Ifis approved by legislation or executive action this year, your family could actually see more money than in the first round, thanks to a potential that includes . Until , we won’t know if you might get $1,200 or another figure. It’ll likely depend on how the gets portioned out.
President Donald Trump has stated that he supports much of the latest bipartisan proposal.
“I think they are well on their way to suggesting some pretty good things,” he said on Wednesday. “I agree with a lot of it. I like the larger amount.”
It isn’t clear if the president’s pressure on Republicans who favor a smaller bill will nudge the two sides to reach an agreement, but we know enough to sketch out how you and your family could begin to tally the amount you might get with a second check. Keep reading for common scenarios and tryfor an estimate. For more details, these are the right now. We update this story frequently.
How to find out if your payment could be over $1,200
The $1,200 figure for individuals is based on guidelines from the, and uses , and a set of rules to determine the total you could personally expect.
But there are also allowances for your whole family, including up to $2,400 if you file jointly with your spouse, as well as. In the , only dependents aged 16 or younger could qualify for an extra $500 each toward the family total. There’s bipartisan support to , 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, which you can also use to get a more specific estimate for your particular situation.
Stimulus check calculations
|Scenario 1||Scenario 2||Scenario 3||Scenario 4||Scenario 5|
|Filing status||Single||Head of household||Married||Married||Married|
|2018 or 2019 tax AGI||$75,000||$90,000||$100,000||$100,000||$200,000|
|Dependents under 17 (CARES Act)||0||1||2||2||2|
|Dependents over 17 (HEALS Act)||0||0||0||2||0|
|Estimated check amount||$1,200||$1,700||$3,400||$4,400||$900|
How the IRS could send your stimulus payment
While there’s no official plan yet, it’s likely that receiving this second stimulus check would work much like it did the first time around.
Direct deposit: If you filed taxes in 2018 or 2019 and included direct-deposit banking information, it’s likely you can. Even if you didn’t file your direct deposit information with the IRS during tax season, you should still be able to opt in. If you asked for , you can still file them before the deadline of Oct. 15, 2020, and choose to share your direct deposit information with the IRS. If another round of stimulus payments is authorized, the IRS is likely to reopen the online tool it used for the first round and let you log your information then.
A paper check in the mail: If you don’t register your banking details with the IRS, you’ll likely receive a paper check in the mail, which you can deposit or cash. If you’ve recently moved, make sure to file your change-of-address paperwork. The IRS will use your last known address, which could hold up delivery of your check or otherwise cause a delay.
EIP card: Under the CARES Act, about 4 million people were also sent money in the form of a prepaid, a payment that you can spend like cash on a debit card. The cards came in plain, unmarked envelopes.
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.
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 .
Shelby Brown contributed to this report.