Second Stimulus Check

Heading into the weekend, Republican and Democratic negotiators for the next economic rescue bill appear far from reaching an agreement on the package except for one thing: a second stimulus check, with both sides proposing a new payment for those who meet the qualifications.

And while both parties also agree on a $1,200 figure for the next round of checks, don’t count on that amount yet (here’s when it could arrive). How much you could get would depend on a handful of variables, including your annual income and number of dependents. And until the two sides do settle on the final amount, that $1,200 figure isn’t set in stone. Several times this week, President Donald Trump has hinted the final amount of the check could be more than $1,200 — though that outcome is unlikely.

Everything we know about the stimulus proposal from the Senate and how much money adults, children, dependents, and families could potentially get based on their salary, marital status, and more.

How much of the $ 1,200-second stimulus check could you get?

The HEALS Senate has a limit of $ 1,200 per QP, but that doesn’t mean you can get it all. Your tax return status helps, among other things, determine your share.

The first stimulus check left out child dependents who were 17 or older and university students under 24 years old. The Republican plan would include $500 for dependents regardless of age, such as children and adults you claim in your tax filings.

Calculations

So, the calculations can be tricky and depend on aspects of your 2019 taxes, such as your adjusted gross income and whether you filed as single, married, or head of household. Therefore, we can’t say for sure that the figures below follow the IRS’s calculation, this handy calculator that The Washington Post put together for the first stimulus check.

Second Stimulus Check
Source: Media

How the second stimulus check amount could change

At this point, it’s unlikely for the stimulus check cap to exceed $1,200, but it’s possible that individuals and families could get more money if more people qualify. Chances are low at this point, but here’s what the House of Representatives’ Heroes Act, which isn’t law, proposed:

  • Children and dependents: $1,200 payment (HEALS Act stipulates $500 apiece)
  • Families: Households would qualify for a maximum payment of $6,000 total, capped at five family members receiving $1,200 apiece.
  • Non-nationals who file tax returns, pay, and comply with federal tax law by using an individual identification number instead of a social security number that they would be eligible to pay.
  •  Both sides are currently working on the details of the new proposal. Another bill is due to pass before August 7 to track Senate President Mitch McConnell. You can find more information on the timeline where the IRS can send the check first.
Second Stimulus Check
Source: Forbes

The post Second Stimulus Check: How much money would you get? Here are potential calculations appeared first on Trending News Buzz.

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