If stimulus checks are increased to $2,000, it might work like this: – Community News
Stimulus Check

If stimulus checks are increased to $2,000, it might work like this:

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After months of back-and-forth negotiations, lawmakers on both sides of the aisle have agreed on another coronavirus stimulus package that includes direct payments to many Americans for $600.

Then President Donald Trump shocked Washington when he called the package an “outrage” and suggested he wouldn’t pass the bill unless the checks were raised to $2,000.

Although Trump finally signed the package into law on Sunday, even with the lower payments, a bid to get $2,000 into the hands of Americans facing financial difficulties during the pandemic is still underway.

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On Monday, the House voted to increase payments to that amount. And Senate Leader Chuck Schumer, DN.Y., said he would try to pass the bill in the Senate on Tuesday.

Meanwhile, Senator Bernie Sanders, I-Vt., has his own strategy for making the bigger checks happen, saying he would delay Senate plans to overturn Trump’s veto of the National Defense Authorization Act this week. unless the chamber votes on the amount of the payments.

“Let me be clear: If Senator McConnell doesn’t agree to vote up or down to give the working people of our country an immediate payment of $2,000, Congress won’t go home on New Year’s Eve. Let’s do our job.” , he said. said in a statement.

Here’s what can happen to the checks.

If they were raised to $2,000…

A senior Treasury Department official told CNBC that if additional legislation is passed to increase incentive payments from $2,000 to $2,000, “Economic Impact Payments that have been issued will be upgraded.”

However, it’s unclear when those additional payments would reach people.

When will I get the $600?

If the IRS has your direct deposit information, you will be one of the first to receive payment. The check can be in your account in two weeks or less.

The senior Treasury official told CNBC the department expects people to be able to receive their payments as early as this week.

Am I eligible for benefits?

Individuals with up to $75,000 in adjusted gross income will receive that full incentive payment, as will householders earning up to $112,500 and married couples earning up to $150,000.

Those with income above these levels receive a partial payment that decreases by $5 for every $100 in income.

If you earned much less in 2020 than in 2019, you may not receive an incentive payment now, but you can request this money in the form of a tax credit with your tax return.

What if I still haven’t received my first stimulus check?

When you file your taxes for 2020, you can claim what’s called a “clawback discount.”

With this credit, you either get a bigger tax refund or lower what you owe.

— With additional coverage by Lorie Konish of CNBC.

Have you lost your health insurance during the pandemic and had to skip medical appointments or go without medicine or treatment? If you’re willing to share your experience for a story, drop me an email at [email protected]

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