Another round of stimulus checks awaits millions of Americans as a part of the coronavirus relief package worth $900 billion.
The Treasury and the IRS are required by the legislation to cease sending payments by the 15th of January so it is expected that most people will receive payments by this set deadline. In case you don’t receive any, you could still claim the amount owed to you the next time you file your taxes that include the amount missed during the initial round of checks.
All qualified Americans who happen to be single tax filers will individually receive $600 while the married joint filers can expect to receive as much as $1,200 with an additional $600 for every child dependent.
Remember that this money will not be taxed as income and will not affect the federal benefits or tax refund that you are entitled to.
How Will You Receive Your 2nd Stimulus Check?
The majority of people are going to get their second stimulus check just like how they received their first and this can either be a debit card, direct deposit, or paper check.
There are, however, several exceptions here:
- You used an online tax prep service for filing your taxes.
- You filed your taxes between the second and first round of stimulus.
- You got a debit card for the first stimulus check.
People who got federal benefits will receive their stimulus check just like the usual way they receive benefits.
In case you moved to a new place not too long ago and you expect a debit card or paper check loaded with the second stimulus check, make sure that your address is updated with the USPS.
Will You Get Your Second Check?
You need a Social Security number for you to receive your payment. If your spouse doesn’t have a Social Security number, with the two of you filing your taxes jointly, it will still make you eligible.
The adult dependents that include some seniors, as well as college students with parents shouldering over half of their expenses, will not be eligible for the stimulus check.
In case you filed your 2019 taxes, the tax return should reflect an AGI or adjusted gross income less than $75,000 as single filer, $150,000 as a married joint filer, and $112,500 as head of the household to receive a stimulus check worth $600.
The amount you get will be reduced if your adjusted gross income falls in the ranges below:
- Married joint filers – from $150,000 to $174,000
- Heads of household –from $112,500 to $124,500
- Single filers – from $75,000 to $87,000
If you meet the rest of the eligibility criteria but didn’t file the 2019 taxes, you will not automatically receive your payment but you can claim this upon filing your tax return for 2020.
If you are not filing taxes because of your too low income, you will receive $600 as maximum payment for each adult and $600 for each child dependent.
If you are receiving federal benefits, this information will be used by the IRS to identify your delivery method and payment amount.