New York : Four reasons why the third stimulus check would be much bigger than the previous ones

New York :

Four reasons why the third stimulus check would be much bigger than the previous ones

The third stimulus check could put more money in recipients’ pockets than previous ones.

Photo: PAUL J. RICHARDS / . / .

At least four reasons could cause the stimulus check that drives the Biden Administration as part of the $ 1.9 trillion coronavirus economic package represents much more money for beneficiaries compared to the previous two.

Increase in base amount

To start with, the base amount per person is $ 1,400, which more than doubles the base figure for the second round, $ 600.

In that sense, the upcoming third check has been announced as a supplement to the $ 600 to arrive at the $ 2,000 figure, even though the more progressive Democrats prefer the base amount of the third check to be $ 2,000 and not $ 1,400.

In the first round under the CARES law, the starting amount was $ 1,200.

In any case, the figure contemplated in the stimulus package before the federal Congress implies much more money up front if the person is eligible by income level.

Credits for dependents

The second point that will make the next “economic impact payment” more substantial are credits for dependents. The law that drives Joe biden and his team has $ 1,400 for each dependent regardless of age.

The past laws had established lower amounts for dependents and had excluded the elderly such as university students and disabled adults. But if the current proposal passes, more people would fall into this category, increasing the size of the third check for thousands of recipients.

In the first round, only beneficiaries with minor dependents were eligible for the $ 500 credit up to a maximum of three children.

In the second law, the credit was extended to $ 600 with no limit on the number of minor dependents per household.

Extension of aid to mixed marriages

Another detail that implies more money for the families benefiting from the economic aid for coronavirus approved by Congress is that the mixed marriages, where one spouse is a citizen and the other is not, they will receive the funds.

As part of the first round of payments of $ 1,200 – both the person with documentation and the person who did not – were excluded from the aid.

In the second law, provisions were made for Americans who filed a tax return together with a spouse who uses an individual taxpayer identification number (ITIN), instead of a Social Security number, to be creditor of the funds, and they can also request the previous check for $ 1,200 plus the credits for dependents.

As part of the third round, that clause is expected to remain.

Tax return and drop in reported income

A fourth element that would increase the amount of money a taxpayer receives is a decrease in the level of income in 2020 as a result of the pandemic.

During the past year, millions of Americans lost their jobs due to the economic crisis due to the COVID-19.

This could mean not only a more generous refund at the time of filing taxes, but the possibility that even those who were not eligible for the first stimulus payments now will be if their income reflected a decrease in 2020.

The bill being handled by the Democrats establishes that, initially, the Internal Revenue Service (IRS) will examine eligibility and payment amount based on 2019 and 2020 tax returns or the most recent available.

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