As an American, what are the chances of holding the second stimulus check in your hand before 2020 gets over? No one can provide a clear answer- it is that uncertain. And since there have been talks going one after the other, we don’t know if the negotiations would actually work– after the roller coaster ride, it has gone through. But as of Thursday afternoon, a broader stimulus bill is very much back on the market- which will be coupled with another payment that will provide every citizen with $1200.
Nancy Pelosi, the House Speaker, mentioned on Thursday that everyone is at the table. Both sides want to continue with the negotiations, simply because they have carved quite a path. They want to connect at a much deeper level- so that they can bring out a second stimulus check that would really help the American economy.
Unfortunately, Steven Mnuchin, and Nancy Pelosi had almost reached an agreement before the President of the United States Donald Trump decided to nix every negotiation regarding it. But as luck would have it, the President himself contracted the virus- only to come back and restart talks. Between these decisions of the President, the Treasury Secretary and the House Speaker had created a deal that would bring in more cash to a family than the first stimulus check.
But how does that come by? A new eligibility rule would probably be brought into place that would change the qualification of a dependent. Yet, there is no reason to be over the moon just yet, for one could also receive less money- in the event that their financial conditions have changed since March. We know that the second stimulus check hasn’t been approved yet, but unfortunately the window to reach a decision is going to close soon- before the 3rd November Presidential elections.
Why a second stimulus check may bring more (or less) than $1,200
In the event that another stimulus bill gets by, and a second stimulus check is passed, it is quite certain that the $1200 would probably be the most any individual could receive. And this wouldn’t be any different from the other stimulus bill, and the couple of proposals. If you want to calculate how much you would get, you would need to keep a track of your adjusted gross income.
What do you need to do before the IRS sends you a second stimulus check?
All you need to do before starting the proceedings are-
1. Have your bank account registered for a direct deposit.
If you want your money to get deposited fast into your bank account, setting up direct deposit will be the easiest way to go about. The IRS has a machinery in place that helps in electronically transferring the funds in your account. All you need to do is provide certain details and register for it- which you can either do as the first check, or just as a part of your IRS tax return.
2. Inform the Post office in case you have moved from your location.
In the event that you don’t have a direct deposit, you could also go for a physical which will definitely help you receive the second stimulus check. This check will then be mailed by the IRS to your last address, so in the event that you have recently shifted yourself across suburbs, cities, or states- you definitely need to file something. It could be as simple as filing a change of address, as the Postal Service of the United States.
3. Always keep an eye on the mail that the Post brings.
You need to be aware of how your money is sent to you. As, the first stimulus payment saw close to 4 million receiving an economic impact payment card which was prepaid, via the mail- instead of a paper check. This is the very money you will be able to spend like cash as you do with a normal debit card. The payment cards came in simple, unmarked envelopes that ran the risk of being tossed around unintentionally. So, in the event that the second stimulus check does something similar, you can be ready- sign up for the free service of the USPS which allows you to keep track of your mail from the sender to your mailbox.
4. Be aware of scams that are taking place.
The threat of a stimulus check fraud is extremely real. And the fraud keeps on happening every single day as millions of citizens lie in wait for the first stimulus payment even now. The scammers have been known to especially prey on people they would find vulnerable. So, if you have any idea as to how the normal attacks occur, you would be able to save you, and your family’s money from being scammed. We know that there aren’t any second stimulus checks right now, but it really won’t stop people from scamming you of your money.
What’s the largest sum your family could get with a second stimulus check?
If you involve the possibility that qualifications might expand to include the dependents regardless of age, any married couple with lots of dependents could get a hefty sum without any problem. All that needs to be seen are the requirements that the second stimulus check would bring up.
A second stimulus check will really alleviate the circumstances that the current American economy is undergoing currently. If nothing else, a second stimulus check will definitely raise the standard of living of the people.