... most people I know, even our kids, don't really need the money (they have not lost their jobs). I would prefer that the stimulus be targeted to those who need it more... people who have lost their jobs as a result of covid, are behind on their rent or mortgage, etc. But I guess that would be too complicated.
That's actually my sentiment, as well. When the first one came through, mine was reduced, because my AGI was in the phaseout threshold. But honestly, I didn't care. I wasn't hurting, and I didn't need it.
My housemate, who has been working through this whole period, got the full amount. It was definitely helpful for him, as he had some bills, but he wasn't experiencing any kind of hardship from COVID, as he never got laid off. So he wasn't any worse off financially, than before it.
My uncle, who's retired and on SS, got the full amount. Again, it was helpful for him, but he was another one...not affected by COVID, at least from a monthly income standpoint. Now his IRA took a hit when the market dipped, but he's not old enough to start his RMDs yet, so he never had to touch it. And it's come back since, and then some.
Likewise, my Mom and stepdad are long since retired, and drawing pensions. I think they actually got the full amount, because their AGI was just under the phase out threshold. But again, no financial hardship on their part.
But, I think they were in a rush to get some kind of package out, and this was the quickest way to go. The cruel irony though, is that you could have had someone who had AGI of over $99K in 2018, got laid off in early 2019, but didn't get around to filing their 2019 taxes until late. The IRS would have based the stimulus on their 2018 taxes, and with their AGI being too high, they'd get nothing. Yet they're currently unemployed, hurting for money, and the very poster child for someone who would need the stimulus.
I wonder, in a situation like that, if this hypothetical person filed their 2019 taxes, and it now showed they qualified, if they could apply and get that first stimulus check sent to them?