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Home / Tips and Tricks / 10 things you should know about a second stimulus check now that a dedicated bill can happen

10 things you should know about a second stimulus check now that a dedicated bill can happen



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Here’s what happens today with a second stimulus check.

Angela Lang / CNET

Less than a day after President Donald Trump returned to the White House on his return Hospitalization with COVID-19he went to Twitter to order the GOP to stop Talks about the next stimulus package until after the election. Before Tuesday was over, Trump had tweeted the opposite view, calling for the talks to be brought back to the table by demanding “a separate bill for” Stimulus Checks ($ 1,200)“That would go” IMMEDIATELY to our great people. “This followed a Saturday tweet demonstrating the president’s support for a new bill that appeared to signal urgency related to his illness. Trump continues to take drugs to fight the coronavirus, including a 10-day course of the steroid dexamethasone, typically reserved for seriously ill patients.

The final result? There is still hope that a second stimulus test for authorized persons could still happen – and maybe even before that Election on November 3rd.

House spokeswoman Nancy Pelosi criticized Trump’s motives on Tuesday (“He refuses to put money in workers’ pockets unless his name is on the check”), but signaled a willingness to issue a separate bill check provide much needed help and plans to speak to the White House chief negotiator, Treasury Secretary Steven Mnuchin, on Wednesday.

While you take care of that abrupt change of direction, we’ve rounded up the 10 most important facts about stimulus payments to help you understand the latest developments, including how quickly you could get another payment with a new schedule of how to calculate the amount due and what the stimulus payments are reflected on your federal income taxes. This story is updated frequently.

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High unemployment rates and a weak economy underscore the need for more aid.

Angela Lang / CNET

Trump is restarting the stimulus package after the talks have ended

The main takeaway from Trump’s tweets is that after the election he is still trying to pass an “important” new bill that expresses confidence in winning a second term. Trump has expressed enthusiasm for the delivery of direct payments and vows

Before Trump’s midday tweets, Federal Reserve Chairman Jerome Powell spoke about the need for further federal aid. “The recovery will be stronger and faster if monetary and fiscal policy continue to work side by side to support the economy until it is clearly out of the woods,” he told attendees at the National Association for Business Economics virtual year meeting.

The IRS’s schedule for sending stimulus reviews has shifted

If talks do not resume until after the November 3 elections, projections of receiving a stimulus check for the first group of people will be postponed by two months Five priority groups that we identified from the initial stimulus tests. The final groups could receive their checks weeks or even months after people in the first batch.


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Next Stimulus Tests: What To Expect


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A new economic program was adopted at the house. Here’s what it means

The House of Representatives passed a revised stimulus bill on Thursday that includes a stimulus paymentplus $ 600 a week in unemployment benefits and airline and restaurant aid (Compare it to the CARES Act here). But – and this is crucial – this new version of the Heroes Act is not law.

If talks resume after the election – either after November 3 or after the inauguration day on January 20, 2021 – they could propose an entirely new bill that both the House and Senate would vote on.

A stimulus check cap of $ 1,200 per person is likely

There was cross-party support during the talks to make another direct payment to people who qualify (more on this below). Republican and Democratic proposals and Trump support a limit of $ 1,200 per person in his tweets. However, if the qualifications increase, families could get more money in the second round. (More on this below.)

The IRS could still send checks faster once approved

Sent to the IRS and Treasury Department the first round of stimulus payments to the recipient within 19 days. In August, Treasury Secretary Steven Mnuchin said he could send them much faster this time around once new laws are signed. “I could get 50 million payments very quickly,” and start making payments a week after signing an invoice, he said.

You will not pay taxes on aid funds no matter when they arrive

The IRS Stimulus money is not considered incomeand a payment you receive that year won’t reduce your 2021 refund or increase the amount you owe when you file your 2020 tax return. You also don’t have to repay any part of your check if you qualify for a lower amount in 2021. The IRS said if you didn’t get all of what you owed this year, you can claim it as credit for your 2020 federal income tax return by filing it in 2021. Here is Everything you should know about stimulus checks and taxes.

The conditions of participation may change to your advantage

While we believe that a second stimulus check would follow largely the same guidelines as the first, Admission requirements Subject to changes. It could even benefit your family when a new stimulus bill is redefined who counts as a qualifying dependent.

Further information on eligibility:

Stimulus money could be delivered in three ways

With the initial stimulus check, the IRS and Treasury sent payments in three ways: direct deposit, physical checks, and Prepaid EIP cards. According to the latest figures from the finance department (as of June), the nearly 160 million payments are divided as follows:

  • Direct deposit: 75% or 120 million payments
  • Check: 22% or 35 million payments
  • Prepaid EIP debit card: 3% or 4 million payments

The quickest way to get your money is expected to be with direct deposit, followed by check and EIP card. Read More about priority groups here. The IRS will automatically select the payment method, but will likely open their online portal which will allow people to be accepted Register for direct deposit when new laws are passed.

We already think we know how much money you could get

If you are I’m still waiting for your first payment If you’re looking for an estimate of how much a second exam might involve, you can use ours Stimulus Check Calculator to get an idea of ​​how much you, your family and Your loved ones can get, especially if qualifications shift with another round of payments. Our calculator tool does not save your personal data in any way.

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Less than a quarter of eligible recipients received their payment as a check in the mail.

Sarah Tew / CNET

Payment details can get complicated

When and when a second stimulus test is approved, the details need to be deciphered. While some situations are straightforward, other complications for you and your loved ones can make it unclear whether you are eligible, how big a check should be and when it comes. There are plenty of marginal cases.

For example:

There is much more to know about other government payments during the pandemic. Here’s what you need to know a possible interest rate review by the IRS, the $ 300 unemployment benefit and the administration’s wage tax cut.




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