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Sunday, December 6, 2020

Stimulus Check 2 Status: Can We Expect A Bigger Check This Time?

Dying to know about your stimulus check size? Read more to find out about the stimulus check 2 status as we help you to predict the payment figure.

The final election results, that are yet to be out, will have a lot to do with the Stimulus check 2 status. It has a strong impact on the check as it determines both the size as well as the very existence of the check itself.

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The majority leader of the senate, Mitch McConell is now focusing on what can be done on the final negotiations of the stimulus check 2 bill. He definitely changed his priority as he wanted to wait until 2021 for the same. But now he said he was waiting for the Senate to resume from 9th November.

The current White House has proposed for a second stimulus check including the lawmakers from both parties. The new payment would contribute to individuals and families. So any changes in the size of the second stimulus check will have a direct effect on your personal life. 

Stimulus Check 2 Status
Stimulus Check 2 Status

Does Your Stimulus Check 2 Status Mean More Money?

The second stimulus check bill is very likely to follow the guidelines of the first stimulus check of the CARES Act from March. That is, of course, if it gets the approval. But there are also chances of getting a few changes. This time, the figure you’re to receive might be according to your AGI (Adjusted Gross Income) followed by a few other requirements. The current Stimulus check 2 status indicates this.

Possibilities of an enhanced figure –

  1. With the chances of the definition of “dependent” having been made broader by the Democrats, more members can get qualified as a dependent. This means more money as it includes any person dependent on you. It can be your children who are under 16 years or adults under your protection.  
  1. With you being unemployed or your wages reduced having a direct effect on your AGI, you could get more money.
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There’s a bunch of several other factors that support this possibility. Now let us look up to a few points that contradict these factors.

Possibilities of Lower Stimulus Check Figure-

  1. You could receive less if your AGI is not the same. This can happen in situations where your payment is increased.
  1. Your number of “dependents” is reduced. 

All these factors point towards the fact that your financial status has a lot to do with your stimulus check size. 

If you do not qualify for the amount, according to your tax returns of 2020, then you will not be required to pay back, with the first round of payments.

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