The U.S. Congress and Senate could strike the next stimulus deal next week and the IRS is already prepared to send the stimulus checks. How much will you receive?

Stimulus Check
Reutersconnect

The U.S. Treasury Secretary Steven Mnuchin already said last week that the Internal Revenue Service is already prepared to send the stimulus checks once it passed the Congress and signed by Pres. Trump. Mnuchin estimated that the money would be sent in the week ending Oct.12.

There is a chance that the stimulus package that includes direct stimulus checks will be approved next week. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have already agreed to resume their stimulus negotiations and other relief packages.

Meanwhile, the House of Representatives is also preparing a new $2.4 trillion stimulus package which is expected to be voted on Oct.2. Once it passes the Senate, millions of Americans will receive the relief aids they need before the election.

The first stimulus check under the CARES Act, which was approved in March, allowed qualified individuals to receive $1,200, $2,400 for married couples, and $500 for qualified dependents or those aged 17 years old. However, the second stimulus checks might provide a higher amount.

According to a published report in CNET, there is a possibility that you can get more than $1,200 stimulus checks once it passes the Congress and Senate. Here are some of the scenarios on how much money you can get in the next stimulus checks:

Scenario 1

  • Tax filing status- Single
  • 2018 or 2019 tax AGI- $55,000
  • Dependents under 17 (CARES Act)- 0
  • Dependents over 17 (HEALS Act)- 0
  • Estimated check amount (HEALS Act)- $1,200

Scenario 2

  • Tax filing status- Head of Household
  • 2018 or 2019 tax AGI- $80,000
  • Dependents under 17 (CARES Act)- 1
  • Dependents over 17 (HEALS Act)- 0
  • Estimated check amount (HEALS Act)- $1,700

Scenario 4

  • Tax filing status- Married
  • 2018 or 2019 tax AGI- $110,000
  • Dependents under 17 (CARES Act)- 2
  • Dependents over 17 (HEALS Act)- 0
  • Estimated check amount (HEALS Act)- $3,400

Scenario 5

  • Tax filing status- Married
  • 2018 or 2019 tax AGI- $110,000
  • Dependents under 17 (CARES Act)- 2
  • Dependents over 17 (HEALS Act)- 2
  • Estimated check amount (HEALS Act)- $4,400

Scenario 6

  • Tax filing status- Married
  • 2018 or 2019 tax AGI- $200,000
  • Dependents under 17 (CARES Act)- 2
  • Dependents over 17 (HEALS Act)- 0
  • Estimated check amount (HEALS Act)- $900

The Internal Revenue Service confirmed that it would immediately send the stimulus checks or the stimulus money once it becomes a law. They will use the same method of sending money to millions of Americans. Meanwhile, the IRS also suggested a quick way to receive the money once the new stimulus occurs.

The IRS suggested that direct deposit is still the fastest way of receiving the money, and that is if you have filed all the information needed in your income tax return. Other Americans have received their first $1,200 stimulus checks through the mail.

It is also important to note that even those who are not required by the law to file their taxes because of their low income still qualify to receive the stimulus checks. At present, there are still nearly nine million Americans who are about to receive their stimulus checks under the CARES Act.

Check these out!