Have you checked your bank account today? The second round of stimulus checks are being direct deposited even as we speak, and while the first round of second stimulus checks were mailed out on December 30th! Some people are reporting having already received their direct deposits!
If your adjusted gross income (AGI) is below,
- $75,000 for individuals
- $112,500 for heads of household
- $150,000 for married, joint filers
You should receive $600 per individual plus $600 per qualifying child. These amounts may change when the pending legislation is finalized.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. This means:
- An individual without children will not receive any payment if their AGI exceeds $87,000.
- A couple without children will not receive any payment if their AGI exceeds $174,000.
- A family of four will not receive any payment if their AGI exceeds $198,000.
You can find your 2019 AGI on line 8b of your Form 1040 of your taxes.
Not sure if you qualify? Wondering how much you will get? Click here to enter a few pieces of information and get your estimate! It should be similar to the first round of checks!
Didn’t file taxes in 2018 or 2019? Enter your information here so you will be eligible to receive your stimulus check.
Don’t forget to watch out for scammers! I’ve personally known people who have been targeted (but thankfully did not fall victim!)
The IRS reminds taxpayers that scammers may:
- Emphasize the words “Stimulus Check” or “Stimulus Payment.” The official term is economic impact payment.
- Ask the taxpayer to sign over their economic impact payment check to them.
- Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up their economic impact payment.
- Suggest that they can get a tax refund or economic impact payment faster by working on the taxpayer’s behalf. This scam could be conducted by social media or even in person.
- Mail the taxpayer a bogus check, perhaps in an odd amount, then tell the taxpayer to call a number or verify information online in order to cash it.