There are many pros and cons to knowing, but we skipped thatTo focus on seven of the most important things, you need to know what about might look like for . We update this story often.
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 hissignal 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 outto 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.
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,Subject to changes. It could even benefit your family when a new stimulus bill is redefined .
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. 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 forif you haven’t already.
5. 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.
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.
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, the and .