How to claim the second economic stimulus check?

A second round of stimulus checks is underway for millions of Americans as part of a $ 900 billion coronavirus aid package. Therefore, you are most likely wondering How to claim the second economic stimulus check? In this article we will clarify this and other doubts you may have on this topic.

With the second economic impact payment Qualifying Americans who are single filers will receive up to $ 600 each and joint married filers will receive up to $ 1,200, plus $ 600 for each dependent child.

Legislation requires the IRS and Treasury to complete sending payments by January 15, so most people should get paid before that deadline.

Keep reading so that you can clarify all your doubts about the second economic stimulus payment.

How to claim the second economic stimulus check?

Who will receive the second check or economic impact payment

To receive payment, you must have a Social Security number. If you are married to someone who does not have a Social Security number and is filing jointly, you are still eligible.

Dependent adults, including some seniors and college students whose parents pay more than half of their expenses, are not eligible for a stimulus check.

If you filed taxes for 2019, your tax return must reflect an adjusted gross income (AGI) below $ 75,000 as a sole taxpayer, $ 112,500 as a head of household, and $ 150,000 as a married joint taxpayer to get a $ 600 stimulus check.

If your AGI is within the following ranges, you will get a reduced amount:

  • Individual contributors: between $ 75,000 and $ 87,000
  • Heads of household: between $ 112,500 and $ 124,500
  • Married Joint Taxpayers: between $ 150,000 and $ 174,000

If you did not file taxes for 2019, but meet other eligibility criteria, you will not receive your payment automatically, but you will be able to claim it when you file your 2020 tax return.

If you don’t file taxes because your income is too low, you will get the maximum payment of $ 600 per adult and $ 600 per dependent child. If you used the IRS Non-Filers Tool to register for the first stimulus check before November 21, 2020, you will automatically receive the second stimulus check. Otherwise, you can file a 2020 tax return and claim payment.

If you receive federal benefits such as retirement or disability benefits from Social Security, Supplemental Security Income (SSI), or Veterans Affairs benefits, the IRS will use this information to determine the amount of your payment and the method of delivery.

IMPORTANT: Detailed information on qualifying requirements, how to apply, and calculate and receive your payments, can be found on the IRS Financial Impact Payment Information Center website.

Form of payment of the second economic stimulus check

Most people will receive the second economic impact payment the same way they received the first, either by direct deposit, paper check or debit card.

But nevertheless, there are some exceptions:

1. You filed taxes between the first and second stimulus rounds.

Second Stimulus Checks Are Automatically Sent to Qualified Individuals Who Filed 2019 Tax Returns and they will be delivered to the bank account if you received a refund or the postal address if you owed money on that return, not on the 2018 return used to determine your first payment.

2. You filed taxes using an online tax preparation service

Anyone who has filed their 2019 tax return with H&R Block and has chosen to use part of their refund to pay their preparation fee could see an unknown account number reflected in the “Get My Payment” tool, according to H&R Block.

Simply, check that account number with the refund section of your tax return to see if it matches, and you will receive the money in the same way that you received your refund.

3. You received a debit card for your first stimulus check

About 4 million Americans received their payments through a prepaid debit card during the first round of stimulus, but that doesn’t guarantee they’ll get another one for the second round, says the IRS. This time you can get a paper check.

People who receive federal benefits will receive their stimulus check in the same way that they normally receive benefits.

If you’ve recently moved and expect to receive a paper check or debit card loaded with your stimulus payment, be sure to update your address with the U.S. Postal Service.

How to claim your second economic stimulus check

If you don’t receive the payment, you can claim the amount you are owed the next time you file your taxes, including any amounts that you did not receive in the first round of checks.

Second Economic Stimulus Check: Frequently Asked Questions

1. Do I have to request my stimulus check?

No. You do not have to request the economic stimulus payment. If you qualify and your banking information and / or mail information on file with the IRS are correct, the stimulus payment will be sent to you by direct deposit or check. If you are not eligible for a payment now, you may be able to claim a tax credit later.

Visit IRS.gov and use the Get My Payment tool to find out the status of your stimulus payment. The tool will show if a payment has been issued and if the payment was sent by direct deposit or by mail.

2. How much will the second stimulus check be?

Individuals who qualify for the aid and who are single taxpayers may receive up to $ 600 each, married taxpayers filing jointly will receive aid of up to $ 1,200, plus $ 600 for each dependent child.

But nevertheless, These amounts will depend on the 2019 tax return. You can only receive them if you reported an adjusted gross income (AGI) below $ 75,000 as a single taxpayer, $ 112,500 as a head of household, and $ 150,000 as a married joint taxpayer.

You will receive a reduced amount of assistance if your adjusted gross income (AGI) is within the following ranges:

  • Between $ 75,000 and $ 87,000 if you are an individual taxpayer
  • Between $ 112,500 and $ 124,500 if you are the Head of Household
  • Between $ 150,000 and $ 174,000 if you file a joint return with your spouse

3. What fiscal year is used to determine stimulus eligibility?

Your 2019 tax return will determine if you are eligible for a stimulus payment. If you receive Social Security benefits (either for retirement or disability) but did not file the return in 2019 (because you earn very little), you will also receive a stimulus check, based on the information sent to the IRS on forms SSA-1099 and RRB-1099 of 2019.

4. How do I get my check if I have not filed a 2019 tax return?

If you receive Social Security or Railroad Retirement benefits and did not file a tax return in 2019, you will not have to file a return to receive your payment; the IRS already has your information. If you don’t receive those benefits and you didn’t file a tax return for 2019, you may need to file one to confirm your eligibility. Check your status on the Get My Payment portal for instructions.

5. Will my 2020 tax return affect the amount of my financial impact payment?

In some cases, yes. If you are entitled to a higher payment based on your 2020 tax return compared to your 2019 return, you will be eligible to receive the difference as a tax credit. If you lost your job or your income decreased this year during the pandemic, this situation may apply to you. But you won’t receive additional funds through a tax credit until 2020 returns are filed next year.

If your stimulus payment is lower based on your 2020 income, you can keep the highest payment sent to you based on your 2019 return.

6. I am not a US citizen. Am I eligible for the economic stimulus payment?

You may be eligible. If you have a social security number, it is very likely that you are in one of the classifications of immigrants who qualify for a payment.

Second economic stimulus check: summary of important points

  • Stimulus checks worth up to $ 600 for individuals and $ 1,200 for married couples are hitting bank accounts and mailboxes this month.
  • Most Americans will get their second stimulus check the same way they received their first, but there are some exceptions.
  • The IRS is using information from 2019 tax returns, federal benefit accounts, and its online financial impact payment tool to pay most people in mid-January.
  • If you don’t receive your stimulus check by the end of January and are eligible, you can claim it on your 2020 tax return.
  • Detailed information on this topic is available on the website of the IRS Financial Impact Payment Information Center.

Keep reading: