Stimulus payment breakdown: How much money you'll receive and when

With the second stimulus relief package approved by the House and Senate, Americans are one step closer to receiving the long anticipated second round of direct payments, enhanced unemployment benefits, and billions of dollars for struggling industries. All that’s left is the President’s signature to sign the bill into law.

For many, the direct payment, popularly named ‘stimulus money’ comes as a much needed (small) breath of financial relief. Here’s a breakdown of the direct payment details, when we can expect to receive the money, and how to potentially get your payment faster.

How much money will I receive?

The amount of money you receive in direct payments will be dependent on your income.

• Individuals making up to $75,000 per year will receive the full payment amount of $600
• Couples making up to $150,000 will receive a $1,200 payment
• The amount decreases by $5 per every $100 of income above those thresholds, phasing out entirely at $87,000 for individuals and $174,000 for couples

In addition, families will receive an additional $600 per dependent child claimed. This bill states that children under 17 will count as a qualified dependent while those over 17 (including older relatives and college students) will not. There is no cap on the number of dependents a household can claim.

If your dependent qualified for the child tax credit in 2019 (i.e. was 16 years old or younger in 2019) you will receive an additional $600

How do they determine my eligibility?

Eligibility is based on 2019 incomes. Individuals must have a Social Security number to be eligible for payments.

When can I expect to receive my direct payment?

If you received the first stimulus check, you probably know that nothing is simple when it comes to distributing the money. Treasury Secretary Mnuchin announced that they are sending the second direct payments out quickly - some individuals began receiving their checks on December 30.

How can I potentially get my second stimulus check quicker?

While a stimulus payment is still uncertain, here are some tips to increase your chances of getting your money quicker.

• Make sure the IRS has your current address.
• Confirm your banking information is up to date in IRS system. If you think there is an error with your information, call the IRS’ Refund Hotline at 1-800-829-1040 to update your account.
• If you owe child support, pay it off.
• Ensure your taxes are filed and current.

Those who filed their 2019 tax returns will receive their money automatically, as well as social security recipients who uploaded their bank account information into the IRS’ portal. Those who set up direct deposit will likely receive the money faster, as the IRS can process these payments quickly.

What are your thoughts about this second stimulus direct payment? Comment your thoughts below!