The provisions of the CARES law and the calculation known as AGI are key in the estimation
In the event that a new stimulus check is approved in the federal Congress, many Americans wonder how much money they would receive.
Although at the moment any calculation is speculative since there is no signed law, it is possible to make estimates based on the guidelines of the CARES law already approved.
The legislation under which minimum payments are still distributed provides for aid of $ 1,200 to individuals, $ 2,400 to married couples, plus an additional $ 500 for dependents under 17 years of age up to a maximum of three.
Who is eligible under the CARES Act?
The Internal Revenue Service (IRS) It is based on the adjusted gross income (AGI) of the beneficiaries to determine if they are eligible and establish the amount of money that corresponds to them, that is why the tax information of the potential recipients is so important at the time of making the evaluation.
The CARES Act established that individuals filing taxes with adjusted gross income up to $ 75,000 and up to $ 150,000 for married couples filing jointly will receive full payment.
In the case of taxpayers who report “income above these amounts, the amount of the payment is reduced by $ 5 for every $ 100 above the thresholds of $ 75,000 / $ 150,000.”
The fact that a person does not have to file their low income taxes does not exclude them from receiving the payment. However, those who belong to the group of those who are not required to fill out forms must provide their personal data to the IRS before November 21 using the online tool “Non-filers” or submit a simplified tax return.
$ 1,200 plus $ 500 for dependents
Most of the legislation introduced in Congress after CARES Act they maintain the base payment of $ 1,200 plus $ 500 for dependents.
However, in the new proposals the category of dependents is expanded to include more people, such as college adults living with their parents or disabled elderly who are cared for by other adults.
How much would your check be?
Based on the above added to income some calculations can be done on how much money you would receive in a second round of checks.
For example, if your AGI is $ 40,000, you have no dependents, and you file individual returns, you will receive a check for $ 1,200. If you file jointly and have no dependents, you will receive a payment of $ 2,400.
In the same case above that you earn $ 40,000 per year, but you are the head of the family and have a dependent, then the figure would rise to $ 1,700.
If you earn that amount, filed joint returns, and have a dependent, the amount of money the family would receive would be $ 2,900.
Still no agreement for stimulus package
At the moment, members of the Legislature and spokesmen for the White House are in talks to reach an agreement that satisfies both Republicans and Democrats.
Although the president insists on a package that requires an investment of $ 1.8 trillion for some within his own party, the figure is excessive. Democrats, for their part, believe that the amount is insufficient.