Everything You Need to Know About the Relief Checks for Round 2
Iowans (and all eligible Americans) will soon receive a second COVID-19 relief check. For many Americans it's much needed. For others, it's essential. While there's been memes and jokes online about how little American's are getting, it's still money and it's important to know the answer to many questions relating to this round of checks. With help from CNBC, we'll get some answers. So, let's dive in:
How much will my check be worth?
You will receive a check for $600 if in 2019 you made $75,000 or less (gross adjusted income) and filed as an individual. For couples, if your combined income was $150,000 or less (gross adjusted income) you will receive $1,200 or, $600 per person. The amount of your relief check will decrease by $5 for every $100 of income above those thresholds, For individuals who made $87,000 or couples who made $174,000, you won't receive a check. Dependents (under the age of 17) are also eligible for $600 relief checks, and there is no cap on the number a household can receive.
Who is eligible to receive a payment?
First, you need a Social Security number to qualify for a relief check. Beyond that, see the above answer and remember income is based on 2019 (last years) tax returns. As with the previous round of relief checks, adult dependents do not qualify for a check.
Will I be taxed on my relief check?
Nope. The checks are not taxable.
How will the checks be sent?
Your check will be sent by direct deposit if you’ve already provided the IRS with your bank account information. If you received the first check directly into your account, then you are good to go, and will receive the money very soon. If the IRS does not have your direct deposit information, like the previous checks, will likely get it in the mail, or you'll receive a pre-paid debit card just like the last round of relief money.
When can I expect my check?
The stimulus checks will start reaching American's bank accounts as early as next week according to what Steven Mnuchin, the Treasury Secretary said on CNBC on Monday, December 21.