If a second stimulus payment happens, here’s who may not get any money


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With just a few weeks left in the year, members of Congress may have to make hard choices about more economic relief legislation, including any changes to stimulus check qualifications that could affect who may or not may get another round. Then there will be others who received a payment the first stimulus cycle but might no longer qualify for a second check because of changes to their personal situation.

It’s also possible for some people to see a smaller second direct payment than before, or for Congress to exclude the second check when passing the next bill.

Until a deal happens, we won’t know the final stimulus check facts, including the IRS payment schedule or the size of the check for people who would get it. These barriers to a second check are based on the first stimulus payment requirements and on the current lay of the land.

 Also, if Round 2 of the stimulus payment doesn’t come, or you’re not eligible to receive it, here are other ways you might be able to benefit from a stimulus package. We update this story frequently.

Single taxpayers who exceed the income limit

Your adjusted gross income, or AGI, is the sum of money you earn in one year minus approved deductions. The IRS used your AGI to determine if you qualified for all, some or none of the $1,200 stimulus check. Under the CARES Act, your AGI cutoff as a single taxpayer was $99,000 per year to qualify for a stimulus payment. If you earned more than that through a paycheck or other assets, like stocks, the IRS wouldn’t send you a check.

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If you make between $75,000 and $95,000, however, you would get a portion of the check, and the same will likely be true of a second payment if the income rules don’t change. Here’s how to calculate how much money you could getRead More>>

Source:-cnet

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