Who Gets A $2000 Stimulus Check If The Increase Passes
Millions of Americans have been wondering for months whether the U.S. government would vote to send direct economic stimulus payments again. The first stimulus payments of $1,200 per qualified adult and $500 per qualified child were voted on in March, although some citizens are still waiting for the first stimulus check to arrive.
A second stimulus package to provide economic relief amid the COVID-19 pandemic was passed by Congress last week and signed into law by President Trump on Dec. 27. The payments of $600 from the Treasury Department are expected to be issued immediately. We’ll have to see whether or not an increase to $2,000 happens.
Who Qualifies For The Second Stimulus Check
The IRS has set AGI limits to determine taxpayer eligibility. The ranges for the second stimulus check are broken down as follows:
- Individuals with AGI of $75,000 or less qualify to get the full $600 second stimulus check. Individuals making more than $75,000 and up to $87,000 receive a reduced amount.
- Heads of household with AGI of $112,500 or less qualify for the full $600, and those making over $112,500 and up to $124,500 get a reduced amount.
Note that the second stimulus checks also provide an additional $600 payment for every qualifying dependent under the age of 17. So if you filed your taxes as a married couple with three children, you could get up to $3,000.
Currently, theres no limit on the number of dependents that you can claim as long as they are within the age requirement and you claimed them on your tax return. But keep in mind that if you claimed your child as a dependent and they are over age 17, you are not eligible to receive $600 extra on your stimulus check. Your child does not qualify for a stimulus check of their own either.
The table below breaks down payments by AGI level for single and joint filers:
|Second Stimulus Checks for Single and Joint Filers|
House Of Representatives Passed The $2000 Stimulus
Although President Trump, Democratic lawmakers, and many Republican lawmakers support the $2,000 stimulus payments, it hasn’t passed into law yet.
The Democrat-led House of Representatives voted on Dec. 28 to increase payments. Senate minority leader Chuck Schumer attempted to force an immediate Senate vote on the measure, but Senate majority leader Mitch McConnell blocked that vote, according to The New York Times.
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As Of Now A Fourth Stimulus Check Is Unlikely
Recently, calls have circulated online for a fourth stimulus check to be approved, with many saying that although the payments have stopped, the pandemic clearly hasnt.
Over three million people have signed a Change.org petition calling for recurring $2,000 payments for adults and $1,000 payments for children until the pandemic ends.
But no such payment has yet been approved, IRS spokesperson Eric Smith told USA TODAY.
This isnt the first time people have posted misinformation about fourth stimulus checks. Similar posts also circulated in May and of 2021.
Analysts have their doubts about whether a fourth stimulus check is likely to be approved.
CBS News wrote on Jan. 31 that the Biden administrations focus on infrastructure to spur economic growth combined with criticisms that the previous stimulus contributed to ongoing inflation have lowered the odds of another cash infusion.
Who Gets Third Stimulus Check Under The Senate Passed Plan
The legislation provides a third stimulus check that amounts to $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent.
In both the Senate and House plans, individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000, and heads of households with incomes up to $112,500.
The key difference is the legislation the Senate passed phases out the $1,400 stimulus checks at a faster rate for those with incomes above the initial levels.
So under the Senate deal, individuals making $80,000 or more, heads of households making $120,000 or more and couples making $160,000 or more would not receive a stimulus check.
Under the House plan, the hard cut-off for individuals was $100,000 and $200,000 for joint filing couples.
Roughly 98% of U.S. households that received a COVID-19 relief check in December will also qualify for the next round of payments being championed by President Joe Biden, according to a White House official.
Families that don’t receive a third stimulus check might still come out ahead in the massive $1.9 trillion package. The bill also expands tax credits for children and childcare and those benefits will go to some of the households that received a check in December but no longer qualify for it.
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Monthly Economic Crisis Support Act
Another proposal that is getting much Democratic support is that put forward by Senator Kamala Harris, with Senators Bernie Sanders and Ed Markey, called the Monthly Economic Crisis Support Act. This would effectively work as a rebate program providing monthly payments to those who are eligible. A monthly check of $2,000 would be sent up until three months after the pandemic ends.
Simply put, Americans who make less than $120,000 per year would be eligible, although applicants would need to check the finer detail to confirm their status.
How would it work?
