The latest White House proposal for a $1.8 trillion economic stimulus package should look familiar to those who received the first stimulus check earlier this year — with one big difference. The administration’s plan would include a a second stimulus check that would more money in your pocket. But the latest proposal would also have the IRS revise one eligibility requirement that could make a big impact on the size of your check.
Essentially, the shift would set aside more money for child dependents than the first round of stimulus checks did, which could mean a larger payment for families overall. (Not much would change for people without dependents, but keep reading for other qualifications.)
Whether or not the stimulus negotiations go in favor of this particular bill, the change is still important. A shift in stimulus allocation along these lines could very well appear in a final law, instead of a competing idea to assign a different amount of money to dependents of any age (not just “children”).
Stimulus check eligibility rules are a tangle of requirements and exceptions. They begin with the adjusted gross income from your taxes, but could differ from person to person based on whether you’re a dependent, an independent adult or an older adult or retiree. It could also be based on whether you’re on SSDI and if you are a US citizen living abroad or a citizen of a US territory.
Read on for everything we know, including how the CNET stimulus check calculator can help you figure out the sum you’re likely to receive. This story updates often.
Will you get $500 for your dependents, $1,000 or nothing?
Two previous stimulus proposals would expand the definition of who counts as a dependent, adding $500 per person whom you claim as a dependent on your taxes, regardless of the person’s age. This notable change from the first stimulus check would give some families more stimulus money in a second payment.
However, the White House’s Oct. 9 offer seeks to largely keep the definition of a dependent restricted to “children” (it’s not that simple), but raises the value to $1,000, which would still net many families more money.
Relatively few dependents were eligible for any money at all under the CARES Act. Dependents aged 16 and younger were allotted $500 as part of the family payment. But new proposals from Democrats and Republicans seek to expand the definition of a dependent to include people of any age — that means college students and adult dependents…Read more>>