You should also receive the second stimulus payment automatically based on your 2019 return. If you did not receive the first stimulus payment because of exclusion in the CARES Act, you may be able to claim the Recovery Rebate Credit on your 2020 tax return. So eligible families with mixed immigration statuses can now receive both Economic Impact Payments. The new legislation extends benefits to eligible taxpayers and children who have a work-eligible Social Security number. In many cases, couples filing a joint return where only one partner had a Social Security number were not eligible for the first Economic Impact Payment under the CARES Act. Changes from the CARES Act Children Qualify for the Full AmountĮligible dependent children will receive the full stimulus payment amount of $600 (up from $500 in the CARES Act). Stimulus payments phase out completely for this group at $124,500. Stimulus payments phase out completely for this group at $174,000 AGI.įor heads of households: Your stimulus check is reduced by $5 for every $100 you earned above the $112,500 AGI threshold. Stimulus payments phase out completely for this group at $87,000 AGI.įor married couples filing jointly: Your stimulus check is reduced by $5 for every $100 you earned above the $150,000 AGI threshold. However, because the payments are lower, the income levels at which they phase out is lower than it was for the CARES Act.įor individuals: Your stimulus check is reduced by $5 for every $100 you earned above the $75,000 AGI threshold. The payments will be reduced at the same rate as the stimulus payments from the CARES Act. Unlike the first stimulus payment, adults who are claimed as dependents on another person’s tax return (such as a college student) aren’t eligible for a second stimulus check. However, children claimed as dependents who are 17 and older are not eligible for the child payment. People with qualifying children will receive an additional $600 per child. If you exceed the income requirements, you may still receive a reduced stimulus payment, but the $600 payment phases out completely at $87,000 AGI for individuals and $174,000 AGI for couples filing jointly. Those married and filing jointly or surviving spouses earning under $150,000 usually qualify for a $1,200 payment. Individuals earning under $75,000 and heads of households under $112,500 typically qualify for the full $600 stimulus payment. Income is based on your 2019 adjusted gross income (AGI). citizens and resident aliens who meet income requirements and who cannot be claimed as a dependent on another person’s tax return are generally eligible. Ĭalculator: Find Out How Much Your Second Stimulus Payment Might Be The IRS states that if Congress passes an increase to the Economic Impact Payments, the additional payment will be issued as quickly as possible to make up the difference. In the meantime, the $600 payment, which was passed by Congress and signed into law by President Donald Trump, is being sent to qualifying Americans now. And while the House passed a measure to increase the $600 stimulus checks to $2,000 for qualifying individuals, it remains a long shot for the bigger payment to be approved by the Senate. The new Covid-relief legislation currently provides a maximum $600 payment for qualifying individuals, as opposed to the $1,200 payments received last spring. 29, the IRS finally began sending the second round of Economic Impact Payments (also known as stimulus checks).
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