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Congress has agreed to an economic relief package that includes a second stimulus check for millions of Americans. Here’s how much you can expect to get, as well as your options for receiving your money.
Yes, there is a second stimulus check included in the $900 billion relief bill. If you qualify, you could see a check of $600 — or up $2,400 depending on the size of your family. If you live in Colorado, you may also receive a separate stimulus check worth up to $375.
Most individuals and dependents would receive $600 stimulus checks under the second coronavirus relief package. This means a family of four could receive $2,400 compared to $3,400 under the original CARES Act.
You should receive the full $600 if your adjusted gross income is up to:
On top of the $600 stimulus checks, the bill also includes an additional $300 a week in unemployment benefits. That means you’ll get your regular statement unemployment payments and an extra $300 every week until March 14, 2021.
Before congressional leaders agreed to the new relief package, Colorado had already taken action. In early December, Colorado Governor Jared Polis started distributing one-time $375 stimulus checks to Coloradans who received a weekly unemployment benefit between $25 and $500 from March 15 to October 24.
Yes. The IRS determines eligibility based on your most recent tax return. If your first stimulus check was based on your 2018 return because you hadn’t filed 2019 taxes yet, you could receive more or less money depending on your adjusted gross income for 2019.
Say you’re a single taxpayer who earned $75,000 in 2018 and you waited until July 15 to file your 2019 taxes. Under the original CARES Act, you qualified for the full $1,200 check because it was based on your latest tax return for 2018. If you filed your 2019 tax return in the meantime with an adjusted gross income of $80,000, you could receive less than the full amount.
Individuals who are unemployed are still eligible for a second stimulus check — even if they received a $600 unemployment check in the past. The second round of stimulus checks is based on your latest tax return, so you’ll still receive a check as long as you have a Social Security number and your income falls within the defined limits.
Treasury Secretary Steven Mnuchin promises that the next round of checks will start going out the week of December 28. Direct-deposit payments generally arrive the fastest, while mailed paper checks may not arrive until late January.
You’ll receive your payment fastest using one of these methods:
If you don’t sign up for direct deposit using one of these methods, you’ll get your second stimulus payment by mail either as a paper check or prepaid debit card. The prepaid debit card comes in a plain envelope marked “Money Network Cardholder Services.”
Follow these steps to make sure your address is up to date with both the USPS and the IRS:
To change your address with the USPS, go to usps.com/move and follow the instructions provided.
You have three ways to update your address with the IRS:
You may not have received your first stimulus check yet due to several reasons:
You can check your eligibility and payment status through the IRS website. If you think your payment was lost or stolen, call the IRS directly to learn about next steps.
If you weren’t required to file a 2018 or 2019 tax return, you’ll need to file a nonfilers form with the IRS to ensure you receive your second stimulus check. While the form is currently closed, we expect it to open up once the second coronavirus relief package is officially approved and signed into law. You can check back on the IRS website to see if it’s opened up again.
Here’s how the second stimulus check differs from the first:
| Original CARES Act | December 20 proposal | |
|---|---|---|
| Check amount |
|
|
| Do dependents up to age 17 qualify? | ||
| Do older dependents with disabilities qualify? | ||
| Do SSI recipients qualify? | ||
| Do non-US citizens who pay taxes using an ITIN qualify? | ||
| Do US citizens married to ITIN filers qualify? |
Time will tell what the second round of stimulus checks will look like as lawmakers vote on the new economic stimulus. In the meantime, find out ways to use your stimulus check wisely, so you’re prepared if your assistance arrives.
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