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Monday, November 30, 2020

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The number of COVID-19 patients has increased dramatically within the last ten days. Yet US citizens are pinning their hopes on the Capitol Hill negotiations where the new financial relief legislation is expected to make some progress. Simultaneously, stimulus check 2, an extension for unemployment bonuses along with several other financial aids is to be decided soon. According to a study conducted by Franklin Templeton-Gallup in November approximately 37% of Americans are likely to cut down their expenses on holiday gifts this year. However, the figure might come down to 30% if they receive their stimulus check 2 payment by the time the holidays begin.

Stimulus check 2 is likely to provide $1,200 to every citizen and additional funding in case of dependents. Although the authorization is expected to arrive after Congress gives their approval on 20th January.

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The eligibility criteria of the first stimulus check payment will be the basic guideline for stimulus check 2 as well. A few rules are bound to undergo some changes despite the key factors including age, annual income, child support condition, citizenship, tax status, and family members will be the primary elements of concern and deciding factor.

 Some people who would otherwise be left out have also been given a chance to avail the stimulus check 2 ⸺ incarcerated citizens, tax non-filers, and citizens with missing payments of 1st stimulus check payment for their respective dependents.

Stimulus Check 2
Stimulus Check 2

Stimulus Check 2 Qualifications Transforming Into A New Bill

The Democrats and the Republicans are still tossed between the approval and some important points regarding the stimulus check 2. Though negotiations are underway and proposals have been made that are put to hold as of the moment.

Change Dependent Definition: 

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According to the CARES Act, any citizen below the age of 16 is considered to be a dependent and eligible for the additional aid under the stimulus check 2. A particular proposal suggested that any individual eligible to lay federal taxation claim, both under 16 and above, can be termed as a dependent. Following this definition, families in the custody of adults can also claim and receive an extra $500 as part of their stimulus check 2 payment.

Aid For Every Dependent: 

Recently, the White House proposed that they might not approve the modified definition regarding a dependent, however, they will increase the amount of payment for every individual to a whopping $1,000 to every household.

Prevent Overdue Child Support Seizing: 

Earlier this year, the Democrats wanted parents to receive child support payments. The actual CARES Act permitted a redirection of payments to cover the unpaid support.

Incarcerated Subjects:

After much debate, the IRS has decided to disburse the stimulus checks to the incarcerated citizens who are eligible to receive stimulus check 2 payments.

Nonresident Cases:

According to the CARES Act, an improved Social Security plan was put under a process that could help non-resident Americans to receive their aid without any hassle and complications.

Stimulus Check 2
Stimulus Check 2

Income caps of 1st stimulus check is implemented in stimulus check 2

CARES Act has specifically mentioned the income limits after calculating the adjusted gross income (AGI) from last year to decide upon the eligibility factor, as mentioned below:

i. AGI below $99,000 for individuals

ii. AGI below $146,500 for the head of the family

iii. AGI below $198,000 for a joint claim by a couple

iv. Dependents have no limit

v. Nonresidents will receive the same as mentioned by CARES

vi. Tax non-filers and SSDI have to complete the procedure

vii. Complex cases will be decided by the court

viii. Incarcerated citizens will receive stimulus check 2

ix. Alien citizens qualify under CARES

x. Missing payments qualify for stimulus check 2 payments

Tax Will Decide The Amount Of Payment For Each Citizen

For numerous citizens, their stimulus check is connected with their taxation. Based on the AGI, it will be decided whether an individual receives $1,200 and a couple will get $2,400 or not.

Non-Filers Of Federal Tax

Filing for federal taxation return in the years 2018 and 2019 is unnecessary for SSI/SSDI enrolled citizens. This is because SSI/SSDI source of income is exempted from the taxation system according to the CARES Act.

You may not need to file if:

i. You are above the age of 24, your AGI is below $12,200, and you are not a dependent.

ii. In case you are a married couple and have filed for stimulus check 2 jointly, your AGI must not exceed $24,000.

iii. You have no source of income.

iv. If you are a recipient of the insurance of Social Security for disability (SSDI).

If a citizen is already registered for SSI/SSDI project, they most definitely have a chance of receiving direct reimbursement according to the stimulus check 2 status.

IRS has installed a way of ensuring payment to citizens who didn’t receive their first check with the help of a tool called ‘Non-filers’ and the deadline is November 21st. This tool will greatly help in clearing the backlog and making the stimulus check 2 status much quicker.

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