The IRS and Treasury Department released the second round of the covid-19 stimulus relief payments as part of the Supplemental Appropriations Act of 2021, signed into law on December 27th, 2020. It’s part of the $900 billion coronavirus relief package designed to help boost the economy.
Millions of Americans, who previously received their stimulus payments via electronic deposits, will receive their second round in the similar fashion. According to the IRS, the relief payments should be deposited shortly. If not through direct deposits, individuals will receive their checks through the mail by the end of January.
Here’s what you need to know:
The relief breakdown is as follows:
- The starting amount per person is $600 as well as $600 per qualifying dependent child under the age of 17. This includes single taxpayers with an AGI (adjusted gross income) of $75,000 or less. Or, if filing HOH (head of household) $112,500 or less.
- Individuals who are married, filing jointly, and have an AGI of $150,000 or less should be eligible for $1,200 and an additional $600 for each dependent child under age 17.
- For taxpayers with income above those amounts, the payment amount is reduced.
- Payments will vary based on the 2019 household income, child dependents claimed, and the filing status.