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Second Stimulus Check: The 7 Biggest Takeaways You Should Know



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

Angela Lang / CNET

Republican and Democratic leaders are currently considering at least one new proposal for one new economic recovery bill that could include a second incentive payment. Negotiations halted in early August, but House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have resumed talks and House Democrats tabled a new stimulus package on Monday, which could be voted on in the Chamber this week . The new bill – a revision of the Heroes Act this summer – includes a stimulus check, $ 600 a week in federal unemployment benefits, and aid to airlines and restaurants.

“Our conversation was positive. We’ll meet again tomorrow to see how we can find common ground,” Pelosi said Tuesday on MSNBC after a 50-minute phone call with Mnuchin.

Talks speak in advance election dayHere is the key information you should be getting right now, including where the bill is located today and the speed at which it might be received a second stimulus test and like that Stimulus payments Think about your taxes. Check out this story again for updates.

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

Angela Lang / CNET

Everyone wants to give you another stimulus check

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 and President Donald Trump all say they want a solution that includes a second stimulus check, among other things other measures in the auxiliary invoice, as improved unemployment benefits.

In fact, provisions for a second review were part of two proposals since the adoption of the CARES law in March, one from Democrats and one from Republicans. Another stimulus check is part of the new and smaller bailout bill that House Democrats put out on Monday. The House of Representatives could vote on this new proposal this week.

You will not pay taxes on aid 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. The IRS said if you haven’t received everything you owed this year, you can claim it as credit for your 2020 federal income tax return by filing it in 2021.

The IRS could expedite the process of sending 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.


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Next stimulus checks: what to expect


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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 policy of who gets their check first

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

We already think we know how much money you could get

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

Payment details 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:

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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