COVID-19 Second Stimulus Checks
Coronavirus Stimulus Check Calculator: How Much Do I Get?
Leading U.S. lawmakers have reached an agreement on a $ 900 billion economic aid package that is expected to include a second stimulus check for most Americans, which is $ 600 per person. This much-anticipated deal, eased by the Federal Reserve's emergency conditions, comes about when states impose new coronavirus restrictions and unemployment claims rise to their highest level since September - 885,000 people filed for unemployment in the week of December 12th know about the second stimulus check and how much you might get.
We will keep updating this article as more information becomes available.
Second Stimulus Checks: What You Need To Know
The proposed second stimulus checks total $ 600 per person, according to the Washington Post. According to the Washington Post, individuals with an Adjusted Gross Income (AGI) of $ 75,000 or more will receive a reduced amount of money and will fully discontinue a stimulus check for AGIs greater than $ 99,000. The second stimulus tests are half of the maximum number of individual tests included in the first coronavirus stimulus package in March.
You should note that checks will not be sent until the proposal is complete. Both the House and Senate must vote to pass the bill before the president can put it into law.
President Trump has said he supports a second stimulus check. President-elect Biden called the $ 900 billion aid package an "important down payment" for another economic agreement that could be presented in 2021.
Who qualifies for the second stimulus check?
Calculation of your second stimulus check
Individuals with an AGI of $ 75,000 or less qualify for the full stimulus check of $ 600. Individuals earning more than $ 75,000 and up to $ 99,000 will receive a reduced amount.
In the first round of stimulus checks, married couples earning less than $ 150,000 received up to $ 2,400 (with exit up to an AGI of $ 198,000) and heads of household who earned less than $ 112,500 received up to $ 1,200 (with exit to 146,500 USD). These merit thresholds are likely to apply to the second stimulus tests.
The second stimulus checks will also deliver $ 600 per addict, according to the Washington Post.
How is my second stimulus check calculated?
The IRS would use your tax return to calculate whether you qualified for the first stimulus test. Assuming the agency takes a similar approach, your eligibility for the second stimulus review could be based on your 2019 tax returns that you submitted by July 15, 2020.
The payment structure for the first stimulus check was broken down by AGI. This is your gross income (including wages, dividends, capital gains, business income, and other types of income) minus interest on college loans, health savings account payments, and contributions to a traditional IRA and other adjustments that you deducted during the tax year.
If the IRS applies a similar tier, a single taxpayer with an AGI below $ 75,000 would qualify for the maximum of $ 600. And if the bill removes the dependent age limit for the second stimulus test, families could also get the proposed additional $ 600 for each dependent.
When do we get a second stimulus check?
Stimulus Checks will not be sent out until Congress votes to approve the Second Stimulus Act and the President legally signs it. Once that happens, the money could arrive relatively quickly.
After all, the IRS made the first economic payments by direct deposit, check and EIP card (Economic Impact Payment). Direct deposit was the fastest method, and taxpayers had until May 13 to submit their direct deposit information to the IRS through the Get My Payment portal.
If you missed the deadline, the IRS has allowed you to receive a check or EIP card in the mail. The final group of taxpayers to receive a stimulus payment included those who had not registered by direct deposit and those who had high AGIs.
While the IRS will continue to process returns and issue payments through the end of 2020, you may be able to claim the refund credit for your 2020 tax if you were unable to process your tax return or had an issue with your short-term tax return that you submitted in April 2021 will submit. Qualified taxpayers who have not received the full amount of their stimulus payment can use the credit to increase their tax refund or reduce their tax burden.
While another round of stimulus checks will bring much-needed relief to families and businesses across the country, they are a major point of contention as a second coronavirus relief package is passed. Currently, the $ 900 billion coronavirus aid package reportedly includes a second stimulus check for $ 600. Stimulus checks are not sent out until Congress votes to approve the bill and the President legally signs it.
If you are in need of financial help, it is important to read up on the latest developments so that you know what type of help you might qualify for. We will keep updating this article as new information becomes available. You can also find further aid programs in the Federal Government's help and in our list of coronavirus aid programs by federal state.
Tips for Individuals During the Coronavirus Pandemic
• If you need help reaching your financial goals during the toughest times, a financial advisor can help you create a long-term financial plan to support you and your family. SmartAsset's free tool puts you in touch with financial advisors in your area in just five minutes. When you're ready to be matched with local advisors who can help you meet your financial goals, get started now.
• If you are having trouble keeping up with credit or credit card payments, you can take steps to protect your creditworthiness and speak to your bank directly to see if you can postpone loan payments or waive certain fees.
• If you can afford it, investing in index funds during a recession is a safe option. However, if you're looking for a slightly more aggressive approach, check out some free asset classes to learn more.
Photo credit: © iStock.com / Diy13, © iStock.com / Dean Mitchell
The article COVID-19 Second Stimulus Checks first appeared on the SmartAsset blog.
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