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Will there be a second stimulus check soon? You might still get $1,200 in 2020

by Eleanore Dockery (2020-08-19)

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With another stimulus package still on the table, how much money could end up in your pocket?
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The probability that a second stimulus check will be in another bill to help Americans survive the coronavirus recession just got stronger on Sunday. Both sides of the aisle are now calling for a return to Capitol Hill to finalize the stimulus package and get moving on a second direct payment."Let's go ahead and get a stimulus check out to Americans," White House Chief of Staff Mark Meadows said Sunday on CNN's State of the Union. How much could you and your family receive if lawmakers are finally able to work out a stimulus payment? The size of your check could be shaped by the parameters below. This story is updated frequently as news develops.

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How much money could your entire household receive?
The Senate's HEALS Act from July proposed an upper limit of $1,200 per qualified person, but that doesn't mean you'd get it all. Your tax filing status -- specifically your adjusted gross income, or AGI -- is the biggest determining factor in how much stimulus money you could receive. Let's say you're personally eligible for the full $1,200 (read up more on income limit qualifications here), but what about the rest of your family? There's potentially good news there. The first stimulus check, part of the bipartisan CARES Act, left out child dependents who were 17 or older and college students under 24 years old. The Republican HEALS Act plan would include $500 for dependents regardless of age, including children and adults you claim in your tax filings. The calculations can be tricky, since they take into account your income, dependents and whether you filed as single, wowgoldone married or head of household. The figures below were based on this calculator The Washington Post put together and could shed some light on what you might get if the HEALS Act were to pass as is. Stimulus check calculations

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Calculated check amount





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What's the biggest possible stimulus check your family could count on?
Depending on how negotiations shake out, the total amount your family may get could change. Here's a look at the caps put in place to give you an idea of what government leaders are thinking. CARES Act: With the CARES Act from March, there was no limit to the number of children who could count as dependents, as long as they were under 17 and claimed by the taxpayer on their tax return, according to the Tax Foundation. Each dependent would garner the taxpayer $500. Theoretically, a family in which two adults and six children under 17 were eligible for the full amount could receive $5,400. HEALS Act: Similar to the CARES Act, the HEALS Act put forth by Republicans doesn't mention a cap on the amount a family may receive. The difference is that it doesn't limit dependents to those under 17 to qualify for the $500 payment. Heroes Act: The Heroes Act, put together by the Democratic-led House and which has never been taken up or vetoed by the Senate, would place a cap of $6,000 for households of five or more. Essentially, it proposes $1,200 for each adult and dependent, with a maximum of three dependents per family.  money-stimulus-cash-bills-dollars-9723How much stimulus money you could get in August is still undecided.
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If a bill passes, how will your IRS stimulus payment arrive? While there's no official plan yet, it's likely that receiving this second stimulus check will work much like it did the first time around. If you filed taxes in 2018 or 2019 and included direct deposit information, it's likely you can receive your check as a direct deposit. If not, you could get it in the mail as a paper check. Under the CARES Act, some people were also sent money in the form of a prepaid "economic impact payment" card, or EIP.  Brush up on all the finer points of the stimulus check here. When will Congress finalize stimulus check plans?
That's the trillion-dollar question. The Senate adjourned until after Labor Day, so sessions may not resume until Sept. 8 unless an agreement is made before then. Still, there could be an opportunity to craft a bill that includes stimulus checks, which has bipartisan support. Here's more on the timeline, including when the IRS could send the first checks. If you're still waiting for your first stimulus check, here are 10 possible reasons for a delaywhat you can do if you think your payment is lost or has fallen through the cracks and if you could receive two refund checks from the IRS. Shelby Brown contributed to this report.

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