After months of waiting, taxpayers are finally receiving a second stimulus check. Nearly 160 million Americans are eligible for the payment. Now that you know it’s coming, you may be wondering who qualifies? How much are you getting and when? Here are the answers to the most common questions.
How much is the second stimulus payment?
The second stimulus payment is worth $600 for eligible individuals. Couples who file taxes jointly can receive a $1,200 check. If you have children aged 16 or younger, you can receive an additional $600 for each qualifying child.
Is there an income limit for getting a check?
Single filers whose adjusted gross income (AGI) is $75,000 or less will receive the full $600 payment. Joint filers with an AGI up to $150,000 can receive a total of $1,200. Meanwhile, those filing as head of household with an AGI up to $112,500 can receive $600. Once you earn more than the threshold, your payment will be gradually reduced. The payments phase out completely once your AGI reaches $87,000 for single filers, $174,000 for married filing jointly and $124,500 for head of household.
What do I need to do to get my payment?
You don’t have to do anything to get your stimulus check. The IRS will automatically issue your payment based on the information from your 2019 tax return. If you didn’t file, but received benefits from the Social Security Administration, Veteran Affairs, or Railroad Retirement Board, the IRS will use that information to calculate your stimulus.
How will I receive the money?
Most people will receive their payment through direct deposit. However, if the IRS doesn’t have your routing and bank account number on file, you’ll be sent a check or debit card in the mail. It can take 3 or 4 weeks to show up in your mailbox so try to be patient.
When will I get my second stimulus check?
The IRS started issuing payments at the end of December. You can check the status of your payment using the IRS “Get My Payment” tool. It will tell you if your payment has been issued and how it was sent. The tool is usually updated overnight. If you receive a message saying “Payment Status Not Available” it means you won’t automatically receive your payment. Instead, you’ll need to file a tax return to claim the funds.
What if I didn’t get the full amount I’m entitled to?
Don’t worry. If you didn’t receive your full payment from the first or second stimulus, you can claim the Recovery Rebate Credit for the additional amount when you file your 2020 tax return. The credit can either lower your tax bill or boost your refund depending on your tax situation. Use ezTaxReturn.com to do your taxes and we’ll help you claim the Recovery Rebate Credit. It’s fast, easy and free for simple returns.