A brand new economic package and then a second stimulus check is due to release may be before November 3 that is during the election time. Of course COVID 19 will also be taken into account, but other than that a second stimulus check update is also expected to have many more economic benefits. 

Some families might also gain some extra money because of the little adjustments but even then if you are aiming for a higher second stimulus check then this might be a good time. 

Let’s have a look at seven different situations where you can easily earn a higher second stimulus check. Some other portions are also highlighted where a fall is also expected. 

How to get more money with the new payment system? 

In case the economic rescue bill is accepted, a second stimulus check is also expected to follow the guidelines of the first one. There might be some slight changes as well in view of the latest white house offering. So, the total amount which you are bound to receive as a part of your second stimulus check update depends on some of the major factors like – adjusted gross income, and some other eligibility requirements. 

Let’s have a look at what are the different scenarios where you can get a higher second stimulus check – 

1. More Family Members can be dependent now – The definition of dependents is going to widen as per the Democratic proposal for the next bill. This will include anyone beyond 16 who is liable for a tax return and even adults under your supervision. 
2. Child Dependents are bound to earn more money – As per the second stimulus check update, age restriction for the child will stand same but the payout will be doubled to $1000. 
3. Changed Employment Status – If your employment status gets changed or you get unemployed during this year, then also your AGI is bound to change. 
4. Married – In case you got married this year, then along with a spouse you are bound to get a higher second stimulus check.
5.  Custodian of Child – In case you hold the custody of your child, then both you and the other parent of your child may get a larger sum of money. 
6. Incarcerated people can become permanent – A rule change is expected to happen during this time which might result in second stimulus check for the prison inmates. 
7. Undocumented Immigrant – Undocumented US residents are also bound to receive some portion of stimulus check. 

Thus, all the above factors might contribute to higher stimulus check. And in this case you will be able to get more money. 

How change in dependent status might result in higher second stimulus check 

With second stimulus check, it is expected that with an increase in number of dependents you can get a higher pay check. When we talk about law then there can be two different scenarios. In one case you will get $500 for a dependent of any age group. Whereas in other case you will get $1000 per child dependent will age 16 years old or younger. 

In case you have a child, you can check the complete calculation for second stimulus check. This will give you a complete idea of how much your pay check will increase. You can check the complete guide for second stimulus check update. This calculation will give you a complete fair idea of how the pay check will differ. 

How can you get a lesser pay with your next pay second stimulus check:

If you are expecting that your federal tax return is based on 2019 calculation and if you have filed for the same in 2018 then you can expect a change in the payment. But most of the Americans who are looking for financial gain or loss must expect a outcome out of this second stimulus check. But in some cases you might also get some smaller amounts. Why we will tell you – 

1. Joined a new job – In case the wage is increased or if you have joined a new job, then the amount of second stimulus check update might get lesser. 
2. Fewer Qualified Dependents – As per the CARES act, selected number of dependent and the eligibility criteria of the dependent can be disclosed. And thus you can expect an increase in the number. 
3. Child Support – As per the CARES act, when you are getting the second stimulus check you can get a good custodian of money as per the child support. 

So, what if I change my status and my first round of checks will be affected? 

If you have filed a tax return in 2018 or 2019 then you will definitely get an additional or higher amount in 2020 with second stimulus check update. And if you file for tax returns on 2020 or 2021 then you can claim a complete different amount. 

What to do before IRS goes for a second payment? 

In case your stimulus payment is approved and you are eligible then IRS will immediately send you. But you can try a number of things to recover your money quickly. 

1. Register for direct deposit in your own bank account – This is the fastest way to receive money. You will be able to receive money in an instant with electronic transfer. 
2. Check mails regularly – You must be keeping an eye on the mails. Make sure that your relevant mails are not going into the spam folder. 
3. Beware of Scams – And one of the most important parts is that you must stay clear of any kind of scams or falsification. You might get these spams may be in mails or may be in any other form. Make sure that you don’t check these mails or even click on them. 

And thus with second stimulus check you can enjoy a higher payment like never before. All the best with your payment.