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The estimated amount of money you would receive in a second stimulus check based on your income (AGI)

The estimated amount of money you would receive in a second stimulus check based on your income (AGI)

The provisions of the CARES law and the calculation known as AGI are key in the estimation. In the event that a new stimulus check is passed in Congress, many Americans wonder how much money they would receive.

Although any calculation is speculative at this time because there is no signed law, it is possible to make estimates based on the guidelines of the CARES Act already passed.

The legislation under which payments are still distributed provides for aid of $1,200 to individuals, $2,400 to married couples, plus an additional $500 for dependents under age 17 up to a maximum of three.

Who is eligible under CARES?

The Internal Revenue Service (IRS) relies on the adjusted gross income (AGI) of beneficiaries to determine eligibility and establish the amount of money due, which is why the tax information of potential recipients is so important at the time of assessment.

The CARES Act established that individuals who file tax returns with adjusted gross incomes up to $75,000 and up to $150,000 for married couples filing jointly will receive full payment.

For taxpayers who report “income above those amounts, the payment amount is reduced by $5 for every $100 above the $75,000/$150,000 threshold.

The fact that a person does not have to file taxes because of low income does not exclude him or her from receiving the payment. However, those who are not required to file must provide their personal information to the IRS by November 21 using the online “Non-filers” tool or submit a simplified tax return.

$1,200 plus $500 per dependent

Most legislation introduced in Congress after the CARES Act maintains the base payment of $1,200 plus $500 per dependent.

However, in the new proposals the category of dependents is expanded to include more people, such as college-age adults living with their parents or disabled seniors who are in the care of other adults.

How much would your check be?

Based on the above and added to the income, some calculations can be made about how much money you would receive in a second round of checks.

For example, if your AGI is $40,000, you have no dependents, and you file individual returns, you will receive a check for $1,200. If you file joint returns and have no dependents, you will receive a payment of $2,400.

In the same case above where you make $40,000 a year, but are the head of your household and have one dependent, then the figure would go up to $1,700.

If you earn that amount, file jointly and have a dependent, the amount of money the family would receive would be $2,900.

Even without a stimulus package agreement

At the moment, members of the Legislature and White House spokespersons are holding talks to reach an agreement that will satisfy both Republicans and Democrats.

Although the president insists on a package that requires an investment of $1.8 billion for some within his own party, the figure is excessive. The Democrats, for their part, believe the amount is insufficient

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