After months with little movement in the negotiations for a new economic relief package, three new proposals on Tuesday seek to address some pressing issues facing the US economy and people, but would likely leave out another direct payment of up to $1,200 per person.
However, if Congress does authorize a new stimulus payment this year or in early 2021 — and this is still an open question — the eligibility rules may change in ways that could yield larger or smaller checks for tens of millions of people. Some might not be eligible at all. Until the qualifications are finalized, there still may be some uncertainty over the how much stimulus money your household may get.
Regardless, if you’re counting on the next direct payment, you’ll want a realistic picture of when the next stimulus check could come. With that in mind, we laid out some scenarios that could result in a smaller second payment. And if you had to wait for the first payment, follow these steps to get the next one faster. We recently updated this story.
Stimulus money: One key thing to know
In the first round of stimulus checks, the IRS for the most part used your most recent federal tax return (2019 0r 2018) when calculating your total payment (people who don’t ordinarily file tax returns were in many cases eligible as well). 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.
Did you start a new job, get a raise or earn a higher income overall?
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 stock sales, 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 checks, and any change in your AGI could…
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