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2 requirements could cash a new stimulus check and the IRS would give you more money | The NY Journal

2 requirements could cash a new stimulus check and the IRS would give you more money | The NY Journal

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2 requirements could cash a new stimulus check and the IRS would give you more money | The NY Journal

The new proposals could favor some families over others

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PAUL J. RICHARDS / AFP / Getty Images

We know that both Democrats and Republicans support a second round of stimulus checks from $ 1,200 dollars, but a change in requirements could affect your final payment.

If negotiators of a new economic relief bill reach consensus to deliver a second stimulus payment, it could be worth less than the first payment, or the new requirements could yield more money for individuals and their dependents.

The first stimulus payment established eligibility rules that were based on certain personal factors such as annual income, age, and tax status and a second stimulus payment is expected to follow the same path, although we don’t know exactly when it could happen.

You can also learn what to do if you missed the Internal Revenue Service (IRS) deadline to claim your first stimulus check from $ 500 for dependents.

The proposed new rules could favor some families over others

Three separate proposals they have changed the amount of money dependents could receive in a final check if you claim them on your next tax return. Two of these proposals would add $ 500 for each dependent, regardless of the age of the people.

The White House offer on October 9 sought to keep the definition of dependent restricted to “children” as defined in the bill, but raises the value to $ 1,000 dollars, what I would still give to many families more money.

The first stimulus check increased by $ 500 for each child under the age of 17, but unless their dependents were in a different category, adolescents over 17 and dependent adults such as a parent or grandparent were nevertheless left out of support.

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The first proposal would benefit families with older dependents, while the second benefits younger families.

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