Second Stimulus Check - Take Advantage and Get Your Tax Debt Settled
Second Stimulus Check is assistance from the federal government to help families with their financial hardships.
The said program was enacted last December 27, 2020, as former U.S. Pres. Donald Trump signed the $900 billion stimulus check package. It mainly allows eligible individuals or families to spend the amount given to them for the stimulation of the economy.
The said program is also help unemployed individuals and those who are at risk of rental eviction. Financial assistance
will be given as a payment check or debit card.
The Internal Revenue Service
handles and manages the disposition of Economic Impact Payments. Moreover, eligible beneficiaries for these programs should be independent taxpayers of the United States.
As individuals continue to struggle with the pandemic, a stimulus check was created to assist each family. The first tranche of the Second Economic Impact Payment was enacted last March 20, 2020, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
There’s still a huge number of Americans who are not able to get financial assistance. Due to the demand of individuals, Second Economic Impact Payment was created to cater to and help more families.
The second Economic Impact Payment benefited more individuals as it is different from the first tranche. The eligibility requirements for the said program were changed compared to the first tranche.
However, it cut off most of the middle families upon having the said benefit. But the Economic Impact Payment did not end on its second tranche, the third stimulus check was opened.
How to be Qualified for the Stimulus Check?
As the Stimulus Check eligibility requirements are different from the first one, it enables more individuals or families to have the said assistance.
Below are the qualification rules to be eligible for the Stimulus Check.
• Must be a U.S Citizen or U.S. resident alien.
• Must be not claimed as a dependent on another taxpayer’s return.
• Unlike the first tranche, joint filers don’t need to have 2 Social Security Numbers (SSN). As long as your partner has SSN, you can receive your stimulus check.
• The Adjusted Gross Income (AGI) of the taxpayers must meet the standard requirements.
• For filing a joint return (married couple), AGI must not exceed $150,000.
• For filing of return ahead of the household, AGI must not exceed $112,500.
• According to AARP, Social Security recipients
such as individuals receiving retirement or disability benefits can also be qualified for the second stimulus check.
• Children may also be eligible if they meet the program's standards. They will receive the same assistance given to adult recipients.
• For filing a single return of an individual, AGI must not exceed $75,000.
An individual is not eligible for the second stimulus check if you are:
1. Claimed as dependent on another return of a taxpayer.
2. A Non-resident of the United States.
3. Do not have a valid Social Security Number (SSN) used for employment
How Much Can I Get from the Stimulus Check?
As the eligibility requirements for the Second Economic Impact Payment are different from the first tranche, the assistance value also differs.
The amount that an individual or partner can receive from the second stimulus ranges from $600 to $1,200. It is half of the assistance given from the first tranche.
However, it will be based on the type of filing (whether you file as a single or couple) and on your income.
How Can I Get a Stimulus Check?
There’s no application process needed upon getting your Stimulus Check. Once you’ve filed a tax return, you should provide your bank information.
If you’re qualified, the payment will be sent through a direct bank transfer. Payment would be from the Internal Revenue Service or the U.S Department of Treasury as they handle the disposition of Economic Impact Payments throughout the nation.
Furthermore, you must receive verification through email as you’ve qualified for the program.
What Should I Do if I Did not Get my Stimulus Check?
Many eligible individuals did not receive their Stimulus Check
because of different reasons and causes. As a solution, individuals can get their stimulus check from the 2020 Recovery Rebate Credit.
The eligible individuals who did not receive any amount or less than the full amount of their second stimulus can receive it by filing a 2020 tax return.