You probably heard that you'll be getting a second stimulus check from the IRS as part of the latest economic stimulus law passed by Congress. This time, the base amount will be $600 per eligible person (which is half of what was given for the first round of payments under the CARES Act). However, not everyone will get the same amount. If you're married or have children under 17 years of age, your family could get a larger second stimulus check. On the other hand, if your income is above a certain level, your second stimulus check will be lower—or you might not get a check at all.
[Stay on Top of Stimulus-Check Developments – Sign Up Free for the Kiplinger Today E-Newsletter.]
To see how large your payment will be, answer the three questions in the calculator below and we'll give you a customized estimate of your second stimulus check amount. (To see how much you could receive under the current third stimulus check proposal, see Kiplinger’s Third Stimulus Check Calculator.)
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When Will Second Stimulus Checks be Sent?
The IRS is expected to start sending second stimulus checks before the end of 2020. From there, it will be a sprint to January 15, 2021, which is the IRS’s deadline for sending payments. If you don’t receive a second stimulus check by then, you can claim it as a “recovery rebate” credit on your 2020 federal income tax return.
Who’s Eligible to Receive a Second Stimulus Check?
Most American adults are eligible to receive a second stimulus check. There are some exceptions, though. Generally, nonresident aliens, anyone who can be claimed as a dependent on someone else’s return, and people without a Social Security number won’t receive a payment. Anyone who died before January 1, 2020, is not eligible to receive a second stimulus check as well.
What Income Level Triggers a Payment Reduction?
As mentioned above, second stimulus checks will be phased-out for people at certain income levels. Your check will be gradually reduced to zero if you're single or married filing a separate tax return with a 2019 adjusted gross income (AGI) above $75,000. If you're married filing a joint tax return or a qualifying widow(er), the amount of your second stimulus check will drop if your AGI exceeds $150,000. If you claim the head-of-household filing status on your tax return, your payment will be reduced if your AGI tops $112,500. The Second Stimulus Check Calculator above will do all the math for you!
Stay on Top of Stimulus-Check Developments
Get more details at Your Second Stimulus Check: How Much? When? And Other FAQs.
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