The good news is that the Washington powers that be overwhelmingly want to get you. And while , the conversation is growing increasingly urgent in the run-up to the just 21 days away.
White House and Democratic negotiators have made a handful of attempts at crafting another coronavirus relief bill, from the administration’s latestto the House’s $2.2 trillion . And the Senate may also vote Oct. 19 on a standalone bill to renew payroll protections. An injection of more stimulus money into the economy is considered crucial by both sides of the aisle as .
One constant through all these proposals is the cap of $1,200 for individualand $2,400 for married couples filing jointly. What’s a lot more convoluted is how much money you’d actually get, with or without .
Below, we walk you through the math. And here are the roughly five priority groups used by the IRS to help determine. We regularly update this story.
A second payment could bring you way more than the first
The second stimulus check is expected to largely follow the, but also take cues from , possibly even the . For most people, calculating the total amount requires them to know , and .
The biggest variable is expected to be a change to the status ofin the final bill. One approach would let you claim a dependent of any age for $500 apiece being added to your total. Another is would , but give you $1,000 per child dependent. The latter would benefit parents and guardians with younger kids, even if the parents are relatively high earners. The former benefits those with older dependents, or grandparent.
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|
What do you need to do before the IRS sends a second check?
The IRS will send your check automatically, if there’s another stimulus payment and if you’re eligible, but there may be some things you can do to help make sure you receive your money quickly.
Register for direct deposit to your bank account: Direct deposit will be the fastest way to get your money. The IRS already has a system in place to electronically transfer the funds into your checking account, if you already provided those details andfor your first check or as part of filing your IRS tax return.
Look for the registration tool to reopen if another stimulus check is issued. If you don’t have a bank account, read on for other ways to prepare.
If you moved, you need to let the post office know: If you don’t have direct deposit, a physical check is the most likely way that you’ll receive a stimulus check. The IRS will mail your check to your last known address, so If you’ve moved recently,.
Keep an eye on the mail: For the first stimulus payment, instead of a paper check, about 4 million people received a prepaidin the mail. This is money you can spend like cash on a debit card. The cards came in plain, unmarked envelopes that were prone to being tossed by mistake. When and if the time comes, you can sign up for a free USPS service to so there are no surprises — or disappointments.
Beware of scams:, and it’s still ongoing as . Fraudsters prey on people they consider vulnerable. Knowing common attacks can help you recognize and avoid them. There’s no second stimulus check scheduled right now, but that won’t stop a scammer from trying to take advantage.
If you’re still.
How did people spend 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 had spent or would spend most of their check.
- 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 check, 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 rather than keeping it as 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. If you’re still waiting for your first , here are , or has fallen through the cracks and .