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Income requirements changing for second stimulus payment

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COLORADO SPRINGS, Colo. (KRDO) - On Monday, the House agreed to raise the amount of the second stimulus check from $600 to $2,000. The bill now goes to the Republican-led Senate.

Besides the dollar amount, the second Economic Impact Payment looks very similar to the first payment. However, the next stimulus payment will have a slightly lower income limit.

How much money you receive mostly depends on your 2019 income. The payments lessen the more you make, and for some, you may not even qualify for the payment.

Individuals who make less than $75,000 a year will receive the full amount. The money completely phases out at $87,000/year, that's down from the $99,000 used in the first check.

If you are a single parent, you need to make less than $112,500 a year to get the payment. The money phases out at $124,500 - previously it was $146,000.

Marries couples need to make less than $150,000 a year to receive the full payment. The payments phase out at $174,000, down from $198,000 in the first check.

It's important to note that the salary information is taken from your most recent tax return.

What if I make more now than I did last year? You will still receive the payment and will not need to pay it back.

What if I make less this year, but made too much last year to qualify? Unfortunately, you will not receive a check this year, but will get that amount as credit in your 2020 taxes.

Chart courtesy of CNET

More information on Economic Impact Payments can be found here.

Hanna Knutson

Hanna is the traffic reporter for Good Morning Colorado. Learn more about Hanna here.

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