It is certain that there will be another round of coronavirus stimulus checks. The question, however, is when and how much. Though we may not know when you will get the coronavirus stimulus checks, we do have an idea of who would get the payment first once the IRS starts sending out the payments.
It is largely expected that the IRS would use the same tools and process to send out the next coronavirus stimulus checks payment as it did for the first one. In the first round, the payment was sent first to those who filed 2018 or 2019 tax returns, as well as have provided the agency with their direct deposit information.
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If the same process is followed, then those who have already registered for direct deposit, either through their 2019 tax filing or before, would be the first to get the payment. As per the IRS, about 80 million people received the payment in the first week that the agency started disbursing it.
The next recipients were the social security beneficiaries who had shared their deposit information with the federal agencies. Then the IRS started sending out paper checks a week later. These checks were sent to those who didn’t sign up for the direct deposit.
Then in mid-May, the agency started sending out the payment through Economic Impact Payment (EIP) debit cards. These prepaid cards were sent to about 4 million people.
This time, however, it is possible that those who got the payment through the debit card in the first round would get the payment more quickly. For sending the payment now, the IRS would just have to transfer the payment to the old cards, rather than issuing new cards, which is time consuming.
Who would qualify?
Now let’s see who would qualify for the next coronavirus stimulus checks. The qualifications for the next round of payments is almost clear as the proposals – HEROES Act and HEALS Act – carry the same basic requirements. Moreover, these qualifications are the same as the CARES Act. Here’s who would qualify for the next stimulus payment:
- Those with gross adjusted income of up to $75,000 per year in 2019 or 2018 would get the full payment of $1,200. The check amount would be reduced by $5 for every $100 in income over $75,000. No payment will be made for those earning $99,000 or more.
- Those filing together (or couples) with income up to $150,000 per year in 2019 or 2018 would get a full check of $2,400. The checks would completely phase out at $198,000.
There is uncertainty over the payments for dependents as different proposals carry different provisions. For instance, the CARES Act offered $500 to dependents below 17, while the HEALS Act proposes giving $500 for each dependent of any age. The HEROES Act, however, raises the dependent pay to $1,200 each.