RICHMOND, Va. (WRIC)–After months of uncertainty, a second round of stimulus checks is coming soon. The direct payments are just one piece of a $900 billion coronavirus relief package that Congress passed on Monday.
Who is eligible for stimulus checks?
According to the House Ways & Means Committee, any person with a valid Social Security Number (SSN) whose adjusted gross income doesn’t exceed the cutoffs set by Congress is eligible (see below).
Possible recipients also can’t be considered a dependent of someone else.
Those who meet these requirements who didn’t file federal income tax in 2019 may still be eligible if they register through the IRS’s non-filer portal.
Disabled veterans, spouses of military members without an SSN, railroad retirees and Social Security beneficiaries are also eligible.
When will the payments arrive?
The IRS is expected to start making payments as early as next week. Those with direct deposit set up will likely be the first to get the relief. Checks are expected to be mailed out through the first two weeks of January.
How much will I get?
It depends on who you are and how much you made in 2019, as listed on your federal tax returns that year.
Individuals who made up to $75,000 will receive a direct payment of $600, as will filers listed as “head of household” whose income doesn’t exceed $112,500.
Married couples who jointly earned $150,000 or less will get $1,200.
For those who made more, the amount will be reduced by $5 for every $100 earned above those initial thresholds.
Specifically, those who don’t qualify for a second stimulus check include individuals without children whose AGI was more than $87,000, couples without children who made over $174,000 or families of four with income exceeding $198,000.
Will I get more money for dependents?
Yes–but it depends on their age.
For every qualifying child under 17, an additional $600 dollars will be added to your relief payment. There is no limit to the amount of children this rate will apply to.
Dependents ages 17 and older are not eligible for the per-child tax credit, meaning household with older high school students or college students are out of luck.
However, families with children born in 2020 can receive the credit if they claim it on their 2020 tax return filing made in the spring of 2021.
What if every member of my family doesn’t have a Social Security Number?
Families in which some, but not all members, have an SSN will now be eligible for this round of relief and possibly the payment from earlier this year. This criteria was changed after some immigrants were initially excluded from direct relief.
For more information about ‘economic impact payments,’ click here.
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