Coronavirus finance General News

Stimulus Checks: Some People Will Get 2 Checks! Latest Stimulus Checks Updates

IRS Checks
via Washington Post

Stimulus Checks: Some People Will Get 2 Checks!:Β Now that the Senate Republicans have officially introduced the HEALS Act, we have a hinge of how much you should expect from the second wave of the stimulus checks.

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Moreover, if the HEALS Act becomes law, then we’ll have more people receiving the payments. Nevertheless, let’s get into the details of the HEALS Act.

The Second Wave

For over a month, all of were eagerly waiting for the Senate Republic to give their answers upon the stimulus checks. Thankfully, recently, the Republic revealed the details about the checks.

Stimulus Checks
via CNBC.com

 

Firstly, the new checks give out a total of $1,200. This GOP proposal matches the amount of the first stimulus check that came via the Coronavirus Aid, Relief, and Economic Security Act i-e the CARES Act. Additionally, it also has bits and pieces of what the House Democrats advanced with their Health and Economic Recovery Omnibus Emergency Solutions Act i-e the HEROES Act.

If this HEALS Act qualifies, we believe it would cover the previously excluded dependents. Their inclusion can make a difference in how much money your family can receive.

Also, read Mitch McConnell Says The New Stimulus Packages Will Include Checks! Stimulus Check Update.

Why Is IRS Sending 2nd Checks?

Usually, the IRS pays interest on refunds that take extra time to process. However, the interest plays on from 15th April to whenever the authorities cut your check.

Stimulus Checks
via Fortune

This year, the interest accrual period began on April 15th (as usual) but, the ones who didn’t or couldn’t file until July 15th, there’s no need to worry. Moreover, it was a real advantage for it later in the year.

The taxpayers eligible for a refund and didn’t receive it by April 15, will get a second check or a direct deposit. The IRS will pay 5% annual interest, compounded daily through June 30th. On 1st July, the rates will drop to 3%.

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How Much Money Can You Get?

Let’s be real even if the Senate’s HEALS Act’s upper limit is $1,200 it’s highly unlikely that you’ll get all of it. Your tax filing will help determine your share among the shares.

The first stimulus checks will be for the child dependents who are 17 and older, and university students are 24 and older. The plan includes $500 for dependents regardless of their age.

As for the calculations, they can be a bit tricky as it depends on 2019 tax aspects. Aspects such as gross incomes come in handy and check if you’ve filed as single, married or head of household.

Moreover, now that they’ve announced the new proposal, it’ll go before the house of debate. The situation is fluctuating, but the Congress has it till August 7 to pass another bill before a month-long recess.

About the author

Pranjali Hasotkar

I weave words into meaningful catastrophes.