Stimulus check money: You and your family might receive $1,200 or more with a new relief payment

Stimulus check money: You and your family might receive $1,200 or more with a new relief payment

second stimulus check worth $1,200 might still be approved this year if Congress can restart talks to pass a larger bill, or if a future executive action draws money from existing pandemic programs to help eligible adults and their dependents, who can’t get their own stimulus check.

“I’m optimistic,” House Speaker Nancy Pelosi said Friday about the prospects of passing legislation that incorporates a second stimulus check. “I do think that we should have an agreement. That’s what we all want.” Pelosi’s public outlook contrasts with Senate Majority Leader Mitch McConnell, who has expressed that he has little faith in an agreement being finalized before the Nov. 3 election.

What remains constant is that both sides of the aisle approve of another direct payment and that the funding should cast a wider net for more people than the first economic impact payment, as the stimulus money is officially known. In that spirit, we’ve detailed some typical scenarios below that illustrate how you much you could get based on factors like your yearly income, and how it could even be larger than the first bill. This story updates often.

Your total payment could exceed $1,200. Here’s how to calculate it

Piecing together how much stimulus money you and your family could receive can get tricky, but we’ll help you estimate. The $1,200 figure for individuals is based on guidelines from the last stimulus bill and two proposals, and uses your adjusted gross income, or AGI, and a set of rules to determine the total you could personally expect.

But there are also allowances for your whole family, including up to $2,400 if you file jointly with your spouse, as well as more money for dependents. In the first stimulus check, only dependents aged 16 or younger could qualify for an extra $500 each toward the family total. There’s bipartisan support to include more people this time, which means you could potentially receive more from a second round of payments than from the first.

We lay out some potential scenarios below, based on our stimulus check calculator, which you can also use to get a more specific estimate for your particular situation…Read more>>



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