As we approach thatThere are eight key factors in recovery payments that can help you understand the current state of the situation. These facts are constantly changing as the situation evolves, including the bill’s status today (it changes every day) how fast you could get and how these stimulus payments . We regularly update this story with new information.
A new stimulus plan has been passed, but here’s what it really means
The House of Representativeswhich includes $ 600 a week in unemployment benefits and airline and restaurant assistance ( ). But – and this is crucial – this new version of the Heroes Act is not law. Negotiations on another, bipartisan law are still ongoing, which could lead to further changes to the legislation and the fate of another round of economic reviews. House spokeswoman Nancy Pelosi and Treasury Secretary Steven Mnuchin are due to continue talks on Friday.
If the talks, which are under immense pressure, are successful, they could result in an entirely new bill that both chambers would vote on. When conversations are not Successfully, the US may have to wait to see what happens next (some plausible scenarios below). The house is due to take a break after Friday but can be called back to vote.
The president tested positive for COVID-19
On Thursday evening, President Donald Trump and First Lady Melania Trump announced that they were bothand said they are now in quarantine. The president has “mild symptoms”.
In a memorandum released late Thursday, White House doctor Dr. Sean Conley: Rest assured, I expect the President to continue to perform his duties uninterruptedly during recovery and I will keep you informed of further developments.
What exactly this means and whether it will affect the outcome of the calculation remains to be seen.
Both parties want you to receive a new check for up to $ 1,200
There is strong support from both parties to provide one more direct payment(more on this below). Republican and Democratic lawmakers, as well as President Donald Trump, all say they want a solution that includes a second economic review, such as: .
Provisions for a second review were part of, one from Democrats and two from Republicans.
The IRS could expedite the process of delivering checks
Sent to the IRS and Treasury Departmentto the recipient within 19 days. Mnuchin has said he could send them much faster this time 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 in August. We have.
You will not pay taxes on aid funds
The IRSand a payment you receive this 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:
The IRS has a strategy of who gets their check and in what order
With the first check, the IRS and Treasury sent checks 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 a check and EIP card. Read. The IRS will automatically select the payment method, but it will likely open their portal which will allow people to be accepted when new laws are passed.
We think we already know how much money you can pocket
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 might expect to get, especially if the qualifications shift with another stimulus check. Our calculator tool does not save your personal data in any way.
Payment details can get complicated
When and when a second stimulus test arrives, 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 a lot more to know about other government payments during the pandemic. Here’s what you need to know, the and .