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2020 The 2nd Round of Covid Relief Stimulus Payments Update

The 2nd round of Covid Relief for entitled tax payers are being released. Treasury Secretary Steven Mnuchin announced on the good news via Twitter on Tuesday. The second round of coronavirus relief stimulus payments should reach some Americans as early as Wednesday, December 30.

If the IRS has direct deposit information, taxpayers will receive a payment that way. If the IRS does not have direct deposit information on a taxpayer, taxpayers will receive their stimulus payment as a check or debit card in the mail.

What happens if you don't receive a stimulus check or direct deposit?

Taxpayers who are eligible but don’t receive a payment for any reason, can claim the payment on their 2020 taxes when they file in 2021.

How much is the stimulus check?

The full credit for an individual is $600, $1,200 per couple and $600 for children.

Who qualifies?

Individuals with AGI (Adjusted Gross Incomes) at or below $75,000

The Head of Household with an AGI at or below $112,500 for heads of household

Couples with AGI at or below $150,000

Taxpayers with children will receive an additional $600 per child.

Taxpayers with incomes above those amounts will have their tax rebates reduced by $5 for each $100 their AGI exceeds the above thresholds.

This means:

  • An individual without children will not receive any rebate if their AGI exceeds $87,000.

  • A couple without children will not receive any rebate if their AGI exceeds $174,000.

  • A family of four will not receive any rebate if their AGI exceeds $198,000.

If you have any questions about your stimulus payment or any other financial matters, contact at Finance or Accounting Pro at Jasmine Rose.

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