There still are some lawmakers and people of the general public a bit unhappy with the “$2,000 stimulus checks.”
The confusion stems from statements made by Biden and others that they supported “$2,000 stimulus checks,” even after $600 checks had started going out.
Many people assumed that the politicians meant that a $2,000 stimulus check would be on the way in addition to the $600 check.
Furthermore, they felt that the language being used may have been a bit misleading on purpose just to score additional political points.
Regardless of how you feel, it looks like we will be dealing with $1,400 checks coming out. The good news is that we should also see expanded eligibility for these checks.
The big change will be that dependents will include people like many college students and disabled adults. And reportedly, these people will be eligible for a $2,000 check!
This is because they were left out of the last round of stimulus checks but we are still waiting for confirmation on this amount.
For some people, the small change will be quite huge.
And unexpected $2,000 could go a long way at this point.
It appears that the income qualifications will likely remain the same.
This means that if you are an individual with an adjusted gross income of $75,000 or less, you will be entitled to the full amount of the check.
If you are filing as a married couple and your adjusted gross income is 150,000 or less, you will be entitled to the full amount.
If you make a bit more than that then your payment amount will be gradually reduced.
If you are not sure about how much you will be entitled to, you can now use a calculator to estimate your payment.
This calculator is not based on the exact specifics that we will see you when and if this bill becomes a law.
We still don’t know for sure if this bill will pass and how the final terms will be drafted. So just use this calculator as “preliminary guidance” on what you might be able to expect in the next few months.
Tomorrow is inauguration day which is when Biden will officially become president. So shortly after that, we might start hearing about more exact specifics on the CASH act.
Although I would hope for a swift negotiation process, there is always the possibility that things could drag on for weeks or months, especially now that there is a controversial impeachment process that needs to take place.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.