Member of Congress unveiledon Tuesday, two of which conspicuously of . (One, a private proposal from top Democrats to top Republicans, has not been made public.) By Wednesday afternoon, Democrats from President-elect Joe Biden to House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer, have thrown their weight behind a $908 billion plan for 2020, with sights set on another stimulus bill in 2021 — one that could include the popular .
“In the spirit of compromise we believe the bipartisan framework introduced by Senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations,” Pelosi and Schumer said in a joint statement Wednesday. “Of course, we and others will offer improvements, but the need to act is immediate and we believe that we could come to an agreement.”
Whenever Congress approves a new stimulus payment, thein ways that could result in bigger for tens of millions of people (although some Until eligibility is final, we can take a guess at . Read on for more information. This story updates regularly.
Your potential next stimulus check: 1 key thing to know
In the, the IRS for the most part used your when calculating your total payment (people who were in many cases eligible as well). But some people who qualified for a check have experienced personal or financial changes after filing that could affect a future payment one way or another.
New job? Or did you earn more overall?
Your, is a term normally used for the IRS’ yearly tax return to describe your total income, including assets (like stock sales, credits and deductions or an inheritance, for example) that fall outside your usual paycheck. The first stimulus check, and most likely the second, will cut you off if your AGI goes above a certain income limit.
There’s a huge correlation between, and any change in your AGI could increase or reduce the size of your check.
For instance, if you received the full $1,200with the first stimulus check because your AGI was under the income limit, but then you got a promotion or a new job that pays more (congratulations), then your check may be smaller next time — since the — or you may have maxed out the threshold and . All told, this is a “good” problem to have.
Did you have more child dependents earlier this year than you do now?
Age is an important factor in how much stimulus money a household gets, but maybe not like you think. Older adults are in many cases entitled to a stimulus check. In the first round of direct payments, households were given an extra $500 for each “child dependent.” This is a legal minor who is 16 years old or younger.
Interestingly, the IRS’ definition of a(23 or under, and financially reliant on the tax filer) isn’t the same set of terms used for stimulus checks.
If the rules stay the same (and there’s), any older dependents you claimed for the first check may have aged out of eligibility, which means you could get $500 less if rules stay the same.
Do you owe back child support or did you change how your dependent is claimed?
For the most part, any stimulus check you receive you have full rights to use as you like. However, one exception laid out in thewas child support. If you owe child support to your kid’s other parent, you may have some or all of your stimulus check garnished. If you received an extra $500 for the way you and…