If agreed, the payments would be backdated to March 2020 and, as stated above, would last until three months after the coronavirus emergency was declared over. Wherever possible, assuming the IRS has the person’s information on file, payments would be made by direct deposit. There are cases put forward, however, for other methods to be used, including store payment cards and various online payment systems already in use.
Who Gets The $600 Checks
The checks would represent half of the amount directed to most U.S. households in the spring, when the Coronavirus Aid, Relief and Economic Security Act authorized $1,200 checks for eligible adults.
However, under the bill passed by Congress this month, one group of people would receive more money in the second round of stimulus checks than the first: dependent children, who would receive the same $600 checks as adults, up from the $500 checks that children received through the CARES Act in the spring.
Single people earning up to $75,000 would receive $600, while married couples earning up to $150,000 would receive $1,200.
The second round of checks would have the same type of income phaseouts as in the CARES Act, with the stimulus check payments reduced for earnings above $75,000 per single person or $150,000 per married couple.
The amount of payment individuals receive would be reduced by $5 for every $100 of income earned above those thresholds, according to the House Appropriations committee. That’s similar to the CARES Act, but fewer higher-earning taxpayers would qualify for the checks under this formula when compared with the earlier bill.
The second stimulus checks would be phased out entirely for single people earning over $87,000 or married couples earning more than $174,000 compared with the CARES Act’s phaseout for single people earning over $99,000 and for couples earning over $198,000.
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Timeline For $2000 Stimulus Check
The decision about whether or not to increase payments to $2,000 hasn’t been made yet. The initial payment of $600 per qualified individual will start hitting peoples bank accounts this week, according to Treasury Secretary Steven Mnuchin. If the increase to $2,000 is approved, the additional funds will be sent at that time.
While many legislators are pushing for immediate action to increase payments, Senator McConnell hasn’t specified how he intends to address President Trumps additional demands before voting on the $2,000 stimulus check.
There Will Be Fewer Protections Against Garnishment
The COVID-Related Tax Relief Act prevented garnishment of second-round stimulus checks by creditors or debt collectors. They couldn’t be lost in bankruptcy proceedings, either. The IRS also had to encode direct deposit second-round payments so that banks knew they couldn’t be garnished. This is in contrast with the CARES Act, which didn’t provide similar protections for first-round payments.
Under the American Rescue Plan, your payment will be protected from reduction or offset to pay federal taxes, state income taxes, debts owed to federal agencies, and unemployment compensation debts. However, as with first-round checks under the CARES Act, there will be no additional protections against garnishment by private creditors or debt collectors for third-round payments. There’s nothing in the American Rescue Plan to stop creditors from getting your third stimulus check in bankruptcy proceedings, either.
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When Will I Get My Check And How Can I Track It
The $900 billion stimulus bill required the IRS to send all second stimulus checks by January 15, 2021. Eligible recipients who did not get a payment by the cutoff date now have to claim their money as a Recovery Rebate Credit on their 2020 tax return .
The Treasury Department estimates that eight million eligible recipients may not have gotten their first or second stimulus checks. And President Biden signed an executive order on January 22 tasking the department with the equitable and effective delivery of direct payments to all of those qualifying recipients.
The IRS has made stimulus payments via direct deposit, paper check and economic impact payment card. The first direct deposit payments arrived as early as December 29, 2020. Paper checks started getting mailed on December 30, 2020, and the IRS has sent out approximately eight million prepaid debit cards loaded with the federal stimulus payments. You can follow up on the status of both your first and second checks by using the Get My Payment portal.
People who get Social Security retirement benefits, Social Security survivor benefits, Social Security disability benefits, Supplemental Security Income , Railroad Retirement benefits and VA benefits were able to receive second stimulus checks via direct deposit as long as they had their bank account on file with the IRS.
Who Would Qualify For This $2000 Stimulus Check
- All Americans over the age of 16 who earn less than $130,000 a year would receive at least $2,000 a month
- Qualifying families will receive an extra $500 for each child, for up to three children
- Those who had no earnings, were unemployed, or are currently unemployed would also qualify for the stimulus check even if they didnt file a tax return.
Also Check: Are We Getting A Fourth Stimulus Check
How Much Would Each Person Receive Under The Proposed Cash Act
- $2,000 for individuals
- $4,000 for married couples who file a joint tax return
- $2,000 for each dependent
For single people, the payments are reduced for those with Adjusted Gross Incomes above $75,000. For married couples filing jointly, the phase-out begins at an AGI of $150,000. If you file as head of household, the reductions begin at $112,500.
