![]() ![]() ![]() The IRS will use the information it already has on file from the first round of stimulus payments. The IRS will deliver payments to the same locations where it sent the first stimulus payments (mail or direct deposit). If you qualify for a higher payment based on your 2020 circumstances, such as your family size or income changing, you will have an opportunity to get that additional money as a Recovery Rebate Credit when you file your taxes in spring 2021, but you won’t owe money if you would have qualified for a smaller payment based on your 2020 income or family situation. Social Security recipients (both retirement and disability) will receive the payments automatically, as will Supplemental Security Income (SSI) recipients, railroad retirees, and recipients of veterans’ benefits, although they may need to fill out a form to claim dependents.Ħ. ![]() You must have a Social Security number to receive the payments, but mixed immigration-status families are now eligible. Unlike the first round of stimulus payments, as long as one adult in the household has a Social Security number, other members of the household with Social Security numbers can receive the payment. Mixed-status families who did not receive the first stimulus payment due to the previous restrictions on spouses of people filing with Individual Taxpayer Identification Numbers (ITINs) will now be eligible to get that payment retroactively when they file their taxes in spring 2021. However, filers with ITINs are still not eligible to receive the payment. And if both parents have ITINs, children with Social Security numbers will be left without a payment. This will prevent about a million children who are citizens from receiving the payments.ĥ. The payments phase out at higher income levels, starting at $75,000 for single filers. The phase-out rates are the same between the first and second round of payments – $5 for every $100 that you made above the Adjusted Gross Income (AGI) limit – but because the payments are smaller, some people who received a partial payment in the first round won’t get one this time.Ĥ. Even if you are making $0, you can still receive the full payment. You don’t need to have earned income to qualify. The full payment is available to those with little to no income. However, it’s important to review the rules, since not all college students are dependents. Here are more details about whether or not a child qualifies as a dependent. People who were dependents in 2019, but not 2020, can claim both stimulus payments when they file their 2020 taxes.ģ. You can’t receive the $600 payment if you can be claimed as someone else’s dependent. You can be claimed as someone else’s dependent based on your relationship to the filer, your age, whether you lived with your parents for more than half of the year, and whether you were financially independent for more than half of the year, among other factors. This will affect many full-time college students under age 24. These payments will not affect eligibility for other tax credits.Ģ. The payments will be $600 per qualifying adult ($1,200 for married taxpayers filing a joint return) and $600 per child under 17 years old. Children who are 17 years old and older as well as other dependents, such as those who are permanently disabled, are not eligible for the $600 payment. CLASP is disappointed that Congress failed to include the adult dependent population in the stimulus payments. You will not need to pay back the IRS because the payments are an advance against a new credit for tax year 2020. Below are ten things to know about the second round of payments:ġ. These payments also have some different eligibility rules than those distributed earlier. Despite wide news coverage about these payments, many have questions about who’s eligible and how to receive the payments. One component of the package is a second round of stimulus payments. In late December, lawmakers passed a coronavirus relief package that provides essential economic relief for millions of workers and people with low incomes, though it falls short of the high levels of need. ![]() Click to learn more about the most recent American Rescue Plan Act stimulus payments passed in March 2021. ![]()
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