No, not everybody will get a second stimulus check, if it happens. Here’s why

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Just because you received the first stimulus check doesn’t mean you’ll be eligible for a second payment. Until Congress passes another economic relief package, we won’t know all the rules around requirementsthe IRS payment schedule and the size of the check you could receive. While we wait, however, we can examine how the first stimulus payment worked and look through the various proposals for a new bill, in order to estimate who may not qualify for more money.

The need for more economic aid remains — with new coronavirus cases spiking across the country, new lockdowns are being instituted in some areas, threatening jobs. With only a few weeks left before 2021, can Washington lawmakers strike a deal on a new economic rescue package, with a second stimulus check?

“There are a lot of things that are going to have to wait till Joe Biden is president, but this is not one of them,” Ronald Klain, incoming White House chief of staff for the president-elect, said on NBC’s Meet the Press on Sunday. “We need action during the lame duck.” If an agreement isn’t reached before the Jan. 20 inauguration, Biden also has a coronavirus stimulus plan that would include another stimulus check.

Here’s what we know so far about who might or might not be eligible for a payment. This story is updated regularly.

Unmarried taxpayers who report an adjusted gross income over $99,000

Your adjusted gross income is the sum of money you earn in one year, minus approved deductions. The IRS uses your AGI to determine if you qualify for all, some or none of the $1,200 stimulus checks. Under the CARES Act, your AGI cutoff as a single taxpayer is $99,000 per year to qualify for a stimulus payment. If you earned more than that through a paycheck or other assets, like stocks, the IRS wouldn’t send you a check.

If you make between $75,000 and $95,000, however, you would get a portion of the check, and likely will if the income rules don’t change. Here’s how to calculate how much money you could getRead more>>

Source:-cnet