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First and second stimulus checks made easy: 9 things everyone should know



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The following happens with a second stimulus check.

Angela Lang / CNET

What do you know about stimulus checks? The second payment has not yet been announced? There are still many unanswered questions about what will happen to the negotiations (we update them daily), when a second exam might be realistic (we have determined when it might arrive, depending on who you are) and how eligibility with a second exam could change (we’ve got some pointers).

We went through the stimulus bill suggestions and the IRS websites and watched a slew of C-Span looking for answers to pressing questions about the first stimulus payment … and the second check, about the one almost since then the first checks discussed began to be shipped in mid-April.

While we don’t have every answer for you, we can give you the broadest outline of what you may not know about the IRS calculates your grand total and Everything payment has to do with your taxes, Their children – even if you would Receive your check weeks before or after Your extended family and friends. Continue reading! (We update this story frequently with new information.)

1. The status of the negotiations changes from day to day

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will speak again at the White House this week on October 9th $ 1.8 trillion offerthat contains another Direct payment up to $ 1,200 for individualsas well as a change in the status of dependent persons (more below). In parallel, Senate Republicans are preparing to vote on a new standalone bill to reimburse the paycheck protection program on October 19 – it would not include stimulus testing.

While Mnuchin said on Wednesday he was not confident that a major stimulus package would be passed before the November 3 elections, the talks were deemed “productive”. Here is more on the status of the negotiations.

2. How the IRS calculates your stimulus payment

Did you know that in some cases, even if you have children, you can still receive incentive money, even if your family’s annual income exceed the income limit?

The language of the CARES law is not particularly easy to follow, but to calculate your grand total, the IRS essentially rounds up the grand total of your household adjusted gross income and adds Money for eligible dependents and then starts with the deduction of the grand total based on your income class under the CARES Act.

You can Now calculate your estimated stimulus check total (including for a second check) but the bottom line is that even if your family income is over the limit – let’s say you’re married, registering together, and have an AGI of $ 200,000. With a qualified child, you can still see a check for $ 400. Without children, you would not be entitled to a check at all.

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

Angela Lang / CNET

3. Competing changes in eligibility could make more money in different ways

While we expect a second stimulus check to follow largely the same guidelines as the first, the requirements Subject to changes. It could even benefit your family. Redefining an approach who counts as a qualifying dependent and would give your family $ 500 for every dependent you identify from your taxes, regardless of your age.

The White House’s current $ 1.8 trillion proposal offers a payment of $ 1,000 each child dependent. We’ve broken down how Some families would benefit more from one approach than the other when it comes to your total payment. (Here is how young people would qualify for their own check for USD 1,200.)

4. Stimulus testing is supported by both parties, but …

Democrats want it. Republicans want it. And Trump wants to send the Americans another round of checks. Actually, any incentive proposal since the first review started running out in April has included a second direct payment.

Although a new payment is packaged in a bill of one form or another that must pass through both Houses of Congress and receive the President’s signature, this is an element on which everyone agrees.

However, a stand-alone bill like the one now being published in the Senate does not contain another check (see Negotiations section above). That proposal is expected to pass the House, but passing a standalone aid wouldn’t necessarily rule out a second stimulus test – it would, however, postpone the schedule.

5. The IRS may deliver stimulus money to you faster

The IRS has already made the growing effort to figure out how to mobilize and deliver a round of stimulus funds. In theory, the agency could expedite the dispatch of the first batch of payments if and when they are approved. The tracking tool is already up and running, the system is in place, and it is likely that the majority of people who qualified for an initial exam will also receive another.

The timeline changes all the time, but we do Associated potential dates to which a check could be sent if approved before and after the election.


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6. There are different priority groups for sending payments

Not everyone gets their checks at the same time and part of that depends on how you get paid. For example, direct deposit – an electronic transfer of funds to your bank account – can be made in paper form weeks before a check is received or Prepaid EIP card by post. We have identified five priority groups based on the first stimulus tests.

7. The IRS may still owe you a check

If you are I’m still waiting for your first paymentThere are several ways to hunt it. As many as 9 million people You still need to register with the IRS to receive the first check. The deadline is November 21st and we’ll show you how to do it. Some people with loved ones only received a partial payment and money is still owed. The deadline to achieve this in 2020 was September 30th, but we explain how to claim it with next year’s taxes.

8. The rules and exceptions can get complicated quickly

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 and for how much you are eligible. There are plenty of marginal cases.

For example:

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

Sarah Tew / CNET

9. You don’t owe any taxes on stimulus funds

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.

There’s a lot more to know about other government payments during the pandemic, including a possible interest rate review by the IRS and where the $ 300 unemployment benefit is now.




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