Will I receive an Economic Impact Payment (stimulus check)?

You may be eligible to receive a second round of Economic Impact Payments, also known as stimulus checks, from the COVID-19 relief package passed by Congress in December 2020. These payments are up to $600 for individuals, $1,200 for couples, and an additional $600 for each child under 17. 


Who is eligible?

To qualify for the second Economic Impact Payment, you must:

  • Have a valid Social Security Number (SSN)* 
  • Not be claimed as a dependent on someone else’s tax return
  • Have an Adjusted Gross Income (AGI) at or below:
    • $75,000 for individuals (or $112,500 for heads of household)
    • $150,000 for couples
    • For those above these income levels, your payment amount will be reduced by $5 for each $100 your AGI exceeds the above thresholds. This means that individuals without children will not receive the payment if their AGI exceeds $87,000. 

* Spouses of military members are eligible without a SSN.

If you meet all the eligibility requirements, you can check the status of your second payment with the IRS Get My Payment tool.


What about mixed status families?

Individuals with valid Social Security Numbers (SSNs) in mixed status families may now be eligible to receive the Economic Impact Payment in the COVID-19 relief package passed by Congress in December of 2020.

Previously, under the CARES Act passed in March 2020, individuals with a social security number who file jointly with an ITIN holder were excluded and ineligible for the stimulus payment. However, this latest round of relief retroactively changes that provision. This means that if you fall under this category and missed out on the first round of stimulus checks, you may be able to claim the Recovery Rebate Credit when filing your 2020 tax return.


What about children?

If you have children, you will receive an additional $600 per child under 17 years old. Children 17 and older are not eligible for the $600 credit.

Children with SSNs in mixed status families are not eligible for the $600 credit if they do not have at least one parent with a valid SSN and work authorization.


What if I don’t file taxes?

If you don’t normally file taxes and are eligible for an Economic Impact Payment, make sure to file a 2020 tax return this spring to claim the Recovery Rebate Credit. People with little or no taxable income are encouraged to use the IRS Free File Program

If you don’t file taxes because you receive Social Security, Railroad Retirement, or Veteran Affairs benefits, you are still eligible for the payment. If you used the Non-Filers tool for the first stimulus payment, you can check the Get My Payment tool for the status of your second payment.


How will I receive the payment?

The IRS will use the data it already has in its system to begin making payments at the end of December 2020 through the first two weeks of January 2021. 

  • If the IRS has your direct deposit information, the funds will be directly deposited into your bank account. 
  • If the IRS doesn’t have your direct deposit information but has your mailing address, you will receive the payment as a check or debit card in the mail. 
  • If the IRS doesn’t have your updated bank or contact information, you can claim the payment when you file your 2020 taxes in the spring of 2021. This year’s tax forms will provide a place for individuals to claim the Recovery Rebate Credit.

How can I get more information?

If you are eligible and have not received your Economic Impact Payment, you can check on its status and/or get more information on the IRS website. For eligibility and other information regarding the first Economic Impact Payment from the CARES Act, please click here.

You can schedule an appointment with one of our financial coaches for advice about your situation. We can help you navigate the IRS website and determine your eligibility.


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