One thing that appears likely in thenext coronavirus relief bill: a second round ofstimulus checks.
You read that right.
More cash from the government is (probably) coming.
Republicans have yet to release their version of a new stimulus bill.
Will the next round of stimulus checks have a lower income limit?
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How much would we get in another round of stimulus checks?
Democrats have called for $1,200 stimulus checks for adultsandchildren, with a cap of $6,000 per family.
In the first round of payments, parents received a$500 credit for each child 16and younger.
Republicans havent said how much money theyre proposing for stimulus checks.
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3.
Would people left out by the first payments be eligible for this round?
The CARES Act didnt include $1,200 payments for adults claimed as dependents on someone elses tax return.
It also limited the $500 child credit to kids 16 and younger.
The payments were also limited to people with Social Security numbers.
That meant that millions of undocumented immigrants didnt receive payments.
More than 1 million U.S. citizens who filed a joint tax return with undocumented spouses couldnt get payments either.
How quickly could we get the next stimulus checks?
While millions of other people had trouble receiving and tracking their payments, the IRS has fixed some hurdles.
The trillion-dollar question: How long will we have to wait on Congress to pass it?
Congress has until Aug. 7 to pass a bill before it goes on recess until September.
If they dont reach an agreement by then, were in for a long wait.
What if I Havent Gotten My First Stimulus Payment?
Thestimulus check deadlineis Oct. 15 for people who arent required to file taxes.
If youve filed your taxes or submitted your information through the non-filer feature, its time to take action.
Heres what you better do toinitiate a payment tracewith the IRS.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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