Do the president’s executive orders affect the mailing of the next check? Here’s how to calculate how much you could get, if a second payment is approved.
In response to failed negotiations on the next economic package, President Donald Trump stepped in anddesigned to help meet the needs of individuals and families. However, it left intact several key pieces of the new , such as the sending of a . At the moment, it has not been confirmed how much people eligible for the next round of payments could receive.
Both parties have made clear that they support sending a second payment of up to US $ 1,200 per person, families could also receive more if neware approved .
If a new economy package is approved, here is what you need to know to calculate the amount you could receive with a second check, including the limitations that you and your family could expect. We explain all the details below.
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ditor’s Note: This article is frequently updated with new information and is intended to provide an overview of the situation. If you are waiting for the money from the first check you can track it through the IRS website , we tell you what could be some of the reasons why you still do not receive your check , and you should also know that USPS offers a free service to know when is that your check will arrive .
How much of the $ 1,200 could you get on the second check?
The Senate proposal, the HEALS Act, raises an upper limit of US $ 1,200 per eligible person, but this does not mean that you will be able to get the full payment, since there will be somebased on how much you earn annually, your age, number of dependents , citizenship and immigration status.
The first check, which was part of the CARES Act, excluded dependent children who were 17 or older and college students under 24 years of age. The new Republican plan would include $ 500 for dependents regardless of age.
I CALCULATE SECOND CHECK
|Scenario 1||Scenario 2||Scenario 3||Scenario 4|
|You filed taxes in 2019||Yes||Yes||Not||Not|
|Adjusted Gross Income (AGI) in 2018 or 2019||US $ 80,000||US $ 140,000||US $ 130,000||US $ 130,000|
|Dependents under 17 years of age (CARES Law)||0||one||two||two|
|Dependents over 17 (HEALS Act)||0||0||0||two|
|Check amount||US $ 950||US $ 1,325||US $ 3,400||US $ 4,400|
The calculations can be a bit complicated, and depend on various aspects of your 2019 tax return, such as your adjusted gross income, or whether you filed taxes as single, married, or head of household.
The above figures may not match the internal IRS rubric, since these calculations were made with the calculator created by The Washington Post , although it does offer you an estimate of how much you could get if the bill is approved. HEALS.
How much is the most your family could receive?
Depending on the outcome of the negotiations, the total amount could change. Here’s a look at the limits set by the three main proposals that exist so far
CARES Law: With the CARES Law of March, which expired, there was no limit on the number of children that could be counted as dependents, as long as they were under 17 years old and were claimed by the taxpayer on their tax return, according to the Tax Foundation organization . Each dependent earned $ 500. Theoretically, a family consisting of two adults and six children under the age of 17 received approximately US $ 5,500.
HEROES Act: This proposal prepared by the House led by Democrats, which has not been adopted or rejected by the Senate, would impose a limit of US $ 6,000 for households with five or more members. Basically, this proposal proposes US $ 1,200 for each adult and dependent, with a maximum of three dependents per family.
HEALS Act : Similar to the CARES Act, this proposal made by Republicans does not mention a limit on the amount of money a family could receive. The difference is that it does not limit dependents over 17 years of age to qualify and receive the payment of US $ 500.
How will the IRS send the payment?
Although there is no official plan, it is very likely that you will receive a second check in a similar way to how you received it the first time. If you filed your taxes in 2018 or 2019 and included your information for direct deposit, you may receive your check this way. If not, you could receive a paper check in the mail. According to the CARES Act, some people also received payment using a prepaid card.
When will an agreement be reached on the second check?
That’s the million dollar question. It is not yet known when the negotiators could resume the talks; And for Monday night, nothing has been scheduled yet. However, there is the possibility that a bill will be drawn up that includes the checks. Here is the timeline as we know it today for.
If you are still waiting for your money, you can track your check through the IRS website, we tell you what could be some of the reasons why you still do not receive your check , and you should also know that USPS offers a free service to know when it is your check will arrive .