Trump signed the bill six days after Congress rushed to approve the package.
Well update this post as we learn more.
How much will I get for the second stimulus check?
This post refers to stimulus checks issued in 2020. For the most up-to-date info, check out ourrecent tax articles.
Thats half the amount of the first round of checks.
For each child 16 or younger in the household, youll also get the full $600.
Because checks are smaller this time, theyll phase out at lower levels.
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What years tax returns are the payments based on?
Theyre based on 2019 tax returns, even though theyre technically an advance on a 2020 credit.
Will college students who are claimed as dependents by their parents get a check?
What about disabled adults who are claimed as dependents by a family member?
Again, if theyre 17 or older, theyre not eligible.
Im on Social Security.
Do I get a stimulus check?
The same applies to people who receive Railroad Retirement, SSI, SSDI and VA benefits.
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6.
I dont have a Social Security number.
Will I get a stimulus check?
This is a change from the first round of checks.
When will I get my check?
Treasury Secretary Steven Mnuchin told CNBC on Monday that the first payments could go out early next week.
Are the payments taxable?
Atax creditreduces your tax liability dollar for dollar.
Youre simply getting that $600 credit that you wouldnt normally get a couple months early.
Will I qualify for this round?
What if I had a child in 2020?
Will I get a see if I owe back taxes?
What about child support?
The rules forunpaid child support and stimulus checksare different this time around.
People who owe child support will still receive stimulus payments.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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