Stimulus check second things to know

Stimulus check second

 

 

Since the COVID-19 hits the world, many people haveLost their jobs and suffered from the shortage.
Some have lost their jobs, closed stores, and failed atfinding new place to work.

This did not only kill theindividual, but also affected the social economy.

Even though lock-down was needed to stop the COVID-19’s further infection, we cannot deny that it also pushed the economy to be doomed.
Thus to help people and circulate the money, the government decided to send out the stimulus check for those who need economic assistance.
The first stimulus check was already sent through IRS and now stimulus check second, HEALS Act, –$1 trillion economic aid bill- is about to come out.

According to the newest news about the governmental decision, eligible taxpayers can get the $1,200 direct payments at most. HEALS Act includes not only direct economic aids but also various assistants for those who suffered from the COVID-19.
The federal unemployment benefits will be continued and funding for schools will be increased.
Also the budgets for testing COVID-19 and the researching the vaccine and treatment will be compiled.

Stimulus check second calculator

 

$1,200 is roughly calculated amount of subsidy, and the exact number of money each family can get depends on various aspects.
The best way to find out the exact amount of subsidy you can get is to use the stimulus check second calculator,

https://www.omnicalculator.com/finance/stimulus-check-heals.

This program analyzes your tax filing status and determines whether you are qualified to get the aid or not.

Many aspects such as your marriage status and number of dependents will be accounted for calculating the money you will get.
If you do not have any family under your name and earn less than $75,000, you can receive the $1,200 directly.
If you are married and earn less than $150,000, the same amount will be available.
The more you make annually, the less subsidy you can get.

According to the GOP senate leader, the calculating method and qualification criteria for the HEALS Act is the same as the first round. So if you were qualified for the first stimulus check, which is CARES Act, you can expect that the second round will be similar.

How much stimulus check payments you can get

 

For single adult, the first round gave out a total of $1,200 per person with additional $500 per dependents.
Some wondered what “dependents” mean.

Under the tax law, a dependent can be either a qualifying child or a qualifying relative. Dependent does not have to be children or directly related to you.

However, they should meet the requirements of IRS.
To be a qualifying child dependent, the person should be younger than 19 years old, or student younger than 24 years old. If child is “disabled”, the age does not matter and you can claim them as a dependent.
Being a qualifying relative, the age does not matter.
If you take care of elder under your household, that person can be your dependent. Under this rules, if you have a 15-year-old child and 85-year-old grandparents in your house, you have total three dependents and can get $1,500 additional aids. The problem is that the exact money allocated for each dependents for stimulus check second is not decided yet.

According to the HEALS Act, same $500 will be available for each dependent, but under Heroes Act, the Democratic backed bill, $1,200 per dependent, for up to total three people, is available. This means that a family of two adults and two children under 17 that received $3,400 with the first stimulus payment would get $4,800 under the Heroes Act.

Similarly, a family of two children in college will be able to get $4,800 compared to just $2,400 allowed under the Cares Act.

Definition of dependent under tax law

 

To find out how many dependents you have, you should go through the form 1040, US Individual Income Tax Return.
This is a form available for those who filed taxes in 2018 or later.
You can easily find the box with label of Dependents.

This box can tell you your dependents’ social security number and the relationship to you. You can also find out whether they are qualified for a tax credit. If you have more dependents now than the days you paid taxes, you can claim them on 2020 tax return and get the additional $500 dependent payment in 2021. This is currently applied only for the first round, but is likely be the same for the second round.
If you are divorced, but share custody of a dependent, the child goes under the custodial parent.
Custodial parent means the one who child lived with longer.

The financial support does not play a huge role in deciding the custodial parent.

Many said that the CARES Act actually took care of their life when they received the money and are earnestly waiting for the stimulus check second.
Sadly, the exact date is not decided yet.

Since the budget deadline is September 30, the house might want the federal government to work past sept. 30.
Currently the only possible expectation is that the exact timeline will come out soon since the House Speaker Nancy Pelosi said that they are on their conversations with the administration and expect to make an agreement soon.

stimulus check second date

 

Even though the stimulus check second starts soon, the date you receive the money can be differed based on your status. The IRS sent out the first round payments to at least 160 million people by now with three different ways. People who got the subsidy fastest are those who had direct deposit information on IRS.
People who did not file their direct deposit information could get the paper check through mail.

Since this needs some time to pack and send out, recipients could get them a week later than the direct deposit.
Last way was EIP card and this group also took longer than the direct deposit receivers. IRS expects to follow the same process sending out the money, so if you want to get your aids as soon as possible, you should try to file your direct deposit information on IRS before they start sending out.

The good news is that if you already filed you direct deposit information for the first round of payment, you do not need to file another one for the second.

All you have to do is to visit IRS website,
https://www.irs.gov/coronavirus/economic-impact-payments

and apply for the stimulus check payments.

 

If you do not have any backing information filed on US government, you can still get the stimulus check second payment through EIP car.

EIP is a prepaid debit card that can be used for purchase. The good thing about this card is that you can get cash from in-network ATMs and transfer them into your personal bank account without extra charge.
EIP takes longer to receive, but if you are not eligible for either direct deposit or paper check, this also can be a good option.

expected timeline for stimulus check second

 

Learning from the Cares Act, there are some possible scenarios for the stimulus check second.
If the house passes the final bill on Oct. 2, and the president signs the bill on Oct. 6, the first direct deposit will be sent on the week of Oct. 12. Paper checks will be sent a week after and EIP cards will be sent on the week of Nov. 9.

The time gap between each distribution method seems to stay the same, so the key to expect the exact day you can get your second subsidy is to find out the passing day of the final bill. Once the bill is passed, you can easily find out the receiving date.

first and second stimulus check

 

One thing that leaves question about the first stimulus check is that 9 million people who are eligible for the $1,200 aids are still missing. IRS is now contacting the people who can be possible recipients of the first subsidy but weren’t aware they are qualified.
IRS is open to the catch-up payment by Sept. 30.

These payments for 9 million people are not from the stimulus check second. Thus, if you missed the first round, you might want to check whether you qualify both.

If you are lucky enough, you can get the life saving money total of $2,400 at once.