Jonah JacobsLast year was filled with bad news, and most of it was related to the coronavirus. The pandemic brought with it plenty of illness and financial destruction, so it was nice to get a bit of good news when it was announced that stimulus checks were on the way.
We’ve now had two rounds of stimulus checks from the government. If you’re missing a payment, we’ll reveal why that might be the case. And we’ll also discuss how your payment is calculated, so you aren’t hit with any surprises.
Coronavirus Economic Impact Payments
Whether you call them stimulus checks or Economic Impact Payments does not matter. What matters is how much you’re getting and when.
You should have received the first round of stimulus payments by now since they were announced in March 2020. That set of checks had the following payout structure:
- $1,200 to each eligible adult.
- $500 to each dependent child.
So, let’s say you have a family of four with two adults and two kids. Your stimulus payment would equal:
$1,200 + $1,200 + $500 + $500 = $3,400
The more eligible people in your household, the higher the payment.
What about the second round of stimulus checks? Some people claim that they still haven’t received those as of yet. Since they were authorized in December 2020, you should have gotten yours. Here’s the payment structure for the second set of stimulus payments:
- $600 to each eligible adult.
- $600 to each dependent child.
As you can see, the payouts went down, with adults getting half the amount released in the first stimulus, although children got a little $100 bump.
For the same family of four, your second stimulus payment would equal:
$600 + $600 + $600 + $600 = $2,400
Now for the critical question: If you haven’t received that second stimulus check yet, where is it?
First, you need to know where to look, as the payments were sent out via mail or direct deposit.
If yours was sent by mail, you can expect a check or a prepaid debit card. And if it’s a direct deposit, it’ll go to the same bank account where you’ve received federal benefits or your tax refund.
Speaking of tax refunds, that’s a big reason why you may not have received your stimulus payment. You’ll need to file a 2020 tax return to get paid, even if you never file because you aren’t required to do so. MyFreeTaxes will help you get that done at no cost.
Beyond not filing a return or simply getting lost in the mix, another reason why your payment hasn’t arrived is because you’re not eligible.
To qualify for COVID-19 stimulus payments, you’ll need to meet the following requirements:
- U.S. citizen or resident alien.
- Valid Social Security number.
- Not a dependent listed on someone else’s taxes.
- Adjusted gross income below $75,000, $112,500, or $150,000 for an individual, head of household, or married couple filing jointly.
And if you’ve received what you believe to be a low payment, that could be due to earning more than those income limits. You can make up to $99,000, $136,500, or $198,000 as an individual, head of household, or married couple and still receive a reduced stimulus payment.
If you’re still confused about why your payment is missing, contact the 211 Economic Impact Payment Helpline at 844-322-3639 or speak to an IRS-certified volunteer.
Mark Luigi Dacumos
