Both sides of the aisle hope that scaled-down package to include , will pass soon. But the clock is ticking., or at least a
“Federal support is crucial,” Michael Gapen, the lead US economist for Barclays, told New York Times. “The longer negotiations stall, the more likely there will be a hiccup in spending.” Gapen added that it will be “okay” if a deal can be finalized by September.
“If the economy has to wait until to the end of September, it will come to a virtual standstill between now and then, and [be] vulnerable to anything else that goes wrong,” Mark Zandi, chief economist at Moody’s Analytics, told Bloomberg. “And given that we are in the middle of a , there is a lot that can go wrong.”
You might still get athis year, if both Democrats and Republicans can agree to a final deal. Below, we lay out scenarios for how much you and your dependents could receive and which factors could impact you getting any money at all. We update this story frequently.
Would you get the full $1,200? How to start calculating
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?
There’s potentially good news there. The first stimulus check, 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 calculator The Washington Post put together and 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||$80,000||$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||$1,325||$3,400||$4,400|
What’s the most amount of stimulus money your household could receive?
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.
If a bill passes, how a new IRS stimulus payment would arrive
While there’s no official plan yet, it’s likely that receiving this second stimulus check will work much like it did the first time around. If you filed taxes in 2018 or 2019 and included direct deposit information, it’s likely you can. If not, you could get it in the mail as a paper check. Under the CARES Act, some people were also sent money in the form of a prepaid “economic impact payment” card, or EIP.
Read up on all the.
When will Congress finalize the second stimulus check plans?
That’s the trillion-dollar question. The Senate adjourned until after Labor Day, with sessions not originally planned to resume until Sept. 8. However, on Sunday, House Speaker Nancy Pelosi called the House to return from its break early to vote on later this week. Senate Republicans said Monday that they would also introduce a new coronavirus relief bill prior to this that includes funding for the USPS as well. At this point, it doesn’t seem like this bill will include stimulus check payments, but it hasn’t been released yet, so we don’t know for sure.
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 and Alison DeNisco Rayome contributed to this report.