Another $1,200 check may be on its way. Here’s what you need to know

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Republicans and Democrats are trying to move closer to passing a second round of stimulus before the election. 

The White House took an aid offer believed to be for $1.8 trillion to Democrats on Friday to help get a bill approved before Nov. 3. The House earlier this month passed a $2.2 trillion bill. 

The biggest discrepancy comes from a disagreement over whether or not to give state and local governments more than $400 billion in funding to deal with the coronavirus crisis. 

However, both sides do agree that Americans would benefit from another direct payment, according to Garrett Watson, a senior policy analyst at the Tax Foundation. 

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The current proposals mirror the pay structure of the first round of stimulus, Watson said. Each would pay out up to $1,200 for individuals, $2,400 for married couples filing jointly and additional money per dependent. Also, like last time, individuals over certain income thresholds would get less money.

The payments would be delivered in the same manner.

One big change, however, could come if you filed your 2019 taxes after receiving the first check. The total would be based on your latest tax return and could mean more or less money depending on any potential changes to your income, according to Watson.

Check out this video to learn more about the likelihood of a bill passing before the election and to see how each proposed stimulus bill differs. 

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Related Tags

  • Coronavirus
  • COVID-19
  • Economic stimulus
  • Personal finance
  • Personal saving

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