Second economic stimulus check: When does it arrive?

On March 27, federal legislators approved a $2 trillion stimulus plan in order to deal with the effects that the coronavirus pandemic would have on the US economy. Is law called CARES (Coronavirus Aid, Relief, and Economic Security) establishes the guidelines by which citizens will receive aid. In this article you will find all the information you need about the second economic stimulus check.

Under the Cares Act, Adults who reported an adjusted gross income of less than $75,000 on their 2019 tax return will be eligible for this financial help.

On December 27, 2020, after a long discussion in Congress, President Trump finally approved a second economic aid package through which eligible people will obtain, depending on their income, a $600 check.

surely you wonder when does the second economic stimulus check arrive? In this article we will tell you when you will receive the second stimulus check and how much money you will receive.

Second economic stimulus check: When does it arrive?

What are the main differences between the two economic impact payments?

Perhaps the most important characteristic refers to the amount of the check, which in the second round was reduced by half, from 1,200 dollars to 600. On the other hand, children under 17 who qualify receive 600 dollars, instead of the 500 of the first economic stimulus payment. The other big news is that families with mixed immigration status will be eligible for this new aid plan. Any member of these families, with a valid identification number or who is a US citizen and appears on the tax return, will be entitled to receive the payment.

Second economic stimulus check: When does it arrive?

Obviously, once this new round of aid has been approved, the first thing you want to know is how much and when you will receive your check. Below we will address these and other questions so that you can clarify all your doubts regarding the second economic stimulus check.

Who will receive the stimulus check?

The aid will be distributed based on income reported on the 2019 return.

Taxpayers are entitled to receive the aid if:

  • declare individually an adjusted gross income (AGI) of less than $75,000 per year.
  • They declare jointly with their partner an adjusted gross income (AGI) of no more than $150,000 annually.
  • Declare as head of family an adjusted gross income (AGI) of no more than $112,500 annually.

When will I receive my stimulus check?

The IRS announced on December 29 that it began sending the second round of stimulus checks to millions of Americans. Treasury Secretary Steven Mnuchin said direct payments would be made a few days after the president signs the bill, with paper checks taking the longest. The payments that will arrive first will be direct deposits.

According to those responsible, from the week of December 28 the first payments began to be sent and the printed checks began to be sent on December 30.

The IRS has a deadline for the delivery of the payments corresponding to the aid on January 15. In case you do not receive your payment by this date, you must file your 2020 tax return and wait until 2021 to receive this help.

You should keep in mind that the IRS will make the aid payment through direct deposit, paper check and EIP card.

The IRS has set up a free web portal called Get My Payment to track the status of your relief check payment.

Those who receive Social Security retirement benefits, Social Security survivors benefits, Social Security disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits, and Veterans Administration benefits ( VA), who have their bank account on file with the IRS, will automatically receive their second stimulus check via direct deposit (same as for the first check).

How much will I receive from the stimulus check?

As in the first round, the adjusted gross income (AGI) amount from the 2019 tax return will be used to determine eligibility.

This time it will be as follows:

Individuals with adjusted gross income less than $75,000 will receive a full payment of $600, this amount will be reduced as the amount of declared income increases up to a maximum of 87,000 dollars, those with an income greater than this amount will not be entitled to aid.

In the case of married couples, the maximum to receive will be $1,200 for those with declared income equal to or less than $150,000. As for people who file separately, the amount of help is reduced up to a maximum income of 174,000 dollars, after which they will not be entitled to receive help. What’s more, married couples will receive a $600 grant for each child under 17

Single parents with children who declare as “head of household” will receive an aid of 600 dollars for those with incomes less than 112,500 dollars and, additionally, 600 dollars for each child under 17 years of age, this scale goes up to those who earn a maximum $124,500 a year.

In the following tables you will find the relationship between the amount you earned in 2019 and the amount you can receive aid, this according to what you have reported on your tax return.

Second economic stimulus check for single taxpayers
Adjusted Gross Income Reported Amount
$75,000 $600
$77,400 $480
$79,800 $360
$82,200 $240
$84,600 $20
$87,000 and up $0
Second economic stimulus check for joint contributors
Adjusted Gross Income Reported Amount
$150,000 $1200
$154,800 $960
$159,600 $720
$164,400 $480
$169,200 $240
$174,000 and up $0
Second economic stimulus check for head of household and one child
Adjusted Gross Income Reported Amount
$112,500 $1,200
$116,500 $1,000
$120,500 $800
$124,500 $600
$128,500 $400
$132,500 $200
$136,500 and up $0

Who will not receive the second economic stimulus check?

The main people excluded from receiving a payment are the wealthy, “nonresident aliens,” and “adult dependents” who are included on someone else’s tax return. This means that some 18-26 year olds will not be eligible to receive a payment.

What happens to people who earned too much in 2019 but lost their job in 2020?

This is a very difficult situation. Unfortunately, these workers are not eligible to receive $600 checks right away. They would get the refund when they file their 2020 taxes in the spring of 2021.

What if my income is higher in 2020?

You don’t have to pay the government back. If you receive a payment and your income in 2020 turns out to be higher than expected, the money does not have to be paid back.

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