قالب وردپرس درنا توس
Home / Tips and Tricks / The second stimulus check is completely guaranteed now. But who would be eligible for round 2?

The second stimulus check is completely guaranteed now. But who would be eligible for round 2?



    money Switches-coin-wallet 0545

The proposals for who may or may not qualify for a second incentive check are dizzying.

Angela Lang / CNET

Monday is the day when Senate Republicans plan to reveal the contents of one new economic stimulus package, a proposal called CARES 2 that includes one second stimulus control. We do not know yet if the second control becomes larger or smaller than the first check $ 1200 maximum, or if the same people will qualify to receive it.

It is said that CARES 2 can provide the same payments and eligibility requirements as original stimulus check, up to $ 1,200 for individuals. Senate Republicans have also proposed tightening income limits and sending payments to fewer people. Conversely, the Democratic-led House of Representatives wants to expand the requirements to enable more people to qualify, including groups that have passed in the past.

In determining the requirements, legislators will look at factors such as age, citizenship, annual taxable income, marital status and number of family members. This story is often updated when new information emerges.

How more people can qualify for the second stimulus check

The largest eligible parameters so far come from the Heroes’ Act (PDF), which was proposed by the House of Representatives in mid-May. It has been strongly opposed by Senate Republicans and President Donald Trump, who called it the DOA. We can look at this bill to help frame the conversation about the upper limits of who can qualify for a broad proposal:

  • Individuals who earned less than $ 99,000 according to the adjusted gross income from their taxes for 2018 or 2019 (depending on what was last filed).
  • Students, family members over 17, disabled relatives and taxpayers’ parents.
  • Families of up to five people.
  • SSDI recipients.
  • People who are not US citizens and submit tax returns, pay taxes and otherwise comply with federal tax laws using an individual taxpayer’s identification number instead of a social security number.






Now playing:
Check this out:

Other stimulus controls are closer to reality




01:18

How the Senate could limit the requirements for the next payment

While Senate Majority Leader Mitch McConnell has suggested that if the Republican-controlled Senate passes another relief proposal with more stimulus control, the focus will be narrow. However, US Treasury Secretary Steven Mnuchin said this week the Senate is considering an identical payment structure as with the CARES law.

“Our proposal is exactly the same provision as last time,” Mnuchin told reporters on Thursday, according to Bloomberg.

Based on the conflicting signals, here’s who can not be entitled to a second incentive check.

People who make “too much” money: If another round of incentive payments goes, but the distributions are smaller for IRS payments, it is likely that income limits may be stricter. You may need a lower maximum annual income (AGI on the tax form) to qualify.

In other words, people who earn more than a certain amount (that’s lower than the current $ 99,000 rebate for individuals) could potentially be left out of a second round. One example is an income cap of $ 40,000 a year, first raised by McConnell (more below).

Exemption from transfer from the current CARES law: Young people between 18 and 24, people who are not US citizens but pay taxes and people who are imprisoned.

    cash out of money change dollar wallet empty

It will soon be clear who can qualify for another stimulus check.

Sarah Tew / CNET

Here’s who did not get the first stimulus check

If CARES 2 follows the same eligibility rules, these groups should not expect a check:

  • Individual taxpayers with an adjusted gross income over $ 99,000.
  • Managers for households with an AGI over $ 136,500.
  • Married couple with an AGI over $ 198,000.
  • Children over 16 and students under 24.
  • Non-resident aliens as defined by the US Government.

Is a $ 40,000 income limit still under discussion?

It has been suggested that the next stimulus check should only go to people earning $ 40,000 a year or less. The assumed income limit – which is not final – came from remarks by McConnell on July 6, who answered a reporter’s question about the second stimulus check by saying: “I think the people who have been hit the hardest are people who make about $ 40,000 per year or less. Many of them work in the hospitality industry. So that may well be part of it. ”

Speaker Nancy Pelosi questioned McConnell’s proposed salary capability. “I do not know where the $ 40,000 came from,” she told a news conference on July 9. “I think families earning over $ 40,000 probably need help, depending on their situation.”

cash out of money change dollar wallet empty

Who meets the requirements to get a second check? It’s too early to tell.

Sarah Tew / CNET

That figure is not scaled in all US markets. In San Francisco, for example, the US Department of Housing and Urban Development defines “very low income limits” at $ 60,900 for a single employee and $ 87,000 for a family of four, based on 50% of the metro area’s median income by 2020. That would be well above any $ 40,000 cutoff.

That the $ 40,000 quote quoted by McConnell may have come from an open letter published June 16 from over 150 economists, led by Ben Bernanke, the former chairman of the Federal Reserve, who stated that “among people who worked in February Nearly 40% (PDF) of those in households earning less than $ 40,000 a year had lost their jobs in March. ”

When will the qualification requirements be final?

After the Senate has presented its proposal, with the White House’s commitment, negotiations begin with the House. Once an agreement has been reached, the stimulus proposal will not enter into force until the President has signed it into law. We will not know anything for sure until a stimulus bill comes into clearer focus, but we have a good idea what the deadline for the congress is and when a check could be sent.

For more, here’s what we know about major proposals for a second stimulus package. We also have information about unemployment insurance, what you can do if you have lost your job and what to know about drafts.


Source link