The final result? There is still hope that acould still happen – and maybe even before that .
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 checkand 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, includingwith a new schedule of how to calculate the amount due and what the stimulus payments are . This story is updated frequently.
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. The final groups could receive their checks weeks or even months after people in the first batch.
A new economic program was adopted at the house. Here’s what it means
The House of Representativesplus $ 600 a week in unemployment benefits and airline and restaurant aid ( ). 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(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 Departmentto 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 IRSand 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 .
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,Subject to changes. It could even benefit your family when a new stimulus bill is redefined .
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. 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. The IRS will automatically select the payment method, but will likely open their online portal which will allow people to be accepted when new laws are passed.
We already think we know how much money you could get
If you areIf you’re looking for an estimate of how much a second exam might involve, you can use ours to get an idea of how much you, your family and can get, especially if qualifications shift with another round of payments. Our calculator tool does not save your personal data in any way.
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.
There is much more to know about other government payments during the pandemic. Here’s what you need to know, the and .