Senator Discusses Whether Americans Will Get Another Stimulus Payment

75756A5E-120A-4932-810C-2FD980DB785E

The Internet and social media are buzzing with word of another federal stimulus payment coming to Americans.  US Senator Bill Cassidy of Louisiana says so far that has NOT been approved, but he says if this drags longer, there will likely be another round of stimulus for individuals.

"I hope not, but as necessary, I suspect so," Cassidy explained. "Whether or not there is another stimulus effect depends on how long this goes."

He's hopeful people can get back to work soon and won't need another payment.

Related

When Will Stimulus Checks Be Mailed?
When Will Stimulus Checks Be Mailed?

The IRS is also sending an additional $500 payment for each qualifying child who meets the following conditions:

  • The child is your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, your grandchild, niece, or nephew).
  • The child is claimed as a dependent on your tax return.
  • The child was under age 17 at the end of the taxable year.
  • The child was a U.S. citizen, U.S. national, or U.S. resident alien.
  • The child has a valid SSN or an Adoption Taxpayer Identification Number (ATIN)

Eligible individuals don’t need a minimum income, however, for higher income individuals the Payment amount is reduced by 5% of the amount that your adjusted gross income exceeds $75,000 ($112,500 for taxpayers filing as head of household or $150,000 for taxpayers filing a joint return), until it is $0.

The $1,200 Payment for eligible individuals with no qualifying children ($2,400 for married couples filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:

  • $198,000 for taxpayers filing a joint return
  • $136,500 for taxpayers filing as head of household
  • $99,000 for all others

Each of these threshold amounts increases by $10,000 for each additional qualifying child. For example, because families with one qualifying child receive an additional $500 Payment, their $1,700 Payment ($2,900 for taxpayers filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:

  • $208,000 for taxpayers filing a joint return
  • $146,500 for taxpayers filing as head of household
  • $109,000 for all others