How much stimulus check money would you get? Here are some potential calculations - CNET

A second stimulus check is coming. Could you get the full $1,200 amount?

Angela Lang/CNET

The two packages don't line up on much else, but the Democratic and Republican plan for the next stimulus bill do agree on one thing: if one of their proposals passes, you'll get another payment for up to $1,200 as you did with first stimulus check. Both the Republican-backed HEALS Act and the Heroes Act supported by the Democrats include a new direct payment for $1,200. But that doesn't mean the full $1,200 is yours.

How much money you could receive depends on a range of factors, including how many dependents you have. And until the two sides reach an agreement, that $1,200 figure is not set in stone. President Donald Trump continues to suggest that the final check amount could exceed $1,200. 

"We're going to see it may go higher than that actually," Trump told Texas TV station KMID on Wednesday.

Here's everything we know about the Senate's stimulus proposal and how much of the $1,200 per adult -- and more for families -- you could potentially get based on your salary, marital status and more. This story updates often.

Now playing: Watch this: Stimulus Standoff on Capitol Hill

1:21

How much of the $1,200 second stimulus check might you receive?

The Senate's HEALS Act offers an upper limit of $1,200 per qualified person, but that doesn't mean you'll be able to get it all. Your tax filing helps determine your share, among other factors.

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.

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. Though 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 could shed some light on what you might get if the HEALS Act were to pass as is.

Stimulus check calculations

	Scenario 1	Scenario 2	Scenario 3	Scenario 4
Filed 2019 taxes?	Yes	Yes	No	No
Filing status	Single	Head of household	Married	Married
2018 or 2019 tax AGI	$80,00	$140,000	$130,00	$130,00
Dependents under 17 (CARES Act)	0	1	2	2
Dependents over 17 (HEALS Act)	0	0	0	2
Calculated check amount	$950	$1,325	$3,400	$4,400

CNET Coronavirus Update

Keep track of the coronavirus pandemic.

How the second stimulus check may evolve

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 Representative's 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.
• People who aren't US citizens: Noncitizens who file tax returns, pay taxes and otherwise comply with federal tax law using an individual taxpayer identification number instead of a Social Security number would qualify for a payment.

How much stimulus money you could get in August is still undecided.

James Martin/CNET

Earlier stimulus check proposals

Before the Senate's HEALS Act big reveal, these were the front-runner proposals that arose in recent months and how likely we thought they could be.  Of course, another stimulus check still isn't a done deal and anything could happen between now and the final bill.

Second stimulus check proposals

Amount	Proposer	Proposal details	How likely?
$0	White House	Payroll tax cut so workers keep more of their paychecks.	Unlikely to replace stimulus check.
$0	White House	Business tax break for companies who don't furlough workers.	Unlikely to replace stimulus check.
Less than $1,200	White House	Smaller checks targeted at low-income Americans.	Unlikely, but fewer may be eligible.
$1,200	House of Representatives	Part of the Heroes Act passed by the House in May (not law).	Likely, possibly with fewer people qualifying.
More than $1,200	White House	Stated by President Donald Trump.	Less likely, but possible.
$2,000 a month till economy recovers	More than 150 economists	"Emergency Money" payment for Americans to continue spending, one road to economic recovery.	Open-ended payments unlikely to pass.
$2,000 a month till three months after pandemic ends	Sen. Kamala Harris	Payments through the end of the pandemic and three months after.	Open-ended payments unlikely to pass.
$2,000 a month for up to 12 months	Rep. Ro Khanna	Monthly payments up to a year.	The Senate is unlikely to agree to a sum this large, even with an expiration date.
$4,000 travel tax credit	White House	A temporary tax credit to cover individual and family travel expenses, meant to rev up local economies.	Unlikely to replace stimulus check.

When will a stimulus check decision be reached?

The two sides are now working out the details of the new proposal, with an eye on the Aug. 7 deadline Senator Majority Leader Mitch McConnell set to pass another stimulus bill before a month-long recess. Here's more on the timeline, including when the IRS could send the first checks.

If you're still waiting for your first stimulus check, here are 10 possible reasons for a delay,  what you can do if you think your payment is lost or has fallen through the cracks and if you could receive two refund checks from the IRS.

Let's block ads! (Why?)

"much" - Google News
July 31, 2020 at 09:00AM
https://ift.tt/3gguqKf

How much stimulus check money would you get? Here are some potential calculations - CNET
"much" - Google News
https://ift.tt/37eLLij
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini