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Second stimulus check: 7 important pieces of information about a possible new payment



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What happens to a second stimulus check? We will tell you.

Angela Lang / CNET

After weeks of stops and starts, White House and Democratic negotiators said this week You will return to the table resume talks on an additional round of economic aid, which: a second stimulus test. The move comes at a time of political upswing that includes what is to come Presidential Debates and to replace a nomination Supreme Court Justice Ruth Bader Ginsburg.

There are many pros and cons to knowing, but we skipped that Complexity of the stimulus calculation To focus on seven of the most important things, you need to know what about another incentive payment might look like for eligible Americans. We update this story often.

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High unemployment rates and a fluctuating economy underscore the need for more help.

Angela Lang / CNET

1. We have come one step closer to another stimulus check

On Thursday, Treasury Secretary Steven Mnuchin said he and House spokeswoman Nancy Pelosi had agreed to resume talks, which had been suspended for over a month for over a month despite strong support from both parties for a second economic review and other measures in the relief bill.

That, and Pelosi’s plan to have the House draft another, smaller bill than his Hero’s suggestion from Maysignal a step forward. It is suggested that the House could vote on the new proposal on October 2nd.

2. The IRS could expedite the process of sending checks

It took the IRS and Treasury 19 days to send them out the first round of stimulus payments to the recipients. 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,” Mnuchin said in August, a week after a bill was signed with the payments.


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Next stimulus checks: what to expect


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3. 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:

4. There is a method of who gets their check first

In order to get money for economic aid to eligible Americans as quickly as possible, the IRS and the Treasury Department took a variety of approaches including direct deposits, physical checks, and Prepaid EIP cards. According to the latest figures from the finance department (in 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

With the IRS continuing to urge people to set up a direct deposit in order to receive payments straight into their bank account, that number could be even higher. The quickest way to get your money is expected to be with direct deposit, followed by check and the EIP card. The IRS will automatically select the payment method but will likely open their portal for Register for direct deposit if you haven’t already.

5. 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.

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

Sarah Tew / CNET

6. The fine print can get complicated quickly

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:

7. You don’t pay taxes on the money

The IRS does not consider stimulus money to be income, and a payment you receive this year will not 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.

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.


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