At a glance:
- What would a second round of stimulus checks look like?
- Who gets a first stimulus payment?
- Who doesn’t get a stimulus payment?
- Who gets their stimulus check by direct deposit?
- Who gets their stimulus check by paper check?
- Who gets their stimulus check by debit card?
- When are you getting the stimulus payment?
- How can you track the stimulus payment?
- How can those who don’t file taxes get a stimulus payment?
- Do you have to pay tax on the stimulus check?
- Do you have to pay back the stimulus check?
- What about scammers and my stimulus check?
- How to return a dead relative’s stimulus check?
The majority of stimulus checks have now been distributed with over 152 million Americans receiving their payments, according to the latest data from the Internal Revenue Service. So far, $258 billion in payments have been issued, with the average amount totaling $1,695.
“We remind people to visit IRS.gov for the latest information, including answers to the most common questions we see surrounding the payments,” IRS Commissioner Chuck Rettig said in a statement. “We also continue to urge those who don’t normally have a filing requirement, including those with little or no income, that they can quickly register for the payments on IRS.gov.”
California, Texas, and Florida — the three most populous states — have received the most individual payments and the largest total amounts in stimulus worth $27.9 billion, $21.6 billion, and $17.5 billion, respectively.
As part of the $2.2 trillion stimulus package, $250 billion is being distributed to Americans’ wallets to help them financially manage job loss, reduced work hours, and other money hardships they’re facing. About 175 million Americans are eligible for the payments, according to the White House.
That may leave some Americans wondering if another round might happen as the pandemic wears on. Others may still have questions about the first round. Here’s what you need to know.
What would a second round of stimulus checks look like?
The House recently passed another coronavirus relief package, dubbed the HEROES Act, that would provide up to $1,200 per individual with a maximum amount of $6,000 per household.
Similar to the first stimulus payments, single adults with income up to $75,000 will get the full $1,200 payment. Married couples with income up to $150,000 will get $2,400. Single parents who file as head of household with income up to $112,500 will get the full $1,200 check.
Reduced checks will be available for those who earn above those income thresholds. The payment would be reduced by 5% for every 5% increase in income above $75,000 for individuals and $150,000 for married couples. Eligibility will be based on a taxpayer’s adjusted gross income from their latest tax return.
The new bill also gives Americans $1,200 for each dependent for up to three dependents. In the first wave of stimulus checks, there was an additional $500 per child dependent, with no limits.
Under this legislation, taxpayers would receive the dependent bonus for any dependent they claimed on their tax return may be eligible. The first stimulus bill provided the additional $500 payment only to dependents aged 16 or under.
While the bill likely won’t pass the Senate, experts said another stimulus package may be in the offing and could include another stimulus payout.
This article was originally published on finance.yahoo.com/news/.
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