With Congress under a tight deadline to reach agreement on another economic relief bill before the end of the year, those who qualified for a payment the first time around should prepare themselves for the possibility that their personal life circumstances may’ve changed in a way to make them ineligible for a second check (or a smaller one). It’s also possible that Congress will agree on new rules that shift who will and won’t be able to get another check.
For example, lawmakers have already presented several proposals for a second check that would substantially change who would and wouldn’t qualify for another payment, depending on their economic situation. We’ll step through the requirements we know about now that could prevent you from getting another payment.
A word before we begin, however. We won’t know all the final rules around requirements, the IRS payment schedule or the size of the check you could receive, so until a deal happens, read this overview as one potential direction a future bill could go in. There are signals that some qualifications may change, and that could wind up helping you in the end with a larger check.
Here’s the current lay of the land regarding what could shift the requirements, perhaps in your favor. And if Round 2 of the stimulus payment doesn’t come, here are other ways you might be able to benefit from a stimulus package. We update this story frequently.
Single taxpayers who exceed the income limit
Your adjusted gross income, or AGI, is the sum of money you earn in one year minus approved deductions. The IRS used your AGI to determine if you qualified for all, some or none of the $1,200 stimulus check. Under the CARES Act, your AGI cutoff as a single taxpayer was $99,000 per year to qualify for a stimulus payment. If you earned more than that through a paycheck or other assets, like stocks, the IRS wouldn’t send you a check.
If you make between $75,000 and $95,000, however, you would get a portion of the check, and the same will likely be true…
Read More: If a second stimulus payment happens, here’s who might not get any money