قالب وردپرس درنا توس
Home / Tips and Tricks / 9 things you should know about another stimulus check after the House vote

9 things you should know about another stimulus check after the House vote



    Money-cash-dollar-tape measure-8113

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

Angela Lang / CNET

Despite the weeks of inactivity, the legislature seems motivated to a second stimulus payment eligible Americans to help, though ongoing negotiations can be a comprehensive account The journey there wasn’t the easiest, however.

As we approach that Election on November 3rdThere 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) Advantages and disadvantages of eligibilityhow fast you could get a second stimulus test and how these stimulus payments Think about your income taxes. We regularly update this story with new information.

    Money-Dollar-Bills-Cash-Stimulus-Tax-Covid-Coronavirus-America-7039

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

Angela Lang / CNET

A new stimulus plan has been passed, but here’s what it really means

The House of Representatives adopted a revised stimulus bill with a stimulus check on Thursdaywhich includes $ 600 a week in unemployment benefits and airline and restaurant assistance (Compare it here to the CARES Act). 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 both tested positive for COVID-19 and 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 to people who qualify (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: improved unemployment benefits.

Provisions for a second review were part of three proposals since the adoption of the CARES law in March, one from Democrats and two from Republicans.


Running:
Look at that:

Next stimulus checks: what to expect


3:03

The IRS could expedite the process of delivering checks

Sent to the IRS and Treasury Department the first round of stimulus payments to 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 noticed how quickly a new check could arrive.

You will not pay taxes on aid funds

The IRS Stimulus money is not considered incomeand 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 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:

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 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 a check and EIP card. Read More about priority groups here. The IRS will automatically select the payment method, but it will likely open their portal which will allow people to be accepted Register for direct deposit when new laws are passed.

We think we already know how much money you can pocket

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 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.

Stimulus-check-in-us-mail-envelope-cash-money-2020012

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 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.

For example:

There is a lot 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.




Source link