Will You Get A Second Economic Impact Payment?

Will you get a second Economic Impact Payment? To begin with, the qualifications are more difficult for this round, so if your income was too high for the first check, you will get the same (no payment) result this time. The IRS will use begin making payments (via direct deposit, if the IRS has your information; otherwise via check or debit card) over the next 4 weeks. Like round 1 of the Economic Impact Payments, if you're eligible for a payment but don’t receive it, you can claim the payment as a tax credit when you file your 2020 personal tax return.

The full tax credit is $600/individual, $1,200/couple and $600/child. The full tax credit is available if your Adjusted Gross Income (AGI) in 2019 was $75,000 or less for a single person ($150,000/year for a married couple). The amount of the payment/credit decreases until it is fully eliminated for singe persons with an AGI over $87,000 ($174,000 for married couples). There is a slightly elevated amount for families with children, as a family of four will not receive any Economic Impact Payment if their AGI is more than $198,000.