If you were expecting ato be the same amount as the one you received with the , you might be in for a surprise. You may actually get a larger payment, depending on has changed or if .
With less than three weeks till renew payroll protections, but that won’t include direct payments., White House and Democratic negotiators are running short on time to craft another before . But it’s not for lack of trying. The administration is currently pitching a , while the Democratic side is working from the House’s $2.2 trillion . In parallel, the Senate plans to vote Oct. 19 on a stand-alone bill to
In the proposals the two sides continue to toss back and forth, one constant is a cap of $1,200 payments for individuals and $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 that will help determine a future total, whatever the terms end up being. We update this story regularly.
A second payment may bring you more money than the first
The second stimulus check is expected to largely follow the, but also take cues from , possibly even the . For most people, the total amount you’d probably receive is based on your , 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, adding $500 apiece to your total. Another 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|
How could you get more money — or less — in a second check?
With the first check, for many people, the IRS 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.
Besides a change in payment requirements in a new economic bill, you could qualify for a bigger check if you:
- Lost your job or are earning less
- Gained dependents through a birth or adoption
- Are now caring for an adult relative if the definition of “dependent” changes
- Got married — the math may work out differently depending on factors, like if you work and your spouse does not
You might qualify for a smaller check if you:
- Started a higher-paying job
- Have fewer dependents
- Owe child support
With the first checks, if your financial situation changed after you filed your 2018 or 2019 tax return, you can claim that additional amount on your 2020 tax return when you file in 2021, the IRS said. You’ll likely need to take an extra step to claim your credit — the IRS will post more details closer to tax season 2020.
Also, with the first round of payments, you won’t be required to pay back a stimulus payment if, based on your 2020 tax returns, you no longer qualify for the amount you received.
What do you need to do before the IRS sends a second payment?
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, you’re most likely to receive a stimulus payment in the form of a physical 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.
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 .