In December, President Donald Trump signed the pandemic relief legislation. This means that a second round Economic Impact Payments (aka stimulant checks) will be available to Americans. The initial announcement about additional stimulus payments was not as detailed as the CARES Act.
These are the answers to some of your questions about the next round of stimulus payments and a possible third stimulus check. Tweet us if you have any questions. As we receive more information, we’ll update this post.
Update December 31, 2020: Many Americans have already received their $600 Stimulus payments–Have you?
What amount of money will I get?
The current stimulus checks for qualified individuals are $600. Qualifying dependents will get $600 and qualifying couples $1,200.
Your adjusted gross income (AGI) is the sum of your total income, minus any adjustments such as standard or itemised deductions. This is how large your stimulus check will be. For adults with an AGI of $75,000 or more and for couples earning over $150,000, $600 will be paid per person. For heads of households to receive the full $600, the income cap is $112,500.
Get The Forbes Advisor Stimulus Calculator.
For every $100 earned above the threshold, your payment will decrease by $5. A payment will not be made to an individual earning more than $87,000. You won’t receive any money if you are a married couple with an adjusted income of $174,000 and more or a head or household earning more than $124,000.
Yes, depending on your income, you may be eligible for a stimulus check as low as $5.
Line 8b of Form 1040 for 2019 will give you the adjusted gross income (AGI). Individual Income Tax Return
Is there a third stimulus package of $2,000?
A third stimulus check is still possible, even though Democrats are likely to hold a slim majority of the Senate. Joe Biden stated Tuesday that if Jon Ossoff or Raphael Warnock win their respective Senate races, he would mail $2,000 checks to eligible Americans. It is unclear whether this would add $2,000 to the $600 checks already sent or if the Americans would receive the difference.
When will I get my check?
Payment distribution began on December 29. The IRS and Treasury Department plan to distribute the majority of payments to eligible taxpayers by January 15. The Wall Street Journal reported on Jan. 5 (paywall) more than $112 million in second stimulus payments had been sent.
The IRS Get my Payment tool allows you to check the status and track your payments.
Is My Stimulus Check Taxable?
How can I check my Stimulus Check Status status?
You can use our second stimuli check calculator to determine how much money you will be receiving. You can access the IRS My Payment portal to check the status of your checks.
What if I owe back child support? Will I still get a payment?
Yes. Yes. Your stimulus payment cannot be garnished if you owe child support. This is in contrast to the CARES Act which stated that if you owe back child support your stimulus payment would not be garnished.
Do I get a Stimulus check for my children?
If your dependent child is under 17, you’ll receive an additional $600. An earlier proposal for a second round stimulus checks included payments to dependent adults and college-age dependents. However, these groups were dropped from the final package.
Is the $600 Stimulus check still available to inmates?
Although the bill doesn’t mention any restrictions on stimulus payments for people incarcerated, it is likely that they are. The IRS tried to stop people in prison receiving stimulus checks under the CARES Act, but a judge ordered that the Treasury and IRS distribute the payments to them.
People who were in prison for filing a tax return in 2019 are likely to receive a direct deposit or mail payment. People who did not file a tax return in 2019 may have to work with their facility to fill out a return for 2019 and submit it to IRS.