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Technology 8 ways you could get more money with a third stimulus check

16:30  12 january  2021
16:30  12 january  2021 Source:   cnet.com

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Stimulus check money you can expect. If a third stimulus check materializes, or maybe just in case you 'd like to play a game of hypotheticals, we did some math, based on previous proposals, to estimate how much more stimulus money some people could potentially see if certain rules changed.

Three more proposals for federal stimulus are being discussed in Congress: The HEROES Act, the HEALS Act and Those who file their taxes with an Individual Taxpayer Identification Number rather than a Social Security ID would also be eligible for payments — a stark difference from the CARES Act.

A third stimulus check is more than hypothetical. President-elect Joe Biden went on the record days before being inaugurated into office to confirm multiple times that he wants to bring Americans a stimulus bill worth multiple trillions of dollars and a $2,000 stimulus check.

  8 ways you could get more money with a third stimulus check © Sarah Tew/CNET

"$600 is simply not enough when you have to choose between paying rent or putting food on the table. We need $2,000 stimulus checks," Biden tweeted Sunday, referring to the second stimulus checks that top out at $600 per eligible adult

A $2,000 payment would clearly bring a higher total than a $600 stimulus check, with everything else being equal. But in case there are changes, we did some math to estimate how much more stimulus money some people could potentially see compared to the second stimulus check if certain qualifications were to change with the third payment

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6. Stimulus Checks Going out this Week. 7. Paid Leave - mandated paid leave if you ’re sick, family member is sick, or you have to watch children; for If you have employees, you can get up to ,000 in FREE payroll tax credits. DOUBLE Stimulus Checks in New Compromise Bill! [ More Details].

Use SmartAsset’s stimulus check calculator to figure out how much you could get in the latest round of stimulus checks . Speak with a local financial advisor to put together an investing plan. What to Do If a Deceased Family Member Received a Stimulus Check .

More people qualify as a dependent

Who counts as a dependent? Well, that depends on the definition in the future stimulus package. With the first and second checks, a dependent is any child aged 16 or younger, but previous proposals from Democrats expanded the definition to include anyone you can claim on your tax returns -- such as children over 16 and adults under your care. With Democrats soon to be in control of Congress, there's a greater chance the definition could change, since it would raise the price tag on the total stimulus bill.

If passed -- and again, all of this is a big if -- that would bring a family $500 or $600 more per person you support, based on the first and second checks, respectively. It isn't clear if there would be a cap on the number of dependents you could claim in this situation. 

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  White House aides talked Trump out of last-minute demand for stimulus checks as big as $2,000 Trump was persuaded by advisers on Thursday not to tweet in favor of significantly bigger stimulus payments. On a phone call Thursday afternoon, Trump told allies that he believes stimulus payments in the next relief package should be “at least” $1,200 per person and possibly as big as $2,000 per person, the officials said. Congressional leadership is currently preparing a stimulus package that would provide checks of $600 per person.

How much money can I get ? The amount of your stimulus check depends on your adjusted gross income, as First, if you qualify for a stimulus check and earn more than the adjusted gross income levels mentioned above, then your 5 ways to lower your student loan payments during Coronavirus.

Another round of stimulus checks is on the way for the millions of Americans financially struggling because of the public health crisis. Those who haven't shared that information with the IRS can expect to get a paper check or prepaid debit card — and, unfortunately, to wait longer for their money .

A quick calculation: If you have one dependent who qualified in the first two rounds and three that qualify in the third, that would get your family $1,000 to $1,200 more if you have no other changes.

Child dependents count for more money

A White House proposal from October offered to keep the same age restriction for children, but double the payout to $1,000. So in this scenario, if you have one dependent, your third check could be $500 greater than the first check ($500 per child dependent) and $400 larger than the second ($600 per qualified dependent).

You gain another dependent

If you had or adopted a new child, you may see $500, $600 or $1,000 more, depending on the amount stipulated in the next (hypothetical) bill. It's likely the third stimulus check would use the figures from your 2020 taxes.

Your employment status changes

If you became unemployed this year or your wages dropped, that could lower your adjusted gross income, which is used to determine your payment. For example, if you got a partial payment with the first or second check, a third check could bring you a full payment if you're no longer employed.

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For many Americans, federal stimulus payments are a lifeline during this period of extreme financial More from Personal Finance: Americans appear ready to shop again Here's what could be in If you have not received your payment yet, you can check on the status of that money on the Get My

Four popular stimulus check proposals all could extend benefits for many U.S. consumers. Read what's being discussed and use our calculators to estimate how much Finance, CBS News Radio and more . When I'm not digging up the best ways to manage your money , I'm out traveling the world.

Did you recently get married or have a baby? That could mean more money in a third stimulus payment. Sarah Tew/CNET © Provided by CNET Did you recently get married or have a baby? That could mean more money in a third stimulus payment. Sarah Tew/CNET

You get married

Depending on several variables that include your spouse's filing status and any new dependents, a change in marital status could result in a larger check. For example, if you were single and filing alone, you got $1,200 at most the first time around. Married, you could be eligible for up to $2,400, since the IRS formula used to determine your total stimulus money is based on your combined household income.

If a third stimulus check arrives for $2,000 per person, your spouse could double it to $4,000. Alternatively, if your personal AGI would only get you a partial stimulus check payment on your own, filing jointly with a spouse with an income under the threshold could qualify you for the whole check total.

You now share custody of a child

If you meet specific qualifications, you and the child's other parent may both be entitled to claim extra stimulus money. That means you could get an extra $500 or more in the third stimulus check, especially if anything in your situation changed between the time you filed your 2019 tax return and your future 2020 return. The third check allowance would be based on your most recent tax filing.

How to get your next coronavirus stimulus check, and other questions, answered

  How to get your next coronavirus stimulus check, and other questions, answered Congress has agreed to another round of direct payments. Here’s when the IRS will send out $600 checks.But the new stimulus checks won’t be exactly like the first ones: Eligible adults will receive up to $600 each — half the amount allotted during the first round of payouts. As with the first round of stimulus, checks will get smaller with higher incomes, at a decreasing rate of $5 less for every additional $100 of income starting at $75,000 and cutting off entirely at $99,000. Couples can receive up to $1,200 and households with children under the age of 17 are eligible for $600 per child.

A rule change concerning incarcerated people becomes permanent

A federal judge has ruled that the IRS owes stimulus checks to inmates in prison who qualify. If the ruling stands, these people may be entitled to a third stimulus check as well as the first two, with more potential money for dependents.

You're an undocumented immigrant

Democrats have proposed that undocumented US residents should be eligible for stimulus relief funds if they pay taxes (through an ITIN number). This provisions was part of the Heroes Act that passed the House of Representatives in two forms, but which isn't law. Currently, you need to have a Social Security number to be eligible for a stimulus check.

If a third stimulus check arrives for $2,000, that would mean this group could potentially get a check for $2,000 to $4,000, or more for dependents. For a married couple with two young children who didn't receive the first check, the third round could possibly yield as much as $5,000 if the allocations per child were to follow the first stimulus check's $500-per-child allotment.

Here's everything else you need to know about stimulus checks today, including what to do if your second check didn't make it before the Jan. 15 deadline and how to contact the IRS about your missing payment.

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