President Donald Trump signed a pandemic relief bill late Sunday night, which means a second round of Economic Impact Payments (aka stimulus checks) should start rolling out to Americans soon.
But the CARES Act before it, the announcement that more stimulus payments are coming has lacked many details about the nuts and bolts of getting that money from the Treasury Department into your bank account.
Here are some answers to questions you might have about this next round of stimulus payments. If you have a question you don’t see answered here, tweet us @ForbesAdvisor—we’ll update this post as we get more information.
How Much Money Will I Get?
Right now, stimulus checks for qualifying individuals are $600. Qualifying couples will receive $1,200 and qualifying dependents get $600.
The size of your stimulus check is based on your adjusted gross income (which is your total income minus adjustments like standard or itemized deductions). Adults with AGIs up to $75,000 per year and couples earning up to $150,000 per year will receive $600 per person. The income cap for heads of households to get the full $600 is $112,500.
[Use the Forbes Advisor stimulus check calculator to see how much you may qualify for]
Your payment decreases by $5 per $100 you make above the threshold. If you’re an individual who makes more than $87,000, you won’t get a payment. If you’re a couple with an adjusted gross income of $174,000 or more, or a head of household making more than $124,500, you won’t get any money.
And yes: Depending on your income, you could receive a stimulus check for as little as $5.
To determine your adjusted gross income (AGI) for 2019, look at line 8b of Form 1040 on your 2019 U.S. Individual Income Tax Return.
What About The $2,000 Stimulus Checks President Trump Wants to Give Out?
Even though Trump signed the bill that approves $600 checks, he’s pushing $2,000 checks for qualifying individuals—and Democrats moved quickly to support this proposal. On Monday, the House voted by a two-thirds majority to increase the stimulus check amount to $2,000 for individuals. It then went to the Senate, where on Tuesday, Senate Majority Leader Mitch McConnell blocked an attempt by Senate Minority Leader Chuck Schumer to unanimously approve that House-passed bill. The Senate may still consider the bill this week, but although Senate Democrats have said that they will vote for increased stimulus payments Senate Republicans have signaled opposition, meaning it’s unlikely to pass if voted upon.
When Will I Get My Check?
Now that Trump has signed the bill, the government can start working immediately to process and send payments to eligible people. Payments could be distributed as early as this week, according to Secretary of the Treasury Steven Mnuchin, although Trump’s delay in signing the bill may have pushed back the send by a few days. Also, if the stimulus payment amount is increased to $2,000 after the Senate vote, this may delay things even further.
When the CARES Act was passed, it took the IRS about 15 days to set up the system to process and distribute payments. Since that system is already set up—and has survived several hiccups along the way—it’s likely that the Get My Payment portal on the IRS website will be up and running before Jan. 1.
Will My Stimulus Check Be Taxed?
No. Similar to the CARES Act stimulus checks, this payment is an advance refundable tax credit, and is not taxable income.
How Can I Check My Stimulus Check Status?
If you want to estimate how much money you’ll be getting, you can use our second stimulus check calculator. If you want to find out the status of your check, you can use the IRS Get My Payment portal.
If I Owe Back Child Support, Will I Still Get a Payment?
No. Similar to the CARES Act, if you owe back child support, your stimulus payment will be garnished.
Will I Get a Stimulus Check for My Children?
You’ll get an additional $600 if your dependent child is younger than 17. Some earlier proposals for a second round of stimulus checks included payments for dependent adults and college-age dependents, but those groups were excluded from the final package.
Are Inmates Still Eligible For The $600 Stimulus Check?
The bill text doesn’t specify stimulus payment restrictions for people who are incarcerated so they likely are. When the CARES Act was passed, the IRS moved to block people in prison from receiving stimulus checks, but a judge ordered the Treasury and IRS to distribute payments to them.
Incarcerated people who filed a tax return in 2019 will likely receive a payment by mail or direct deposit. People who didn’t may need to work with their facility to complete a 2019 return and submit it to the IRS.
