When it comes to the size of a, there are two questions, closely linked: 1) How much will the upper limit of the next direct payment be for everyone, and 2) will my household ? On Dec. 21, the answers were complicated, but attainable. As of Sunday, they’re both anything but.
Over the weekend, President Donald Trump has continued saying that the maximum payment for theshould rise from — a move that’s put funding in limbo, and that’s also already caused as of Saturday. In fact, Trump has doubled down on his .
On Monday, House Speaker Nancy Pelosi will try to pass a bill authorizing the increase to the $2,000 payment, although the Republican-led Senate has balked at greater stimulus spending, including a larger, and isn’t expected to take it up.
It isn’t clear what will happen next. Trump could veto the bill, passively not sign it and wait for it to expire, or relent and sign the bill as is,limit and all. If it stays at $600, our calculator can help you estimate , a calculation that can be more complex than you might think. This story updates with new information.
How to estimate your second stimulus payment total
Before you use the calculator tool below, you’ll need yourfrom your : find that figure on line 8b of the 2019 1040 federal tax form. (If you don’t typically file taxes, we share more details below.) To estimate the amount of the second check, enter all your age 16 and younger. A single taxpayer claims no dependents, and a head of household does not file jointly with a spouse and claims at least one dependent.
Calculate your second stimulus payment
Use details from your 2019 tax return.
1. Choose your filing status below.
Stimulus check: Eligibility basics you should know
Broadly, here’s who is. If the current version of the bill passes, payments would top out at $600 apiece, and as you reach the upper , the amount of your check will decrease. A family of four that qualifies, for example, could receive up to $2,400. For a complete breakdown, .
To get the full $600 stimulus per person, either:
- As an individual without qualifying children, you have an adjusted gross income of up to $75,000 (this completely phases out at $87,000, down from the $99,000 used for the first check).
- You file as the head of a household (you claim children) and earn under $112,500.
- You file jointly without children and earn less than $150,000 and no more than $174,000 (down from $198,000 from the first check).
- Any dependent child under age 17 will count for an additional $600.
Note, if youbased on 2019 data but you would qualify based on your 2020 financial situation, you will not receive a second check this year. However, you can get that amount as a credit against your 2020 taxes.
If you qualify based on 2019 tax information but will be over the limit in 2020, you will receive a second check and do not need to repay it.
How would my second stimulus check get to me?
If the IRS has your banking information on file, either from your federal taxes or from the first stimulus payment, your payment should come directly to your bank via. The Treasury Department said as of this summer that about 75% of recipients were paid via direct deposit, 22% by and 3% through a .
When could the IRS start sending out payments?
Soon. According to Treasury Secretary Steven Mnuchin, “The good news is [direct deposit] is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week.”
Starting in the new year, the IRS will send out payments onand to those for whom it does not have banking information on file. But sending the payments shouldn’t drag on for months, as the first payments did. By Jan. 15, if the IRS has not sent your payment — or sent the wrong amount — you can .
What if I’m not required by law to file my taxes?
As with the first checks, the IRS will automatically send stimulus checks to many who normally aren’t required to file a tax return — including, Social Security and , certain veterans and railroad retirees. The IRS refers loosely to this group as nonfilers.
If you fall in one of these categories, enter your best guess in the calculator where it asks for your.
Who woldn’t qualify for another stimulus check?
We have a list of people who. If you are over the income limit, a or a dependent 17 years of age or older, you won’t qualify for a check. The People’s Policy Project think tank estimates 13.5 million adult dependents will be excluded under the requirements, including 7.3 million students.
For everything to know about the second payment, see what else is in, and what we know about in the new bill.