With Donald Trump hospitalized with COVID-19, there is a new urgency that has been added to the efforts of the negotiators to bring out a new stimulus check money- something that would be worth up to $1200 per person. This will help American citizens handle the pressure that this pandemic has caused- through unemployment and other catastrophes.
The entire journey has been a chain of conversations and negotiations between the Democrats and the Republicans- most of what has been extremely eventful. The talks will be prolonged over the entire week. The President sent out a tweet of his support for the ‘stimulus check money’ from the Walter Reed National Military Medical Center.
Mnuchin and Nancy Pelosi have both agreed that direct payment is going to be a part of the next stimulus check money. What does this amount to? The initial stimulus check had a value of $1200 per adult, but there could always be a next stimulus check that would amount to more. This could be more probable if the qualifications or criteria for dependents were widened- focused simply on any changes that might have occurred in your financial circumstances. The upcoming eligibility rules could shape potential payment.
You could get less than $1,200 — or maybe more on your stimulus check money
In the event that a stimulus check bill actually passes, and you deserve another stimulus check, the stimulus check money will probably amount to $1200. This has been the amount scheduled in the previous stimulus check bill, and the last two proposals. If you are one of those citizens who want to calculate the amount that they will receive, the total amount will need you to know your AGI, or Adjusted Gross Income.
But that just opens pandora’s box. There are several family circumstances that come into play here. If you and your spouse file your taxes jointly, there are some other eligibility requirements that you would have to deal with. There could also be a new change in age qualification to bring more money for dependents.
Best ways to get ready for the IRS to send a second stimulus check money
Don’t worry about the collection of money- you will receive the IRS check automatically. But remember, you have to be eligible to get that- so there are certain things you can do to ensure that you are a shoe-in for the money as soon as the legislation passes.
Register for direct deposit to your bank account
If you register for direct deposit, you will find yourself in the fastest way with which to get your money. As it stands, the IRS has a system that electronically transfers your funds into the checking account under your name. But this will be possible only after you have provided all the details that are required to register for a direct deposit. If another legislation passes, keep looking for the registration tool that will help you get your stimulus check money.
If you moved, you need to let the post office know
If you have recently shifted, you need to physically be present at the post office after you have filed for direct deposit. This will allow you to receive your stimulus check money- for when you move recently, you need to file an address change with the US Postal Service.
Keep an eye on the mail
The IRS didn’t send a paper check to everyone, for about 4 million people got a prepaid economic impact payment card along with their mail. To the uninitiated, this is simply going to be money that you basically use like a debit card. These cards come in unmarked, plain envelopes that always ran a risk of getting tossed. You can always sign up for a free USPS service that will help you track your mail- all the way to the mailbox.
Beware of Scams
Remember, stimulus check fraud is absolutely real. Fraudsters have been known to prey on those they consider extremely vulnerable. Unfortunately, stimulus check money can be quite easily scammed as there are several million still waiting for their check. If you have knowledge of these common attacks, you might be able to recognize and avoid them. Although there isn’t a stimulus check now, it won’t stop someone from taking advantage of the situation.
The maximum amount your family could look for from another stimulus check money
There is no fixed value. If you have the qualifications that could be expanded to include any dependent without any age restriction, or you are a married couple filing your taxes jointly and have a dependent- you could get a lot of money with no cap on it. All that is required is a brief overview of the requirements.
Here’s an example- if you have a married couple that filed their taxes jointly- who have a combined AGI of around $75000 per year, along with eight dependents- you might reach a stimulus check money of around $5200.
How Americans used the first round of stimulus check money
There was a recent survey conducted to check how Americans were doing with their stimulus checks. According to the National Bureau of Economic Research-
1. Around 15% of all recipients mentioned how they would probably spend, or have already spent their stimulus check money.
2. Close to 33% claimed that they had saved it.
3. 52% of the participants said they used the stimulus check money to pay debts,
Goes without saying, it is very important for the Congress to pass the legislation for the next stimulus check money, for that is the only thing that can pick America out of the great recession it is in.