With new jobless claims and new COVID-19 cases sharply rising and a little over a month left in 2020, Congress (which is back in session Nov. 30) doesn’t have much time to on another that would bring more financial aid to individuals and families before the end of the year. But a is very much supported by some high-ranking leaders, including President-elect Joe Biden, who supports .
Biden is “very concerned that we’re in a real crisis in many households in this country right now,” his incoming chief of staff, Ron Klain, said Sunday on ABC’s This Week citing , including and the current . US economists are also pushing for an , publishing an open letter this week (PDF) to urge Congress to approve another direct payment.
When and if it comes, the second stimulus check is expected to once again pay up to, but that’s the maximum, not the minimum, and it doesn’t take into account any changes to the eligibility rules that could result in you get a , especially if there are shifts to the eligibility rules. Several proposals, none of which have become law, have moved to expand or decrease eligibility for some groups, which means that if , you might be able to claim all or part of a second check. You may also receive , or if your personal circumstances changed.
Keep reading for more information regarding a potential second stimulus payment — and here are some. This story is regularly updated.
How much more money you could get with a second check
Again, we won’t know the rules for sure until a bill is signed into law. But we do know some possibilities, based onand possibly even the . For most people, the total amount you’re likely to receive is based on your , and .
Here’s how much more stimulus money you could potentially see if…
More people qualify as a dependent: The Democratic proposal for the next bill expands the definition of “” to include on your tax returns — such as children over 16 and adults under your care. By today’s sums, that’s $500 more per person you support, with potentially no cap. If you had one dependent who qualified in the first round and three that qualify in the second, that would get your family $1,000 more if you had no other changes.
Child dependents get more money: The most recent White House proposal wouldfor children, but double the payout to $1,000. So if you have one dependent, your second check could be $500 larger.
You gain another dependent: If you had or adopted a child, you may see $500 to $1,000 more, depending on the final bill.
Your employment status changed: If you became unemployed this year or your wages dropped, that could, which is used to determine the payment. For example, if you got a partial payment with the first check, you may receive a full payment if you are no longer employed.
You got married: Depending on several variables that include your spouse’s filing status and any new dependents, a change in marital status could result in a larger check. For example, if you were single and filing alone, you got $1,200 max. Married, you could be eligible for $2,400 maximum, sinceis based on your combined household income.
You now share custody of a child: If you meet specific qualifications, you and the child’s other parent. That means you could get $500 more in the second check, especially if anything in your situation changes from the time you filed your 2018 tax return to 2019. The second check allowance will be based on your most recent tax filing.
A rule change concerning incarcerated people becomes permanent: A federal judge has ruled that. If the ruling stands, these people may be entitled to a second stimulus check of up to $1,200, as well as the first. That’s a potential $2,400 total for individuals, with more potential money for dependents.
You’re an “undocumented immigrant”: Democrats propose thatfunds if they pay taxes, that passed the House of Representatives in two forms, but which is not law. If that qualification goes through, it could mean that some people who did not get a check as part of the CARES Act could get a second check. If it works retroactively, individuals may be eligible for both payments. This is contingent, along with the rest of the stimulus check qualifications, on the details of a new law.
There’s a potential for $1,200-$2,400 for this group, with more for dependents. For a married couple with two young children who didn’t receive the first check, the second round could possibly yield as much as $3,400.
Keep reading below for how you could get less money than before.
What more money for dependents looks like
Here are some potential scenarios for how the two different approaches could play out for families. You can use ourto get a more specific estimate for your particular situation.
Stimulus check calculations with dependents
|Scenario 1||Scenario 2||Scenario 3||Scenario 4|
|Tax filing status||Single||Head of household||Married||Married|
|2018 or 2019 tax AGI||$45,000||$60,000||$160,000||$190,000|
|Estimated total with:|
|1 dependent under 17 ($1,000 total)||$2,200||$2,200||$2,900||$1,400|
|3 dependents under 17 ($3,000 total)||$4,200||$4,200||$4,900||$3,400|
|1 dependent of any age ($500 total)||$1,700||$1,700||$2,400||$900|
|3 dependents of any age ($1,500 total)||$2,700||$2,700||$3,400||$1,900|
How your next stimulus payment could also be smaller
In the first round of stimulus checks, the IRS, for most people, based the amount on their. But some Americans who qualified for a check experienced personal or financial changes after filing that would affect a future payment.
You might get a smaller check if you:
Started a job or received higher pay: A change in your AGI, either because of a wage increase or a change in employment status, could reduce the check’s size.
Have fewer qualified dependents: Congress could keep the restrictive dependent requirements of the CARES Act, which was passed in March, and any dependents you claim could age out of eligibility.
Owe child support: Under the CARES Act, the government.
Owe money to private banks or creditors: Your stimulus money can’t be garnished to pay rent or federal tax, but.
Looking for more stimulus check information? Read up on all the. If you’re still waiting for your first , here are and or has fallen through the cracks.