HOW MUCH MONEY IN SECOND STIMULUS
December 28, 2020 - Douglas Myser
How much money in second stimulus. After months of back and forth, does a second stimulus check have a future ? Republicans and Democrats are certainly calling for another direct payment to be part of a highly contentious and long overdue coronavirus relief package: just as soon as negotiations come together on a deal. "We need to do another economic stimulus bill. We need to do this now," Sen. Roy Blunt, a Republican from Missouri said. "Direct money to struggling families would be helpful." But if that does happen, it's also possible there could be changes to certain requirements that could make your check larger or even smaller than the first round. In some cases, you might not get another round at all. Those with tax debts could use this money for tax resolution. The IRS used the federal tax return (2019 or 2018) when calculating your total payment. But some people who qualified for a check have experienced personal or financial changes after filing that could affect a future payment one way or another. Your adjusted gross income, or AGI, is a term normally used for the IRS yearly tax return to describe your total income, including assets like stocks, credits and deductions or an inheritance, for example, that fall outside your usual paycheck. The first stimulus check, and most likely the second, will cut you off if your AGI goes above a certain income limit. There's a huge correlation between your tax status and stimulus check, and any change in your AGI could increase or reduce the size of your check. How much money in second stimulus.
Age is an important factor in how much stimulus money a household gets, but maybe not like you think. Older adults are in many cases entitled to a stimulus check. In the first round of direct payments, households were given an extra $500 for each "child dependent,". This is a legal minor who is 16 years old or younger.