Cambios in Your Favor For the New Stimulus Checks

This stimulus package looks a little different than the first one – and that’s a good thing. 

We got great news, SUMA fam! The second round of stimulus checks is on the way. 💃🏽 WEPA! 2021 is starting with a bit of relief for families who need a little bit of help asap! 🙌🏽 Those yellow underwear you wore on New Year’s Eve will hopefully bring even more dinero but, hey! These checks are a start!

La Neta – it’s all good news. If you got the first stimulus check earlier this year, you qualify for the second. ☑️If you have direct deposit with the IRS, your check will come fast. ☑️ And you do not need to pay taxes on either check. ☑️

Pero, this stimulus has changes that can help millions of Latino families because children can now qualify for a full check. 👶🏽Plus, people who file taxes jointly with someone who doesn’t have a social security number can now qualify for a check and receive the last check retroactively. 

Quién qualifies?

Most of the qualifications are the same as the first round of stimulus. And you know how you want to #cancel2020? Well, the IRS determines who qualifies based on 2019 earnings, not 2020 earnings. 

Let’s break it down in pure dinero numbers. 💵How much you can receive depends on income qualification, which is based on the Adjusted Gross Income (AGI) listed on your tax documents:

• If you filed as an individual and earned less than $75,000, you’re eligible for the full $600. 
• If you filed as head of household and earned less than $112,500, you’re eligible for the full $600. 
• If you’re married, filed jointly and earned less than $150,000 combined, you’re eligible for the full $1,200. 
• Even if you made more than the amounts listed above, you could still qualify for a smaller check. The payment drops $5 for every $100 above the income limits. So, an individual who made $80,000 would still get a $350 check. 
• You need a social security number to qualify, pero we got great news below for mixed-status families. 

Children now qualify for a full check

Even a limpia couldn’t have stopped a global pandemic.😫 Pero, this check will hopefully help those with little traviesos at home. Children ages 17 and younger who qualified for a child tax credit in 2019 (meaning they were listed as your dependent) are each eligible for a $600 check. Yup! And there’s no max on the number of kids per family. 🧒🏽The amount per child follows the same rules listed above. Which means a family of five could receive $3,000!  👍🏽

Members of mixed-status families now qualify

Mixed-status families can get in on the action now, too.  👏🏽 Nearly 17 million people are part of “mixed-status” families, meaning families of people with different citizenship or immigration statuses. 

This change means Latino families who have one parent with a social security number, and one without, qualify for stimulus checks. Sí, mij@ – checkS. 💸 The person with the social security number can receive up to $600, and children in the household qualify for up to $600 each. The new law also allows the person with a SS# to get a retroactive check from the first stimulus package in March. 📆 So, up to an additional $1,200 for the adult and $500 per child. This is a huge step in getting more help to our Latino communities!

Bueno, when do I get it?

Te lo dije! It’s all good news! 💫The IRS has already started issuing the second stimulus check. If they have your direct deposit info, then you’re first in line. Revisa tus cuentas, the check will be hitting you any day now.🤳🏾 Some have already received it! Checks are mostly dated Jan 4, so you can start using the dinero to cover important expenses de inmediato! 

No te preocupes, if you’re still waiting, though. Your check might be delayed if you changed your bank or moved, if you’re getting a paper check, or if you’re getting a prepaid debit card. 💳 Pero, it will eventually get to you if you qualify. 

Do I have to pay taxes on it? 

No, chic@! This is one time when legal loopholes are actually good for the people. 💅🏽Both stimulus checks were technically distributed as an advance payment of a tax credit, which isn’t taxable income. We usually hate payday advances, pero will make an exception for this one.😉 

With this stimulus, we know our comunidad is getting a little bit of help and we want to keep helping you make 2021 un próspero Año Nuevo.🥳 If you want more dinero advice for this new year, check out our article on Financial Resolutions for 2021. 

NOTE: This article only talks about the federal stimulus check. Stimulus checks are sent by the federal government to everyone who qualifies in the US, but other components of the recently passed relief package (such as unemployment increases and business stimulus packages) are managed by each state individually. A great place to find out more about state-level benefits is through your local elected officials. You can find out who your local representatives are, and how to reach them, at this government website.