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Sunday, November 28, 2021

What You Need to Know Regarding Your Stimulus Check Eligibility

There is a possibility that you might just qualify for the stimulus check eligibility for the second round. And this takes into account that you were not selected for stimulus checks in the first draft. But, one needs to wait for both the Democratic and Republican leaders to reach a consensus- only that would lead to the legislation of a stimulus bill. Also, it has been reported that the second payment would probably broaden the parameters for requirement or eligibility. 

The second payment for a stimulus check would be worth $1200, with the proposal also containing plans for expanding the thresholds of the stimulus check eligibility. Now, with America waiting for the Senate and the Congress coming to an agreement, all we can do currently is review what we already know. 

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Stimulus Check Eligibility

Stimulus check Eligibility: How to know if you could be eligible

There is no clear picture as to who would qualify for the upcoming stimulus payment as we wait for the legislation to be passed in the Congress. Yet, an assumption can be made from the previous stimulus check eligibility along with the requirements from the HEALS Act and Heroes Act. The above Acts could shed some light as to who would enter the stimulus check eligibility criteria, and who wouldn’t. 

AGI, or Adjusted Gross Income is  the common denominator established for setting the limits of income. The AGI also determines how much of the money that is allotted to couples and individuals would actually be received by them- $1200 for individuals, $2400 for couples who have married. This is strictly for those who actually meet the stimulus check eligibility criteria.

More dependents could qualify for money if they pass the Stimulus Check Eligibility

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The CARES Act made it very clear that the initial payments for the first stimulus check would include a sum of $500 for any dependent below the age of 16. But the Heroes and HEALS Act looped in any and all dependants and mentioned that the age didn’t matter. The stimulus check eligibility would be met even if they were college students, or adult dependants. 

Under the Democratic plan, the sum would be extended to $1200 each- with the ceiling up to three dependents. This means that a family of five people could easily receive a maximum stimulus check of $6000. On the other hand, the Republican plan has promised to provide around $500 for every dependent that one could claim on their taxes. Also, the HEALS Act doesn’t put up with a specific ceiling on the number of dependents. 

This is who wasn’t part of the first stimulus round under the Stimulus Check Eligibility

The following were excluded from the previous stimulus check in March, under the CARES Act. 

1. Single taxpayers whose AGI exceed $99,000.

2. Household head whose AGI exceeds $136,500.

3. Married Couples with AGI that crosses $198,000.

4. Children over 16. 

5. People in prison. 

The previous stimulus check didn’t have many takers- but it is hoped that the second stimulus check would cover everyone. Granted, they fill up the stimulus check eligibility 

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