We help you calculate the maximum amount that could end up in your piggy bank if another stimulus payment comes your way.
Angela Lang/CNET
Moving forward in fits and starts, negotiations on another economic relief bill are now bumping up against the fall elections and the attention the campaigns will demand. White House and Congressional leaders continue to say they want a new stimulus bill with a second direct payment. But so far the two sides have not come to an agreement on the details of the package — including how much money you could receive.
In prepared remarks before a Congressional committee today, Treasury Secretary Steven Mnuchin said the White House still supports more economic aid. “I believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement,” he said.
While we don’t know when the two sides will make a deal, we do know that the total amount of money you could get as an individual or family could change with a new agreement — especially if lawmakers extend a qualification for your dependents to include more people, thereby increasing the size of your check (calculate it now).
The good news is, you don’t have to wait to guess how much stimulus money you could get if a fresh round of payments goes through. We lay out common scenarios below and tell you everything you need to know about how the IRS could send your money. Meanwhile, here are the top things to know about stimulus checks. This story updates often.
How to find out if your payment could exceed $1,200
The $1,200 figure for individuals is based on guidelines from the last stimulus bill and two proposals, and uses your adjusted gross income, or AGI, and a set of rules to determine the total you could personally expect.
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Next stimulus checks: What to expect
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But there are also allowances for your whole family, including up to $2,400 if you file jointly with your spouse, as well as more money for dependents. In the first round of stimulus checks, only dependents aged 16 or younger could qualify for an extra $500 each toward the family total. There’s bipartisan support to include more people this time, which means you could potentially receive more from a second round of payments than from the first.
We lay out some potential scenarios below, based on our stimulus check calculator, which you can also use to get a more specific estimate for your particular situation.
Stimulus check calculations
| Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 | Scenario 5 | |
|---|---|---|---|---|---|
| Filing status | Single | Head of household | Married | Married | Married |
| 2018 or 2019 tax AGI | $75,000 | $90,000 | $100,000 | $100,000 | $200,000 |
| Dependents under 17 (CARES Act) | 0 | 1 | 2 | 2 | 2 |
| Dependents over 17 (HEALS Act) | 0 | 0 | 0 | 2 | 0 |
| Estimated check amount | $1,200 | $1,700 | $3,400 | $4,400 | $900 |
3 ways you could get your stimulus payment from the IRS
Being owed a check is one thing, but receiving it is another. Here’s how the IRS is likely to send a second check, based on the first.
Direct deposit to your bank account: The IRS already has a system in place to electronically transfer the funds into your checking account. That is, if you already provided those details if you registered for direct deposit with your first check or as part of filing your IRS tax return. This is expected to be the fastest way to get your stimulus check — look for the registration tool to reopen if another check passes.
A paper check in the mail: If you don’t share your direct deposit details with the IRS, look for a physical check in the mail. You’ll wait longer for it, and if you’re recently moved, you’ll need to file a change of address with the US Postal Service, since the IRS will mail your check to your last known address.
EIP card: The IRS sent about 4 million people a prepaid economic impact payment card in the mail. This is money you can spend like cash on a debit card. The cards came in plain, unmarked envelopes. It took longer to receive than a paper check or direct deposit.
If you’re still waiting for your first stimulus check, follow these steps.
The amount of stimulus money you could get in a second round of checks is still undecided.
James Martin/CNET
How Americans used the first round of stimulus checks
A recent survey looked at how Americans are using their stimulus checks. According to research from the National Bureau of Economic Research:
- 15% of recipients said they spent or would spend most of their checks.
- 33% said they mostly saved.
- 52% said they paid down debt.
In general, the report found that lower-income households were significantly more likely to spend their stimulus checks, higher-income individuals were more likely to save it and those with mortgages or who were renters were much more likely to pay off debt.
According to the US Census Bureau, here’s the breakout for households that spent their stimulus checks on items other than savings or paying down debt.
- 80% of those who spent their checks reported using it on food.
- 77.9% spent it on rent, mortgage and utilities.
- 58.2% bought household supplies and personal care products.
- 20.5% purchased clothing.
- 8.1% spent it on household goods — such as TVs, electronics, furniture and appliances — or recreational goods, including fitness equipment, toys and games.
Looking for more stimulus check information? Read up on all the finer points of the stimulus payment here. If you’re still waiting for your first stimulus check, here are 10 possible reasons for a delay, what you can do if you think your payment was lost or has fallen through the cracks and if you could receive two refund checks from the IRS.