Second stimulus check: Will I qualify?

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.

Watch for 4 tips to get your second stimulus check faster

How much will I get?

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:

• $75,000 for single or married, filing separately
• $150,000 for married, filing jointly
• $112,500 for heads of household

Additional unemployment aid

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.

Stimulus check for Colorado residents

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.

Could my second stimulus payment amount change if I recently filed 2019 taxes?

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.

Will my unemployment benefits prevent me from receiving the second stimulus check?

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.

When will I get a second stimulus check?

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.

What can I do to get my second stimulus check fast?

You’ll receive your payment fastest using one of these methods:

• Direct deposit. Get your check direct deposited to your bank account. Check the IRS Payment Tool to make sure the IRS has your correct direct deposit details.
• Prepaid card. Prepaid cards such as Netspend or H&R Block Emerald can help you get your money up to two days faster than with direct deposit.

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.”

What if I haven’t received my first stimulus check?

You may not have received your first stimulus check yet due to several reasons:

• You didn’t file a tax return due to low income. If you qualify for a stimulus check but aren’t required to file a tax return, fill out the nonfilers form on the IRS website.
• You owe child support. The IRS may deduct owed child support from your first stimulus check — though this isn’t the case for the second round of checks.
• You’re not eligible. If you have a Social Security card but your spouse doesn’t, you originally didn’t qualify for the first stimulus check. However, Congress reversed this rule and you can now apply for a recovery rebate credit on your 2020 tax return to get up to $1,200 for yourself and $500 for each qualifying dependent.
• The IRS doesn’t have your correct information. Your stimulus check could have been sent to an old bank account or home address.
• You accidentally threw it away. May taxpayers report accidentally throwing their stimulus check away because it came on a prepaid debit card and they thought it was spam.
• Your payment could be on its way. The IRS claims it may take up to 20 weeks to send payments, which means your check could be still processing.

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.

How does it compare to the first stimulus check?

Here’s how the second stimulus check differs from the first:

Bottom line

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.

Frequently asked questions

• Can I receive the second stimulus check if I have an ITIN instead of a Social Security number?

  No. Foreign nationals and ITIN filers are still not eligible for a second stimulus check. However, US citizens married to ITIN filers and immigrants with green cards or H-1B and H-2A work visas are now eligible based on the latest negotiations.

• Can I receive the second stimulus check if I have a Social Security number but my spouse doesn't?

  Yes, US citizens married to ITIN filers are now eligible for a second stimulus check. This new rule didn’t originally apply to the first round of stimulus checks. However, Congress reversed it and now mixed-status families can apply for a recovery rebate credit when they file a 2020 tax return, which will allow them to receive up to $1,200 for the SSN-carrying spouse, plus $500 for any qualifying dependents.

• Will dependents and taxpayers get the same stimulus check amount?

  Yes. Dependents and taxpayers receive $600 each under the second stimulus check.

• Are older dependents with disabilities eligible for the stimulus check?

  No. Like the first round of stimulus checks, only dependents up to age 17 qualify for a second stimulus payment.

• Do I qualify for a second stimulus check if I draw SSI?

  Yes. Same as the first stimulus check, you’ll get a second check if you draw Social Security income.

• I received a letter from the IRS asking me to claim my stimulus check. Is it legit?

  Yes. According to the Federal Trade Commission, the IRS is sending a letter to 9 million Americans. The letter provides information to non-filers about how to claim the stimulus check on the IRS website. Note that the IRS will not ask for payment and they will also not reach out to you through email, phone or text. If you receive a request like this, it’s a scam.

• Will the stimulus check affect my taxes?

  No. The stimulus check is a federal tax credit for 2020, which means it doesn’t count toward your taxable income. It’s similar to the child tax credit or the earned income tax credit. But unlike these credits, you can redeem your stimulus payment now instead of having to wait until you file your taxes next year.

• Do I need to fill out the IRS Non-Filers form for the second stimulus check if I already filled it out for the first one?

  It depends. If everything stays exactly the same, you may not have to do anything to receive the second stimulus check if you’ve already received the first. The IRS will make this clear if and when a second stimulus check is passed.