Stimulus checks officially have bipartisan approval after the GOP revealed the Health, Economic Assistance, Liability Protection and Schools Act, or HEALS Act, on July 27. Although the new stimulus package has a long way to go before it makes its way to President Donald Trump's desk for a signature, many U.S. citizens are wondering just how much money they should expect to receive should the relief package pass.
In an online tool created by the Omni Calculator Project, Americans can now calculate just how much money they would receive under the HEALS Act. The calculator, which can be accessed by clicking here, is easy to use. To calculate your potential second stimulus check, simply input the requested information, which includes your filing status, how many dependents you have, and your adjusted gross income (AGI) for 2019. You will then receive an approximation of what you would receive in the scenario the bill passes.
As the Omni Calculator Project points out, and as revealed Monday, only U.S. residents with a social security number qualify for a stimulus payment. Democrats had hoped to extend stimulus payments to Individual Taxpayer Identification Number (ITIN) filers and their families, as was proposed in the HEROES Act, though the GOP's proposal nixed that idea.
For those who do qualify, the stimulus checks will be almost identical to those under the CARES Act, aside from a few changes mostly having to do with dependents. Most Americans who qualify should expect to receive a similar amount as their first payment, as the income phase-out and cap levels have remained the same for both single and joint filers. Some households, however, could potentially receive much more money, as payments for dependents have been extended for the $500 additional payment to dependents of any age as long as they have a Social Security number. Under the CARES Act, this additional money was only available for dependents under the age of 17.
Should the HEALS Act pass, or pass in some form that includes stimulus payments, you will not need to take any further action to receive your payout. As with the first round, the Internal Revenue Service (IRS) will simply use information already on file. However, for those hoping to receive their payments more quickly, the Get My Payment tool on the IRS website can be used to opt to receive payments via direct deposit rather than a physical check sent in the mail.