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New stimulus check: All the important facts about payment size, qualifications and more



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The following happens with a second stimulus check.

Angela Lang / CNET

Did you know that? The business negotiations are facing a dramatic Tuesday? Or that the IRS uses a certain formula that determines how much money each household received at the first exam? How about whether you will or not? You have to pay taxes on your stimulus money in 2021?

We’ll give you the bottom line for questions that are far from easy, like that Timeline to send a second check to the Authorization twists and turnswhich incentive proposal would result in no further direct payment and even as you could Get more cash in the next stimulus payment than you did in the first

Here is the most important information we currently know about stimulus checks. We update this story often.

1. The business cycle negotiations are coming to a head

Tuesday could be an important day for stimulus checks as negotiations are ahead of Election on November 3rd in just 16 days. Then the Senate will vote on a new standalone bill to reimburse the paycheck protection program. A day later Senate Majority Leader Mitch McConnell will do so Take another vote on last month’s failed “thin” stimulus bill – with no money for stimulus checks – possibly a battle between the Senate Republicans and the White House, which is currently negotiating a full package with Democrats.

Tuesday is also the deadline set by House Speaker and Leading Negotiator for Democratic Incentives, Nancy Pelosi, as the last day to finalize the White House’s $ 1.8 trillion incentive offer, if the bill passes the election can be passed.

These two opposing approaches – for one large bill with checks and two small bills with no direct payments to Americans – will help determine whether another check will arrive well before the end of 2020 or whether it will have to wait for the election results to be here Everything you need to know about the upcoming Senate voteand what it could mean for you.

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

Angela Lang / CNET

2. The calculations of the stimulus payment follow this formula

This might interest you The IRS has a formula for figuring out how much incentive money you could getAnd that’s what determines whether you get the full amount, part payment, or well over $ 1,200 if you have children.

It also explains how you can still possibly get some stimulus money, even if your family’s annual income exceeds the limit set out by the CARES Act March. The calculations start with the total of your household adjusted gross income, add the Money for eligible dependentsand then start deducting the grand total based on your income bracket (as defined in the CARES Act).

You can Calculate how much you could get on a stimulus check now, also for a second review.

3. Most people have paid off debts or saved their incentive money

A new survey this week on how people in the US did their first stimulus check sheds light on that economic reality the effects of the coronavirus. The New York Federal Reserve Bank survey polled 1,300 households between June and August. The study found that of the 89% who said they had a stimulus check (median total $ 2,400):

  • 29% spent the economic stimulus money (for the essentials, non-essentials and donations).
  • 36.4% saved their economic money.
  • 34.5% used it to pay off debts.

When asked what they would do with a second check for $ 1,500, 45% of respondents said they would save the money, 30.9% said they would use it on debt, and 24.2% said to spend it in some way.


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Next stimulus checks: what to expect


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4. You could be in one of 5 different payment waves

Eligible Americans receive their checks at different times, often due to the way they are paid. For example people who have direct deposit – An electronic transfer of funds to their bank account – set up with the IRS could receive their checks weeks before those who receive a paper check or receive it Prepaid EIP card by post. We have identified five priority groups based on the first stimulus tests.

5. New changes in permissions could bring you more money

It is likely that a second stimulus test will follow largely the same rules and guidelines as the first. But the Qualifications Because who could get money can change in ways that could benefit your family. A proposed invoice redefines who counts as a qualifying dependentand would give your family $ 500 for every dependent you claim on your taxes, regardless of age.

The White House’s current $ 1.8 trillion proposal offers a payment of $ 1,000 each child dependent. We have explained how some families might benefit more from one bill than the other in terms of a total payment. (Here is how young people could qualify for their own check for USD 1,200.)

A new survey by Liberty Street Economics broke down how people reported with their first check: 18% of funds went to essential expenses, 8% to non-essential expenses, 36% to savings, and 35% to debt repayment. and 3% were donated. When asked how participants would likely do a potential second stimulus check, they said an average of 45% would be spent on savings, 14% on essential expenses, and 31% on debt.

6. Your second payment could come in faster than the first

On the initial review, the IRS learned how to mobilize and deliver stimulus money and mapped out many of the growing pains in the plan. If a second check is approved, the agency can likely expedite the dispatch of the first payments. The tracking tool is already up and running, the system is in place, and it is likely that the majority of those who qualified for an initial exam will also receive another.

The timeline is always changing, but we have Associated potential dates to which a check could be sent if approved before or after the election.

7. There are tons of confusing exceptions and rules

When a second stimulus test is approved, there are many small details, rules, and exceptions that can get confusing. While some situations are easy to understand, others around you and your loved ones may make it unclear whether you are eligible and for how much money. The marginal cases are many.

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

8. The IRS still owes some people money from the first check

If you are I’m still waiting for your first stimulus paymentThere are several ways to hunt it. As many as 9 million people It has been estimated that they were eligible for a first check but did not receive it because registration with the IRS is required – an extra step that most people did not have to take. The deadline is November 21st and us 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.

9. You do not have to pay taxes on stimulus funds

The IRS Stimulus money is not considered income. That means any payment you receive this year won’t decrease your refund in 2021 or increase the amount you owe when you file your 2020 tax return. You also don’t have to repay any part of your Stimulus Check if you qualify for a lower amount in 2021. The IRS said if you didn’t get everything you owed this year, you can claim that 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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