Tuesday, December 22, 2020
If you have children, you'll make up some of the difference from the lower base amount. For child in your family who qualifies for the child tax credit (i.e., kids 16 years old or younger), you'll get an extra $600 tacked onto your second stimulus check. Under the CARES Act, you only got an additional $500 per qualifying child. So that's an upgrade for families!
If you owe child support, the IRS can use first-round stimulus check money to pay arrears. That won't be the case for second-round payments under the COVID-Related Tax Relief Act.
In addition, second-round stimulus money wouldn't be taken to pay back taxes or other debts owed to the federal or a state government. (That's also the same rule for first-round stimulus payments.)
Read more here.