Second stimulus check could be worth MORE than $1,200 and cash could get instantly deposited into account
THE second round of stimulus checks could be worth more than the $1,200 given to Americans in April – if the qualification for dependents are broadened or if your financial circumstances has changed.
Passing the next stimulus package and getting the checks into the hands of Americans appears to be top priority for President Donald Trump, who was hospitalized over the weekend with Covid-19.
“Our great USA wants and needs stimulus. Work together and get it done. Thank you!” Trump tweeted over the weekend from the Walter Reed National Military Medical center where he was hospitalized.
Under the CARES Act, which Republicans and Democrats both agreed on in March, not enough dependents were eligible to receive the $500 a part of their family payment.
Dependents ages 16 and younger were allotted $500, but a new proposal from both side wants to expand the definition of a dependent.
The Democratic proposal the HEROS Act and the Republican’s HEALS Act, would provide $500 for each dependent you claim on your taxes regardless of their age, this would include college students.
That’s a change from the original Democratic proposal to extend $1,200 each, for up to three dependents, with a $6,000 limit.
If another stimulus package is approved and if you’re eligible the IRS will send a $1,200 payment to the bank accounts of millions of Americans automatically, if they have setup a direct deposit with the IRS.
The quickest way to receive your $1,200 payment is by way of direct deposit, which you can setup by providing some details on the IRS’ website.
If you don’t have direct deposit and you’ve moved in the last few months, update the post office on your new address so that the paper check can arrive to your new location when the second wave of payments are sent out.
There are no second stimulus check scheduled right now, so beware of scams that will easily prey on people they consider vulnerable.
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