It’s been weeks since Democratic and Republican negotiators officially talked about passing, which would include a . However, there’s still hope for compromise as the Senate returns to work next week. If the two sides can find common ground, you could receive up to $1,200 in stimulus money from the IRS this year — maybe even more, depending on whether you have dependents.
Voters, regardless of party, seem to support the concept of a new stimulus check. In fact, seven out of 10 surveyed in a new Gallup poll released Tuesday were behind the idea of a second economic impact payment for . The poll, which surveyed 5,000 Americans, showed strong support across party lines and among independents. Meanwhile, jobless claims for the week ending Sept. 3 were 881,000, in comparison to 219,000 from a year ago, highlighting the need for more government assistance.
So how much money could you get if a new payment is authorized? How about your dependents? The answers depend on how much is set aside for stimulus checks, as well as parameters like your. Keep reading to learn how you can start to calculate how much money you could be eligible to get paid. We update this story regularly.
Will you pocket the whole $1,200 payment? How to calculate
Thefrom July proposed an upper limit of $1,200 per qualified person, but that doesn’t mean you’d get it all. Your tax filing status — — is the biggest factor in determining how much stimulus money you could receive. Let’s say you’re personally eligible for the full $1,200 (read up more on ), but what about the rest of your family?
The first stimulus check, issued as part of the claim in your tax filings., left out child dependents who were 17 or older and college students under 24 years old. The Republican HEALS Act plan would include $500 for dependents regardless of age, including children and adults you
The calculations can be tricky, since they take into account your income, your dependents and whether you filed as single, married or head of household. The figures below were based on this Washington Post calculator and could shed some light on what you might get.
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||$80,000||$140,000||$130,000||$130,000|
|Dependents under 17 (CARES Act)||0||1||2||2|
|Dependents over 17 (HEALS Act)||0||0||0||2|
|Calculated check amount||$950||$325||$3,400||$4,400|
Maximum amount of stimulus money your family could expect
Depending on how negotiations shake out, the total amount your family may get could change. Here’s a look at the caps put in place to give you an idea of what government leaders are thinking.
CARES Act: With the CARES Act from March, there was no limit to the number of children who could count as dependents, as long as they were under 17 and claimed by the taxpayer on the tax return, according to the Tax Foundation. Each dependent would garner the taxpayer $500. Theoretically, a family in which two adults and six children under 17 were eligible for the full amount could receive $5,400.
HEALS Act: Similar to the CARES Act, the HEALS Act put forth by Republicans doesn’t mention a cap on the amount a family may receive. The difference is that it doesn’t limit dependents to those under 17 to qualify for the $500 payment.
Heroes Act: The Heroes Act, put together by the Democratic-led House and which has never been taken up or vetoed by the Senate, would place a cap of $6,000 for households of five or more. Essentially, it proposes $1,200 for each adult and dependent, with a maximum of three dependents per family.
How your IRS stimulus payment could reach you
While there’s no official plan yet, it’s likely that receiving this second stimulus check would work much like it did the first time around.
Direct deposit: If you filed taxes in 2018 or 2019 and included direct-deposit banking information, it’s likely you can . Even if you didn’t file your direct deposit information with the IRS during tax season, you should still be able to opt in. If you asked for , you can still file them before the Oct. 15, 2020, deadline and choose to share your direct deposit information with the IRS. If another round of stimulus payments is authorized, the IRS is likely to reopen the online tool it used for the first round and let you log your information then.
A paper check in the mail: If you don’t register your banking details with the IRS, you’ll likely receive a paper check in the mail, which you can deposit or cash. If you’ve recently moved, make sure to file your change-of-address paperwork. The IRS will use your last known address, which could hold up delivery of your check or otherwise cause a delay.
EIP card: Under the CARES Act, about 4 million people were also sent money in the form of a prepaidcard, which you can spend like cash. The cards came in plain, unmarked envelopes.
Read up on all the.
What’s happening now with the second stimulus check decision?
That’s the trillion-dollar question. The Senate is adjourned and doesn’t plan to resume sessions until Sept. 8. Senate Republicans said they hope to vote on a “skinny” coronavirus stimulus package called the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act (PDF) that week, which includes , along with $300 in weekly unemployment benefits — similar to an executive action signed by President Donald Trump. However, the draft of this proposed package does not include funding for a second round of stimulus checks.
Here’s more on how the timeline could play out if a bill is passed, including.
If you’re still waiting for your first, , or has fallen through the cracks and .
Shelby Brown contributed to this report.