Did You Get Your $600 Stimulus Payment from the IRS Yet?
On December 29, 2020, the IRS began delivering the second round of Economic Impact Payments as part of the latest Coronavirus Response and Relief Supplemental Appropriations Act of 2021. Millions of Americans were eligible for direct deposit and paper checks were mailed out on the following day. Additionally, the IRS sent out eight million stimulus payments by prepaid debit card late last week.
If you are one of the Americans who still have not received this second round of payments, there are a few things you should check before contacting your tax professional or the IRS. In addition, you need to wait until the end of January if you did not receive any payment but were eligible to receive a payment.
First, the second stimulus payment is $600.00 to individuals, $1,200 to married couples, plus an additional $600 per qualifying child. However, if your income level is too high, you will receive a lower amount or no stimulus payment at all.
If your adjusted gross income (Line 8b of your 2019 Form 1040) is below:
- $75,000 for individuals,
- $112,500 for heads of household,
- $150,000 for married joint filers,
You should receive $600 per individual plus $600 per qualifying child.
If your adjusted gross income is higher than the above amounts, your stimulus payment is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Thus,
- An individual with no children will not receive a payment if his/her adjusted gross income exceeds $87,000
- A couple with no children will not receive a payment if their adjusted gross income exceeds $174,000
- A family of four will not receive any payment if their adjusted gross income exceeds $198,000.
If you find that you are still eligible to receive the full payment based on the criteria above, but you did not receive a payment or only received a partial stimulus payment, you can check the payment status on the IRS Get My Payment Tool.
If you still did not receive the full stimulus but were eligible to receive it, then you will be able to get the missing funds as a tax credit when you file your 2020 tax return.
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