How much can you get with a stimulus payment?

The second round of stimulus checks are up to $ 600 per adult, but not everyone can get this payment. There are certain people who are eligible to receive payment. Also, the US Treasury will pay $ 600 for each child under 17. Thus, regardless of whether the parents receive the payment, each child in the family will be able to get $ 600 from the state.

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What kind of people can get paid? How to qualify for a stimulus check?

Not every US citizen can receive a payment from the state, since money is provided in conjunction with your income.

  • An individual with an adjusted gross income up to 75,000 can qualify for a full stimulus payout of $ 600. If a person earns more than 75,000, then he will receive a smaller IRS payment. Typically, the payment will decrease by $ 5 for every $ 100 of income.
  • Married couples also have their own benefits. If a couple submits jointly and their adjusted gross income is less than $ 150,000, they will also receive a $ 1,200 payout for the two. For those who receive higher salaries, the rules apply as for individuals (payment is reduced by $ 5 for every $ 100 before)
  • As for the heads of households, they must have an adjusted gross income of less than $ 112,500 to receive the $ 600 stimulus payment.
  • If you have children, you will receive $ 600 payments for each of them. Even if your salary is higher than the maximum specified, you can still get paid for a child under 17.

When and in what form can stimulus payments be expected?

On the IRS website, you can find updates on the coronavirus tax Relief. There is also an option to track your check. This way you will be able to know when you will receive your payment.

The US Treasury will send you a letter describing the payment and its amount. There are times when you are eligible for benefits but have not received your money. In this case, you need to claim the payment when you file your taxes. If you have received a letter, but have not received a stimulus payment, you can contact the IRS and ask them to track your payment.

Payment methods vary and be different from your first stimulus check. Learn the main ways to get money.

  • Direct deposit will be the most commonly used money transfer system. Back in December 2020, the US Treasury and IRS began to make payments using the account data of its systems. If you dealt with a tax return in 2020, you will most likely receive a direct deposit.
  • Paper checks are another way to get paid. These checks began to be issued on December 30, 2020 according to a statement from the House Ways and Means Committee. Thus, if the IRS does not have your account information, you will most likely receive a check.
  • A debit card is another form of receiving money. Card issued by the U.S. Treasury's financial agent from January 2021. Around 8 million debit cards will be sent shortly. You should also pay attention to the fact that cards are issued in all states, but most likely the western part of the United States will receive EIP cards.

Are there people who cannot get stimulus payments?

Of course, there are certain categories of people who cannot receive a stimulus payment. If you do not have a valid identification number, you will not be able to receive the 2nd stimulus. Also, you must provide a social security number in order to be able to receive money.

If you are not a permanent resident of the United States, you also cannot receive a payment. Also, a dependent on someone's tax return is also not eligible for payment from the state.

Frequently Asked Questions

 
Is the stimulus repayment a loan?
 
Should stimulus money be paid back?
 
How does the second stimulus payment differ from the first one?
 
What if the stimulus amount will be increased in the near future?
 
Will the second stimulus be taxed as income?