By this point in the economic stimulus conversations that transpired this past spring, the eligibility requirements for the first Economic Impact Payment were clear. With heated and persistent debates continuously delaying the second Economic Impact Payment, the information we’re all looking for now may be harder to find.
But so far, it seems that the requirements and parameters of the second Economic Impact Payment will largely remain the same. The one significant difference that we’ve seen so far is that the payment for dependent children may be extended to those over the age of 16. More information on this to come.
While they work out the rest of the details of the second coronavirus relief package, let’s talk about what we know so far. According to the IRS, you may be eligible for the second round of $1,200 per person and $500 per qualifying child if you:
If you haven’t had to file tax returns in the last two years because your income fell below the limits ($12,200 individual or $24,400 married), you may still be eligible. You can use the IRS’s non-filer tool to enter your information, confirm your eligibility, and tell them where to send the payment when it’s ready.