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President Donald Trump signed one Pandemic bill late Sunday nightThis means a second round of economic impact payments (also known as stimulus checks) should be shipped to Americans soon.
But before the CARES act, the announcement that more stimulus payments are coming, it lacks a lot of details on how to get the money from finance to your bank account.
Here are some answers to questions you may have about this next round of stimulus payments. If you have a question that isn’t answered here, tweet us @ForbesAdvisor– We will update this post as soon as we get more information.
Update December 29, 2020: The Treasury Department says some stimulus checks will reach taxpayers through Forbes this week
Update December 31, 2020: Many Americans have already received their $ 600 stimulus payments – haven’t they?
How much money do I get?
Currently, the stimulus tests for qualified individuals are $ 600. Qualifying Couples receive US $ 1,200 and Qualified Family members receive US $ 600.
The size of your Stimulus Check is based on your Adjusted Gross Income (i.e. your total income minus adjustments such as standard or individual deductions). Adults with AGIs up to $ 75,000 per year and couples earning up to $ 150,000 per year receive $ 600 per person. The head of household income cap to receive the full $ 600 is $ 112,500.
Find out how much you are getting with the Forbes Advisor Stimulus Check Calculator
Your payment will decrease by $ 5 for every $ 100 you earn above the threshold. If you are someone who earns more than $ 87,000, you will not receive payment. If you’re a couple with an adjusted gross income of $ 174,000 or more, or a householder making more than $ 124,500, you won’t get any money.
And yes, depending on your income, you can get a stimulus check for as little as $ 5.
For information on how to determine your 2019 Adjusted Gross Income (AGI), please refer to line 8b of Form 1040 on your 2019 U.S. income tax return.
What about the $ 2,000 stimulus checks President Trump wants to spend?
Despite having signed the bill to approve $ 600 checks, Trump is pushing for $ 2,000 checks for qualified individuals – and the Democrats were quick to endorse the proposal. On Monday, the House voted by a two-thirds majority to increase the stimulus check amount for individuals to $ 2,000. It then went to the Senate, where on Tuesday Senate Majority Leader Mitch McConnell blocked an attempt by Senate Minority Leader Chuck Schumer to unanimously approve the bill. The Senate may still be considering the bill this week, but although Senate Democrats have announced they will vote for higher stimulus payments, Senate Republicans have signaled opposition, which means it is unlikely to pass if it is voted on.
When will i get my check?
After Trump signs the bill, the government can immediately begin processing payments and sending them to eligible people. Payments could be distributed as early as this week, according to Treasury Secretary Steven Mnuchinalthough Trump’s delay in signing the invoice may have pushed shipping back a few days. If the economic amount is increased to $ 2,000 after the Senate vote, it can delay the situation even further.
When the CARES Act was passed, it took the IRS approximately 15 days to set up the system for processing and distributing payments. Since this system is already set up –and survived several hiccups along the way– It’s likely that the Get my payment portal on the IRS website will be operational before January 1st.
Will my stimulus check be taxed?
No. Similar to the CARES Act stimulus reviews, this payment is a payment refundable tax credit upfrontand is not taxable income.
How can I check the status of my stimulus check?
If you want to estimate how much money you will get, you can use our second stimulus check calculator. If you want to find out the status of your check, you can use the IRS Get My Payment portal.
If I owe child benefit back, will I still get a payment?
No. Similar to the CARES Act, your stimulus payment will be garnished when you repay child support.
Do I get a stimulus check for my children?
Receive an additional $ 600 if your dependent child is younger than 17 years old. Some previous proposals for a second round of stimulus testing included payments for adult dependents and college-age dependents, but these groups were excluded from the final package.
Are Inmates Still Eligible for the $ 600 Stimulus Check?
The bill text does not include any restrictions on paying incentives to people who are incarcerated, so it is likely to be. When the CARES bill was passed, the IRS tried to prevent people in jail from receiving stimulus checks, but a judge ordered the Treasury Department and the IRS to distribute payments to them.
Detainees who filed a tax return in 2019 will likely receive payment by mail or direct deposit. Individuals who may not have had to work with their facility to complete a 2019 return and file with the IRS.