Getting more stimulus money into people’s hands through aseems to be a top priority for — and for President Donald Trump, who is currently .
“Our great USA wants and needs stimulus. Work together and get it done. Thank you!” Trump’s account tweeted from the Walter Reed National Military Medical Center, where he is being treated for the coronavirus.
So how much money could you get from? The was for up to $1,200 per adult, but a second stimulus check could be larger or smaller, especially if the are broadened or if your since the first round in March. The under consideration (among others) would shape the size of a potential payment.
Read on to see how some realistic scenarios could play out — it may also be helpful to know how your yearly. You can also use to get an estimate of the size of your check. This story is updated often.
How you could get less than $1,200 — or maybe more
If another stimulus bill passes and includes a second stimulus check, it’s likely that $1,200 will remain the maximum for individuals, as it was in the. For most people, calculating the total amount requires them to know .
That’s just the start. Family circumstances, such as if you file taxes jointly with your spouse, and a range ofalso play a role. A new move to let qualify could bring in more money, too. Here are some potential scenarios based on our , which you can also use to get a more specific estimate for your particular situation.
How much stimulus money could you get?
|Scenario 1||Scenario 2||Scenario 3||Scenario 4||Scenario 5|
|Tax filing status||Single||Head of household||Married||Married||Married|
|2018 or 2019 tax AGI||$55,000||$80,000||$110,000||$110,000||$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 to prepare for the IRS to send you a second check
The IRS will send your check automatically, it there’s another stimulus payment and if you’re eligible, but there may be some things you can do to help make sure you receive your money quickly.
Register for direct deposit to your bank account: Direct deposit will be the fastest way to get your money. The IRS already has a system in place to electronically transfer the funds into your checking account, if you already provided those details andfor your first check or as part of filing your IRS tax return.
Look for the registration tool to reopen if another stimulus check is issued. If you don’t have a bank account, read on for other ways to prepare.
If you moved, you need to let the post office know: If you don’t have direct deposit, a physical check is the most likely way that you’ll receive a stimulus check. The IRS will mail your check to your last known address, so If you’ve moved recently, you’ll need to file a change of address with the US Postal Service.
Keep an eye on the mail: For the first stimulus payment, nstead of a paper check, about 4 million people received a prepaidin the mail. This is money you can spend like cash on a debit card. The cards came in plain, unmarked envelopes that were prone to being tossed by mistake. When and if the time comes, you can sign up for a free USPS service to so there are no surprises — or disappointments.
Beware of scams:, and it’s still ongoing as . Fraudsters prey on people they consider vulnerable. Knowing common attacks can help you recognize and avoid them. There’s no second stimulus check scheduled right now, but that won’t stop a scammer from trying to take advantage.
If you’re still.
What’s the maximum amount your family could get?
It depends. If the qualifications are expanded to include, a married couple who files jointly and has a large number of dependents could get thousands without limit. It all comes down to the requirements.
A quick, ballpark estimate with: A married couple filing jointly, with a combined of $75,000 per year and eight dependents, could potentially receive a payment of $5,200.
How people 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 check.
- 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 check, 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.
According to the US Census Bureau, here’s the breakout for households that spent their stimulus checks on items rather than keeping it as savings or paying down debt.
- 80% of those who spent their checks reported using it on food.
- 77.9% spent it on rent, mortgage and utilities.
- 58.2% bought household supplies and personal care products.
- 20.5% purchased clothing.
- 8.1% spent it on household goods — such as TVs, electronics, furniture and appliances — or recreational goods, including fitness equipment, toys and games.
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 .