If the government agrees on aand you met the requirements for the first economic in 2020, you’ll automatically qualify for the new one, right? We hate to pop your bubble, but not so fast.
Lawmakers haven’t decided who would qualify for more stimulus money or determined to have the greatest need., though we have a good idea . There’s been talk of making more people eligible for an extra round of stimulus funds, but also discussions that could limit future IRS checks to fewer people total, focusing on those who’ve been
In making these decisions, the Senate and House will factor in economic data that is at best contradictory.
The US economy added 4.8 million jobs in June (PDF), the Labor Department reported last week, as a result of every state reopening in some way. For the week ending June 27, however, first-time unemployment insurance claims were 1.42 million (PDF), marking the 15th straight week in which people filed for unemployment benefits for the first time — a sign that the US labor market is still shedding jobs.
And with shutting businesses they had allowed to open just weeks before, threatening to set back new job gains., governors are
Here, we’ll tell you everything we’ve heard so far about who may or may not be eligible for an extra economic impact payment. The situation and this story update often.
Who gets another stimulus payment? The big picture
We won’t know until another rescue bill is made official, but we can put some pieces together to get a sense of the possibilities. For example, the Heroes Act (PDF) passed by the House of Representatives in May proposes broad financial benefits to individuals, families and categories that were skipped by the first stimulus check (scroll down for the list of exclusions), including most college students and people who aren’t US citizens.
But the Heroes Act has been strenuously opposed by the Senate and President Donald Trump, who called it DOA. On the other end of the spectrum, Senate Majority Leader Mitch McConnell has said that if his chamber passes another relief bill that includes more stimulus checks, the focus will be narrow.
Some suggest that if there is a second stimulus payment, it should be targeted to people in most urgent need. That would mean far fewer people would receive a check or bank account deposit from the IRS.
There aren’t any confirmed details yet. For now, here are some possible scenarios for who may or may not be eligible, drawn from the Heroes Act and comments by White House and Senate leaders. Consider these speculative and not a matter of fact. Here’s additional information about.
Who could potentially qualify for a broad second stimulus payment?
- Individuals who made less than $99,000 according to the adjusted gross income from their 2018 or 2019 taxes (whichever was most recently filed).
- College students, dependents over 17, disabled relatives and a taxpayer’s parent.
- Families of up to five people.
- SSDI recipients
- People who aren’t US citizens and file tax returns, pay taxes and otherwise comply with federal tax law using an individual taxpayer identification number (ITIN) instead of a Social Security number.
Who might not qualify for a second payment?
Based on speculation, there are some different ways exclusion from a potential second stimulus check could play out.
Nobody qualifies: A stimulus package could be signed into law that gives tax credits and other incentives to businesses. It’s possible some people could get a travel or dining credit, but not a check.
People who make “too much” money: If another round of stimulus payments does pass, but allocations are smaller for IRS payments, it’s possible there could be a lower maximum yearly income (AGI on the tax form) to qualify. In other words, people who make more than a certain amount (that’s lower than the current cutoff of $99,000 for individuals) could potentially be left out of a second round.
Carryover exclusions from the current CARES Act: Young people between 18 and 24, people who aren’t US citizens but pay taxes, people who are incarcerated.
Who isn’t eligible for the first stimulus check
Let’s review who’s been excluded in the first round.
- A single taxpayer with an adjusted gross income above $99,000
- A head of a household with an AGI over $136,500
- A married couple with an AGI over $198,000
- Children over 16 and college students under age 24
- A nonresident alien as defined by the US government
When will we know more about stimulus check qualifications?
We won’t know anything for sure until a stimulus bill comes into clearer focus. You can read, but in general, here’s what we know.
McConnell has said several times — most recently on June 30 — if the Senate starts work on a second package, . To fit into McConnell’s timeline, legislators will have to work around several extended breaks when the Senate is not in session: a scheduled two-week recess from July 3 until July 17 and its August recess running Aug. 10 to Sept. 7.
For more, here’s what we know about the. We also have information on , and .