Overview: What New Yorkers Need to Know About the Next Stimulus Check
The Coronavirus pandemic has been an incredibly difficult time for many people in New York and across the country. The federal government has taken steps to help people and families affected by this crisis, including the passage of several economic stimulus bills. The most recent bill, known as the American Rescue Plan, included provisions for a third round of stimulus payments, commonly called “stimulus checks.”
New Yorkers need to know that the next stimulus check is coming and what it means for them. The American Rescue Plan provides for up to $1,400 per person in direct stimulus payments. This means that individuals who qualify will receive up to $1,400 and married couples filing jointly will receive up to $2,800. Additionally, families with qualifying dependent children will receive an additional $1,400 for each eligible
When Can New Yorkers Expect Their Next Stimulus Check?
The economic outlook for New Yorkers is uncertain, with many residents facing the possibility of job loss or reduced wages due to the COVID-19 pandemic. Fortunately, the federal government has enacted a number of stimulus packages to help bridge the gap for those affected. This includes direct payments to individuals, known as stimulus checks.
The most recent stimulus package, passed in December 2020, provided for an additional $600 in direct payments to individuals. New Yorkers who are eligible for the payment are likely wondering when they can expect to receive their next stimulus check.
The good news is that the federal government is already in the process of distributing the stimulus payments to the eligible population. The Internal Revenue Service (IRS) has already begun sending out the payments, with most individuals receiving their checks by the second week of January 2021.
How Much Will the Next Stimulus Check Be Worth?
The exact amount of the next stimulus check is yet to be determined, but there are several factors that can help us make an educated guess. The amount of the check will depend on the size of the next stimulus package passed by Congress and the White House.
The size of the stimulus package will be determined largely by the economic situation at the time it is passed. If the economy continues to struggle, the amount of the check could be much larger than the previous two checks. On the other hand, if the economy is showing signs of recovery, the amount could be smaller.
Another factor that will influence the size of the check is the political climate in Washington. If Democrats and Republicans can come together to pass a larger relief package, the check could be larger than expected. On the other hand, if negotiations break down
Who Is Eligible for Another Stimulus Check
Eligibility for another round of stimulus checks depends on a variety of factors. The most important factor is income—as a general rule, the lower your income, the more likely you are to receive a check. This is because the first round of stimulus checks was based on the adjusted gross income (AGI) reported on the 2019 tax return, while the second round of checks will be based on AGI reported on the 2020 tax return.
Individuals who earned up to $75,000 in 2019 will receive the full $1,200 check, while married couples with joint incomes of up to $150,000 will receive $2,400. Individuals earning up to $87,000 and joint filers earning up to $174,000 will receive a reduced amount. Those earning over $87,000 and joint