The 2nd Round of Stimulus Checks
By: Amanda Garland
Tags: Money, Taxes, Economy, News, Government

Will you get a second stimulus check? How much stimulus money will you get? When will you receive your stimulus check?

With the passing of the $900 billion dollar Consolidated Appropriations Act, a second round of stimulus checks was approved to help boost the economy and support struggling families. This second round of funds differs from the previous stimulus bill in who will qualify for the money and how much each person will receive.

How much will I get?

Each adult who meets the qualifications will receive stimulus funds in the amount of $600 per person. For joint-filing households, this is $1200. This amount is half the amount that was sent out in the Spring of 2020.

The qualifications for the $600 remain the same as they were for the $1200 per person stimulus checks sent out earlier this year. Single filers making less than $75,000, joint filers making less than $150,000, and head of household filers making less than $112,500 in income will qualify for the full $600 per person.

How much will I get for my children?

Each dependent child under the age of 17 also qualifies for $600. This is $100 more per child than was given during the first round of stimulus checks.

Nothing else changes in regards to stimulus money for dependents. This means if your dependents are college-aged or elderly, you will not receive stimulus funds for them.

Photo by Juan Jose Porta on Unsplash

What if my spouse is not a legal resident of the U.S.?

Families where one spouse is an immigrant without a green card (or another type of non-citizen) will now be eligible to receive stimulus funds.

This is a change from the CARES Act passed in Spring of 2020, which required both individuals on a joint-filed tax return to have a Social Security Number to qualify for stimulus funds. This new Act lets households with individuals that file taxes using an ITIN (Individual Taxpayer Identification Number) qualify for stimulus money. The same income and age requirements will apply.

The changes in qualification, allowing families where at least one individual utilizes an ITIN is retroactive to the previous CARES Act. This means that those families who were excluded from the first round of stimulus money because of the Social Security Number requirement now qualify for the $1200 per adult and $500 per child stimulus funds.

Is there anything else that could change my qualification for stimulus funds?

Possibly. If you filed your taxes after the first round of checks went out, then your qualification for the last round of stimulus money was based on your 2018 tax return.

This 2nd round of stimulus payments is based on your 2019 tax return. So, if you are a single filer whose taxable income went from below $75,000 in 2018 to above $75,000 for the year 2019, then you will not qualify for the full $600 payment.

This also applies if your status as a dependent changed. If you were a dependent in 2018 but are not claimed as a dependent in 2019, then you will now qualify for stimulus money.

An important reminder, eligibility for funds is tied to the 2020 tax year. So, if you meet the qualifications for 2020 but initially don’t qualify for stimulus funds based on a previous year’s return, you will be able to receive that credit come tax time. And if you received stimulus money this year but no longer qualify once you file your 2020 taxes, you will not be required to pay back the money, nor will your return be penalized in any way.

Photo by Kelly Sikkema on Unsplash

When will I receive my stimulus check?

The answer to this question is still up in the air. Some politicians offer an optimistic estimate of before the end of the year. With the qualifications for this 2nd round of stimulus money being much the same as the last round, the disbursement of funds should be quick and easy. That said, the disbursement will fall to the IRS who is already busy preparing for the upcoming tax season. This may delay the disbursement of funds and will most definitely push back the tax filing date.