Now that the $900 billion stimulus package has passed and signed into law, it may be possible that you will receive a second stimulus check. The package features $600 in direct payments to eligible adults and an additional $600 for each child. Your adjusted gross income (AGI) will also play a factor in how much you will receive.
Your AGI is the amount calculated from your total income that is taxable by government. Gross income is the total of all the money made within a year including wages, dividends, alimony, capital gains, interest income, royalties, retirement benefits and rental income. Once you take all deductions into account you then have your AGI, which is taxable income that appears on your 1040 form when you file taxes. Similarly to the first stimulus checks, the amounts of the second ones will be based on AGI also.
The amount of your stimulus check will depend on your AGI, filing status and your number of dependents. If you met the qualifications for the first stimulus check, and your AGI is under $75,000 then you will receive $600 for your second stimulus check. If your AGI has changed for some reason and is now $87,000 or more you will not be eligible to receive the second stimulus check. If you filed taxes as the head of household, that means you have at least one dependent, and you will be able to receive the second stimulus check if your AGI is under $112,500. According to the Internal Revenue Service (IRS) If you receive social security benefits for retirement or disability you will receive a second stimulus check of $600.
The goal of the second stimulus checks is to help eligible people, unemployed, and individuals affected by COVID-19 with their finances. According to the Treasury Secretary Steven Mnuchin, the Federal government has already begun that process of distributing stimulus checks. For those who have direct deposit with the first check, may see the second check in their bank accounts as early as today.
If you do not have direct deposit setup with the IRS it will take longer to receive the stimulus check as they will need to mail them out to millions of citizens. Mnuchin also stated that there will be a way to track the delivery of your stimulus check; he is hoping that the tracking method will be launched this week.
“Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” Mnuchin said in a public statement. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.” President Trump and some lawmakers-both Democrats and Republicans-are working on a third stimulus option. They want to mandate that every eligible citizen will receive an additional stimulus check of $2,000. This new policy has already passed the House of Representatives. Next it will be presented to the Senate and if it passes, President Trump is already planning on signing it into law. President Trump only has 21 days left in his presidency, getting a third stimulus check out to the citizens will likely be the last policy implementation by his administration.
