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Over 160 million Americans received stimulus checks this year as the country battled widespread coronavirus outbreaks and an economy in distress. 

 

We recently spoke with Paul Hood with Hood and Associates CPAS about the questions many people have regarding the 2nd stimulus checks.

 

Paul Hood reminded us that on Sunday, December 27, nearly a week after receiving the bill, President Trump signed off on a $900 billion coronavirus relief package that includes additional $600 stimulus checks for many Americans. 

 

As for when they will arrive, Hood said stimulus payments started arriving in bank accounts on January 4 and said that the paper checks are being mailed throughout the month. He adds that there is no real formula as to who gets their's exactily when.

 

Hood also reminds us that legislation requires the IRS and the Treasury to stop sending payments by January 15, so if your direct deposit, check, or prepaid debit card hasn't been sent before that date, you can claim the amount you're owed on your 2020 taxes, along with any amount you're owed from the first round of stimulus payments.

 

LISTEN TO THE PODCAST

 

More Frequently Asked Questions about the Second Stimulus Checks 

 

What are the Income Limits to Get a Check?

 

Individuals with an adjusted gross income (AGI) of up to $75,000 are eligible for the full $600 payment, decreasing in increments as income rises until $87,000, when the payments phase out completely. In the first round of stimulus checks, payments phased out at $99,000.

 

People who file taxes as heads of household who earn up to $112,500 are eligible for the full $600 payment. The payments phase out completely at $124,500. In the first round of stimulus checks, payments phased out at $136,500.

 

Married joint filers with an AGI of up to $150,000 are eligible to receive a total of $1,200. Payments for married couples phase out at $174,000. In the first round of stimulus checks, payments phased out at $198,000.

 

How will I get my stimulus check?

 

Most people will receive the second stimulus check the same way they got the first — either by direct deposit, paper check, or debit card. 

 

Here are a few exceptions:

 

You filed taxes between the first and second round of stimulus. The second stimulus checks are being sent automatically to qualifying people who filed 2019 tax returns, and will be delivered to the bank account (if you received a refund) or mailing address (if you owed money) on that return, not the 2018 return used to determine your first payment.

 

You received a debit card for your first stimulus check. About 4 million Americans received their payments via prepaid debit card during the first round of stimulus, but that doesn't guarantee they'll receive another for the second round, the IRS says. You might get a paper check this time. 

 

Will dependents get the second stimulus check?

 

Dependent children under the age of 17 are eligible for a $600 stimulus payment. There's no family maximum for the number of qualifying child dependents.

 

Americans aged 17 and older who are claimed as a dependent on someone else's tax return will not be receiving stimulus checks. That means college students and senior citizens who are under the care of a taxpaying adult will not be getting checks, just like the first round.

 

What if I didn't get the first stimulus check?

 

Over 160 million stimulus checks have been sent since April. If you didn't get one, there's a chance you don't qualify. You need to be a US citizen or resident alien, have a Social Security number, and not be claimed as a dependent by another taxpayer.

 

If you meet all those requirements and still didn't get a stimulus check, it's possible your income disqualified you. The IRS determined payment amounts using taxpayers' most recently filed tax return, either 2019 or 2018. Your adjusted gross income (AGI) needed to be less than $99,000 as a single filer, $136,500 as a head of household, or $198,000 as a married joint filer to receive a payment for the first round of checks. 

 

If your income didn't meet those thresholds in 2018 or 2019, but it did in 2020, then you can claim your payment — formally called a Recovery Rebate Credit — on your 2020 tax return.