Now that the 2020 Republican and Democratic national conventions are over, all eyes are on Washington negotiators toon . Although we’re now weeks beyond the initial Aug. 7 deadline set by the Senate to agree on a bill, there’s still a good chance that a could come your way before the year is out — and it may be as large as $1,200 per person.
How much of that you actually pocket depends on a number of factors. We’ll help you start calculating the total amount you and your family might receive, but first, it’s helpful to know where the situation stands. Key Democratic and Republican negotiators will need to compromise on how large the next rescue bill will be and then work backward to determine how much of that money will go toward direct payments, andbased on your and other variables.
The good news is that if the rules don’t change much from theto the second, we can help you calculate the upper limit for your particular scenario, and how your stimulus check could arrive. We update this story regularly with new information.
Could you get the entire $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?
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|
What’s the maximum amount of stimulus money your household might get?
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.
Three ways a new IRS stimulus payment might arrive
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 prepaid “” card, which you can spend like cash. The cards came in plain, unmarked envelopes.
Read up on all the.
When will Congress settle on second stimulus check plans?
That’s the trillion-dollar question. The Senate is adjourned until after Labor Day, and doesn’t plan to resume sessions until Sept. 8. Senate Republicans said they plan to introduce a new coronavirus relief bill that includes as well. At this point, it doesn’t seem like this bill will include stimulus check payments, but the Senate’s proposal 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.