Second Stimulus Checks

Second Stimulus Check: Who Gets One, When and How Much?

January 4, 2021
Chris JacksonBy Chris Jackson
Assistant V.P. of Retail Services

It's official, a second round of stimulus checks is on the way. 

Now that the president has signed Congress's COVID-19 relief package, millions of Americans are set to receive another economic impact payment (EIP) in their bank account or by mail. 

This time around, most checks will be $600 per person and could drop into your bank account as soon as this week. Details could change during the next few days, but here's everything we know right now:

How much is the second stimulus payment?

The latest checks generally amount to $600 for each adult, $1,200 for each married couple and an additional $600 for each child under the age of 16. 

You could end up getting more money in the future, because the House of Representatives voted to raise the amount to $2,000 per adult on Dec. 28. However, it's uncertain if that increase — called the “CASH Act of 2020” — will ever be signed into law, since it still has to pass through a skeptical Senate (and who knows how that'll pan out).

Who gets a second stimulus check?

For the most part, if you're an adult who makes less than $75,000 (or a couple under $150,000), you will get the full $600 payment. If you make more than that amount, your payment starts to decrease on a sliding scale.

Here's what that scale looks like:

$600 second stimulus check income limits

  AGI to receive full amount
AGI to phase out of payment
 Single tax filer  $75,000  $87,000
 Head of household  $112,500  $124,500
 Married, filing jointly  $150,000  $174,000

How to find your adjusted gross income (AGI):

To figure out your adjusted gross income, look on your 2019 tax statement. It's located on Line 8B of the 1040 federal tax form. If you didn't file taxes last year, locate your 2018 tax document and navigate to Line 7.

Who won't get a second stimulus check?

Anyone who makes more than $87,000 ($174,000 for married couples) will not receive anything. Payments will also zero out if the head-of-household income exceeds $124,500.

There could also be other life changes that would disqualify you or a loved one from getting a payment:

  • If you are considered a “nonresident alien” in the U.S.
  • If a child is 17 years or older, they are no longer considered an eligible dependent.
  • Anyone who died before Jan. 1, 2020 is ineligible and the payment should be returned to the IRS.
  • If you have moved since the last stimulus checks were distributed, and you received a check by mail, the second check will either be forwarded to your new address (if you have mail forwarding) or returned to the IRS. If you received the first payment electronically, you'll receive your money the same way.

When and how will stimulus payments be sent?

The IRS has already started sending out the second round of economic impact payments, and U.S. Treasury Secretary Steven Mnuchin tweeted some payments could drop into people's bank accounts as early as Wednesday, Dec. 30.

As long as the government has your Bank information on file, you should expect to receive your payment automatically via direct deposit sometime during the week of Jan. 4-8.

[Monitor up-to-the-minute activity on your accounts through online banking and the SNB Mobile App.]

If the government doesn't have your bank information, you'll have to wait for a paper check or stimulus debit card to arrive in the mail, which could take a bit longer. The IRS began printing and mailing paper checks on Dec. 30. Meanwhile, prepaid EIP Debit Cards will start to be mailed on Monday, Jan. 4.

However you received your first stimulus payment — by direct deposit, check or debit card — will likely be the same method by which you receive your second one. However, an IRS does warn that some people who received a direct deposit last time could receive a paper check this time around, due to a data error. The IRS also says some people who received a paper check last time might receive a debit card this time (and vice versa). Long story short — the best thing to do is keep an eye on both your Bank account and your mailbox. 

To track the status of your payment, go to the “Get My Payment” website created by the IRS.

What if I don't get my stimulus check?

The government is required to send all stimulus payments by January 15, according to the current law. If you don't get your payment by that point, or shortly thereafter, you'll have to claim the missing amount when you file your taxes through something called the “Recovery Rebate Credit.” (You can also claim any stimulus money that you never received from the first round of payments, as long as you qualified).

The bad news is, the money would then be delayed until you get your tax refund. The IRS typically makes refund payments within a few weeks of receiving your return, but the timeline could be delayed this year because of the pandemic.

Will the second stimulus check affect my taxes? 

The IRS says you do not have to claim the stimulus check on your taxes, meaning any stimulus payment you get this year won't increase the amount you owe on your 2020 taxes or take away from your tax refund in 2021. However, if you made less money this year compared to last year and would have qualified for more stimulus money, you can claim the difference on your 2020 tax return.

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