Stimulus check money: How much might the next payment bring? Here's what we know so far - CNET

Talks to pass new relief legislation are now bumping into the campaign for the Nov. 3 election. Both Republican and Democratic leaders still claim to want to send more stimulus money to qualifying Americans, but have yet to agree on the overall amount you could receive with another direct payment.

According to Treasury Secretary Steven Mnuchin, the White House still favors additional stimulus money. "I believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement," he said in prepared remarks before a congressional committee on Tuesday. 

"Both employment and overall economic activity ... remain well below their prepandemic levels, and the path ahead continues to be highly uncertain," added Fed Chairman Jerome Powell.

While a lot is still up in the air, we know the most important facts about stimulus checks and can predict that the total amount of money you could be eligible to get as an individual or family may be subject to new eligibility requirements for your dependents. Try CNET's stimulus calculator for an estimate specific to your situation, and read on for more explanation. This story is updated often.

How to find out if your payment could surpass $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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But there would also be 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. 

3 ways you could receive 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.

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.