The payments are reduced by $5 for every $100 in AGI over the above limits. As a result, a single tax filer would see no payment if they have an AGI of $115,000 or higher. For a married couple filing jointly with no children, their payment would phase out completely with an AGI of $230,000.
Who Opposes Larger Stimulus Checks
Congressional Republicans had long sought to keep the price tag of a relief bill under $1 trillion. But given Trumps steadfast insistence on $2,000 checks, pressure mounted on McConnell and the GOP last week to give the green light for larger checks.
Last week, McConnell blocked initial consideration of the House bill in the Senate and effectively nixed movement on the $2,000 payments, despite Trumps repeated push.
The Senate is not going to be bullied into rushing out more borrowed money into the hands of Democrats rich friends who dont need the help, McConnell said last week.
On one side of the divide within the Republican Party, an increasing number of GOP senators showed support for $2,000 checks. Trump last week tweeted that unless Republicans have a death wish, and it is also the right thing to do, they must approve the $2000 payments ASAP.
Meanwhile, there are still plenty of GOP lawmakers wary about extending money to families with higher incomes, particularly those who are not bearing the brunt of the covid crisis.
Sen. Susan Collins told reporters last week that she was concerned about how the House bill was structured.
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We’re Oh So Close To Getting A Third Stimulus Check But The Amount And Eligibility Rules For Your Next Stimulus Payment Will Be Different Than For Earlier Ones
A third stimulus check can’t arrive soon enough for people who are struggling financially. But even though we’re oh so close to seeing that happen, we’re not quite there yet. On Saturday, the Senate passed President Biden’s American Rescue Plan, which authorizes a third round of stimulus checks. However, the House of Representatives still has to approve changes made to the plan by the Senate before the president can sign the bill into law. That’s all expected to happen this week, which means some people potentially could receive a third stimulus check as early as next week.
While your third stimulus check will look a lot like your first and second stimulus payments, there are several important differences. The amount, for one, won’t be the same. Eligibility for a third stimulus check will be different, too. So that you’re not caught off guard, let’s take a look at the expected third-round stimulus checks and see how they differ from payments under the CARES Act and the COVID-Related Tax Relief Act. You might benefit more from your third-round stimulus check than you did from your first two payments. But you won’t know unless you read on!
1 of 10
Many Households Are Getting A Much Larger Payment This Time
A $1,400 maximum total per person is an obvious way your household would see more money from a third check . But there’s more to it than that. Since the upper limit for the second check was $600 per adult with an extra $600 per child dependent , more people hit the upper income limit for receiving a second payment. And that means they didn’t actually qualify to get any stimulus money at all.
A third stimulus check makes more groups of people eligible to receive money and bring a larger total check to qualified individuals and their families, including $1,400 payments to dependents. A change in your circumstances can also mean you qualify for more money this time. Here are other ways a third stimulus check could put more money in your pocket.
Stimulus check money could add up fast — as long as you’re qualified to receive it.
Read Also: How Do I See Where My Stimulus Check Is
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Schumer: $2000 Checks A Priority
Democratic Senator Chuck Schumer, who is poised to take over as the Senates majority leader after Jon Ossoff and Raphael Warnocks run-off-election wins in Georgia handed the Dems control of the upper chamber, is also eager to push through a third, larger stimulus check.
“One of the first things I want to do is deliver the $2,000 checks to the American families,” Schumer told a press conference on Wednesday last week.
At the end of December, Democrats in Congress attempted to up the $600 second stimulus check to $2,000, voting in the House to add $1,400 to the maximum figure – but the plan was scuppered when the legislation was blocked from advancing in the Senate by its hitherto Republican majority leader, Mitch McConnell.
Democrats’ attempts to increase the size of the check came after President Donald Trump called for a $2,000 top figure to replace what he described as a “ridiculously low” $600 maximum. Having won a majority in both the Senate and the House in November and January’s congressional elections, the Dems are now better-placed to succeed.
That said, their wafer-thin advantage in the Senate – the chamber is a 50-50 split, but Democratic Vice-President-elect Kamala Harris will have a tie-breaking vote – gives them little room for maneuver if there is dissent from senators within the party.
For example, West Virginia Senator Joe Manchin hasexpressed his skepticism over the need for further direct money.
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