Congress passed the first Corona virus economic stimulus package in March providing $2 trillion to American workers and an economy hurting from the pandemic.
As of August about 160 million checks had been issued by the IRS.
A second round of economic impact payments is still being negotiated in Washington.
But here's what we expect will and won't change.
If a second check comes.
what's likely to stay the same are the income limits to decide who gets a relief check.
And those qualifications are based on how much you've reported earnings in your tax return for 2018 or 2019.
In the first round, You qualify for payment if you were a single us resident with an adjusted gross income of less than $99,000 if you filed as a head of household you qualified if you earned under 146,500 Hundred dollars, and those filing jointly without children qualified if they earned less than $198,000.
retirees those who receive disability benefits or those who earn too little to file tax returns got payment in the first round and would likely do so in the second.
What is also going to likely stay the same is the maximum payment amount of up to 1200 dollars to individual taxpayers, and it's likely families will once again get an additional bonus for dependents, you can go to CNET stimulus check calculator To get a more specific estimate for your particular situation, what may change in the second check, is how a dependent is defined.
The first time around, dependents were limited to children aged 16 or younger, but it could expand to include anyone claimed Of any age on your tax return, you can likely expect a second relief check to arrive the same way the first batch was delivered.
It could come in one of three ways.
If the IRS has your direct deposit banking information from when you filed taxes, it could be delivered right to your bank account.
Otherwise it could also come as a paper check in the mail and the IRS will use your last known address.
Or it could be mailed as a type of prepaid debit card called an economic impact payment card or EIP card where it can be spent like cash or transfer to your bank.
If you filed your taxes in 2018 or 2019 and have direct deposits set up through the IRS, you could potentially get a second payment as soon as a week after a bill is passed.
It's also when checks could start getting mailed out, too.
But it could take a while to get your money through a check in the mail or an EIP card.
As of September, an estimated nine million Americans were still waiting for payments from the first stimulus package.
The IRS website does have an online tool to update banking information for direct deposit payments.
If you did not need to file a tax return recently, you may need to use the tool to make sure the IRS knows where to send your relief payment.
