The wait for the next stimulus package seems to have no end. But, as the saying goes, “the longer you wait, the better it is,” which possibly may happen with your next stimulus check, whenever it comes. There are good chances that the amount you get with your next coronavirus stimulus check might be more than what you got in the first round.
The second stimulus check, if it is approved, is expected to follow the same guidelines as laid down by the CARES Act. However, the proposals put forward so far for the next package, differ on some points from the CARES Act. These differences, if approved, are likely to boost your coronavirus stimulus check amount.
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Let’s take a look at what these points are:
Dependent qualification – the CARES Act was very limited as to who may qualify as a dependent. However, the newer proposals expand the scope of the dependent qualifications. This means more people would qualify as a dependent if these proposals are approved. For instance, the HEROES Act takes anyone as a dependent that you claim as a dependent on your tax return.
Also, some proposals increase the amount of dependent payment. For instance, a recent White House proposal doubles the payment for child dependents to $1000.
Change in employment status – the calculation of the stimulus check amount considers your AGI (adjusted gross income). So, if your salary dropped this year, or you became unemployed, you are likely to get more of a federal payment.
Marital status – a change in marital status, such as a spouse's filing status and new dependents, may also increase your stimulus check amount.
Custody of a child – both of the parents, if they meet certain specific qualifications, would be allowed to claim extra stimulus money if they share custody of the child.
More people may qualify for stimulus money
Incarcerated people – initially, the IRS denied stimulus checks to incarcerated people. However, a recent court ruling stipulates that inmates are also eligible for the stimulus checks. If the next stimulus check is approved, it is possible that inmates are able to claim their payment right from the start.
Immigrants – the undocumented immigrants were not eligible for the stimulus checks under the CARES Act. However, if the Democrats’ proposal for the next stimulus package is approved, the undocumented U.S. residents could become eligible for the stimulus checks. In fact, if the proposal is accepted, such people may be eligible for the first stimulus check as well. This, however, will also depend upon if they meet other qualifications or not.
So, these are the points that could magnify your next stimulus check. This, however, is possible only if there is a second round of stimulus checks, something that looks unlikely for now. The election results will play a major role in deciding whether or not you get another stimulus check.