Over the weekend, President Trump signed four measures aimed at providing quick relief to Americans suffering from the economic consequences of COVID-19.
This new package includes as much as $ 400 in improved unemployment benefits for unemployed Americans, a payroll tax day for those earning less than $ 1
The additional $ 400 in unemployment benefits can be especially useful for those who are still unemployed, as the $ 600 in weekly extra unemployment benefits included in the CARES Act expired more than 10 days since July 31st.
But many Americans still wonder when they will get their next $ 1,000 stimulus payment, or if they will get another amount instead. Many also leave guessing which version of stimulus payments will ultimately make the cut, whether it includes the payment of $ 1,200 per individual and $ 500 per addict proposed in the HEALS Act, or whether each addict (up to three) will be entitled to a $ 1200 payment proposed in the HEROES Act.
When to expect your next $ 1,200 incentive payment
Before you can begin the countdown to receive your next stimulus payment, Congress must reach a broad agreement on a complete stimulus package. Negotiations still stalled on Monday, August 10, but both Republicans and Democrats still seem to be working towards a good halfway point between their respective proposals.
A major point of contention among Republicans and Democrats has been a potential $ 600 extension in additional unemployment benefits that expired last month. Democrats would like to see this benefit by the end of 2020, but Republicans have argued that extra unemployment benefits prevent people from returning to work.
While some uncertainty remains, it is still possible that you may receive a second stimulus check for $ 1,200 (and checks for your relatives) at the end of August. This is because of the idea that Congress will reach an agreement this week, which President Trump can then write into law.
Keep in mind that the CARES Act was passed on March 27, 2020, and the first wave of stimulus payments was deposited in American bank accounts on April 13. However, some payments took longer, as many requested paper checks and some people who owed a stimulus check do not register taxes each year.
It is reasonable to believe that payments could come faster this time because the framework that did not exist before the CARES law has already been built. The Internal Audit Service (IRS) notes, for example, that many who chose a paper check from the government received a debit card instead of the last time, which they had to plan for. We can assume that another round of incentive payments could use the same system that pumped out the debit cards and received them in the mail in a short time.
Do I qualify for a second stimulus check?
Although no one knows for sure whether any changes will be made in terms of entitlement to incentive payments, both the HEALS Act and the HEROES Act relied on the same income limits included in the CARES Act. Probably the same income capsules will apply to a second check, although we will have to wait and see.
If the thresholds remain the same, individuals can receive a full incentive payment with an income of $ 75,000 or less, while that amount is doubled to $ 150,000 for couples who submit joint returns. At the same time, home movie executives can receive a full incentive payment with an income of up to $ 112,500.
Note that incentive payments were phased out last time based on income over these amounts with individuals, couples filing jointly and household managers disqualifying for incentive payments when earning an adjusted gross income (AGI) over $ 99,000, $ 198,000 and $ 136,500, respectively.
If you got your first stimulus check quickly, you do not need to do anything to get another payment using the same method. For the first round of incentives, you would not need to take any action if you had already filed your tax returns for 2019. If you had not filed your taxes for 2019 but you filed tax returns for 2018, the IRS used your 2018 income to determine your incentive payment amount or eligibility.
If you have little or no income or you do not file a tax return and you have not received the first incentive payment yet, the IRS says you should use their non-files tool as soon as possible to sign up for your incentive payment.
If you count down the minutes until your next incentive payment arrives, you are certainly not alone. But just like the rest of America, all you can do is make sure you are eligible and wait.