How Much Could You Receive Through the CASH Act? – Forbes Advisor – Community News
Stimulus Check

How Much Could You Receive Through the CASH Act? – Forbes Advisor

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Millions of Americans have received their $600 incentive checks, but hopes remain high that a $2,000 incentive check will be sent next.

With Democrats Jon Ossoff and the Rev. Raphael Warnock winning their respective Senate races in Georgia, Democrats now have a slim majority in the Senate — and those $2,000 stimulus checks are firmly on the table. on January 10 Biden tweeted that “we need $2,000 stimulus checks,” and are widely expected to be included in a massive third stimulus package likely to be unveiled once Biden takes office on Jan. 20.

This calculator can be used to see how much you could qualify for if the CASH Act is passed. Note that this latest round of proposed stimulus funds includes both dependent adults and children.

Calculate your $2,000 incentive payment

Frequently Asked Questions (FAQs) About $2,000 Incentive Checks

How Much Would Each Person Receive Under the Proposed CASH Act?

  • $2,000 for individuals
  • $4,000 for married couples filing joint tax returns
  • $2,000 for each dependent (example: a family of four with a qualifying income would receive a check for $8,000)

For singles, payments are reduced for those with adjusted gross income (AGI) over $75,000. For married couples filing jointly, the phaseout starts at an AGI of $150,000. If you sign up as a householder, the discounts start at $112,500. (Note: If you’re single, widowed, or divorced and claiming a dependent child, you’ve probably applied as a householder.)

Payments are reduced by $5 for every $100 in AGI over the above limits. As a result, a single tax preparer would not see a payment if he has an AGI of $115,000 or higher. For a married couple applying together with no children, their payment would be stopped completely with an AGI of $230,000.

Do adult dependents get a second stimulus check through the CASH Act?

Yes. Unlike the Consolidated Appropriations Act, which excluded dependents 17 and older, the CASH Act sends $2,000 checks to all eligible dependents, regardless of age. The same family income restrictions as above apply.

Will I get a new check for $2,000? Or will it be $2,000 minus the second stimulus checks that have already been sent?

This remains unclear. Chuck Schumer, leader of the Senate minority group, said sending $2,000 checks will be the top priority when Democrats take over the Senate on Jan. 20. However, he declined to provide details of what the payments would include and whether the second stimulus checks would be carried out on the bill.

What tax year is used to determine your eligibility for this proposal?

Your 2019 tax return will be used to determine whether you qualify for an incentive benefit. If you receive Social Security (retirement or disability) but did not file a return in 2019 (because you earn too little to file a return), you will also receive a stimulus check based on the information sent to the IRS on 2019 Forms SSA- 1099 and RRB-1099.

Will my 2020 tax return affect how much incentive payments I receive?

In some cases, yes. If on the basis of your 2020 tax return you would be entitled to a larger compensation than calculated on the basis of your 2019 or 2018 tax returns, you are eligible to receive the difference as a tax credit. This additional payment will of course only be available once the tax returns for 2020 have been submitted this spring.