$2,000 Stimulus Check Proposal: Calculate How Much You Could Receive With The CASH Act

by 24USATVJan. 4, 2021, 11 p.m. 22
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NOTE: Unfortunately, the CASH Act is unlikely to become law, but you can use this calculator to estimate a CASH Act stimulus payment and compare that amount to the Consolidated Appropriations Act, which has been signed into law.

In late December, the House of Representatives passed a bill to increase the amount of the second stimulus checks from $600 to $2,000, in response to pressure from President Donald Trump that the Consolidated Appropriations Act didn’t go far enough.

There was some bipartisan support for the CASH Act of 2020 in the Senate, but it was not voted upon before the end of 2020. Now the results of a Georgia runoff election on Jan. 5 will determine which party controls the Senate, which may determine whether there are more stimulus payments in 2021.

This calculator can be used to see how much you could qualify for if the CASH Act were to pass. Note that this latest round of proposed stimulus cash includes adult dependents, as well as children.

How much would each person receive under the proposed CASH Act?

$2,000 for individuals

$4,000 for married couples who file a joint tax return

$2,000 for each dependent (so a family of four whose income qualifies would receive a check for $8,000)

Will everybody receive these payments if the CASH Act is passed?

No. These payments are intended to help middle- and working-class Americans and so there are income limitations based on your tax filing status. For single people, the payments are reduced for those with Adjusted Gross Incomes (AGI) above $75,000. For married couples filing jointly, the phase-out begins at an AGI of $150,000. For those filing as head of household, the reductions begin at $112,500.

The payments are reduced by $5 for every $100 in AGI over the above limits. As a result, a single tax filer would see no payments if they have an AGI of $115,000 or higher. For a married couple filing jointly with no children, their payment would phase out completely with an AGI of $230,000.

Which tax year is used to determine eligibility under this proposal?

Your 2019 tax return will be used to determine whether you’re eligible for a stimulus payment. If you receive Social Security (either retirement or disability) but didn’t file a return in 2019 (because you earn too little to be required to file), you’ll also receive a stimulus check, based on the information sent to the IRS on 2019 forms SSA-1099 and RRB-1099.

In some cases, yes. If based on your 2020 tax returns you would be entitled to a larger payment than calculated based on your 2019 or 2018 returns, you will be eligible to receive the difference as a tax credit. Of course, this additional payment won’t be available until 2020 returns are filed next year.

In addition, it does not appear that what is on your 2020 tax returns will influence the amount of your second stimulus payment.

How likely is this to pass?

Right now, it looks unlikely. Senate Majority Leader Mitch McConnell (R-Ky) blocked requests to hold a vote on the CASH Act, saying that the attempt to raise the stimulus check amount from $600 to $2,000 was “socialism for rich people” and that there was no realistic path for the bill to pass.

President-elect Joe Biden has alluded to another stimulus bill, with further stimulus payments, but the fate of his plan may lie in the Georgia Senate run-off elections on Jan. 5, which will determine whether Democrats or Republicans gain a narrow majority in the Senate.

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