New Stimulus Package

The second stimulus package has been in the talks for a while and we now finally know a couple of things about it. The new stimulus package will include more people and the amount each household gets will be higher. In total, the proposed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act is $3 trillion. The CARES Act was $2 trillions in total just for comparison.

What stays the same with the new stimulus package is the income thresholds. Same as the previous stimulus payments, the income threshold for singles is $75,000 and $150,000 for joint filers. Again, just for comparison, a family of four with two qualifying children received $3,400 under CARES Act. With the HEROES Act, the stimulus payments will be $4,800. This is because the dependents will receive $1,200—same as parents—not $500.

Additionally, the CARES Act stimulus payments excluded older teens and college students. The HEROES Act will not have any restrictions on older teens and college students. With that said, those who haven’t gotten a stimulus check because someone claims them as a dependent will receive stimulus payments with the new proposed stimulus package.

However, there is going to be a limit on how much a household can receive in total. the new stimulus package caps it at $6,000 per family. Although there is a limit, $6,000 can be a great breather for many households. Not to mention that the stimulus payments are tax-free meaning the taxpayers who receive stimulus payments will not owe taxes to the IRS.

Now that we know the details of the new stimulus package, here is how to get $1,200 per person.

How to get the new stimulus payments?

There isn’t a difference between how you’re going to get the new stimulus payments. Same as the previous one, your 2019 tax return will be taken into consideration. If you haven’t filed a 2019 tax return, then the 2018 tax return will be what’s used when determining eligibility. If your income is less than $75,000 as single or $150,000 if married and filing jointly, you will get your stimulus payment automatically.

If you haven’t received your stimulus payment, you can check the status of it on the IRS website using the Get My Payment. Read more on how to check the status of stimulus payment.

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