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Home / Tips and Tricks / Stimulus Checks: Largest information about your first and second payment

Stimulus Checks: Largest information about your first and second payment



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The following happens with a second stimulus check.

Angela Lang / CNET

Washington lawmakers continue argue about the details of another stimulus package, one that is almost guaranteed to contain a second stimulus test. There’s nothing simple about the back and forth situation or the checks themselves and everything they have to do with your taxes, Their children and even if you would Receive your payment weeks before or after Your extended family and friends.

We can go through all the clues as to how a second direct payment could work, based on first stimulus payment, Sections of previous stimulus proposals from both sides of the aisle and the latest details from a Stimulus bill prepared by the White House.

Here’s what you need to know in broad outline. We regularly update this story with new information.

1. Negotiations are still taking place

Here’s the short version: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will negotiate through the week.

The longer version: Both sides of the aisle cradle those of the White House $ 1.8 trillion offerwhich arrived on October 9th and contains another Direct payment up to $ 1,200 for individuals – as well as a change in the status of dependent persons (more below). As of Sunday, Pelosi described the White House’s $ 1.8 trillion offer as “totally inadequate”. “However, I remain confident that the White House will join us in working towards an aid package that will, and will soon, address the health and economic crisis of American families.”

The White House also raised money from the CARES bill to get help quickly, but the funds wouldn’t cover a second check.

2. A change in the terms and conditions could result in more than US $ 1,200

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.)

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

Angela Lang / CNET

3. US leaders really want you to do one more stimulus check

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.

4. The IRS may provide you stimulus funds 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 process of sending out the first batch of payments, when and if 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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5. 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 done weeks before a check is received Prepaid EIP card by post. We have identified five priority groups based on the first stimulus tests.

6. A stimulus check for USD 1,200 per person is only part of the story

The maximum of $ 1,200 per person is a likely upper limit for a second stimulus payment, but there’s a lot more to know. Not everyone gets the full $ 1,200 and a Dizzying rules determine your share (more below). However, as the qualifications expand, families could receive more money in the second round.

7. Payment details 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:

8. You can already estimate your total stimulus amount

If you are I’m still waiting for your first payment or would like to estimate how much a second exam might involve, ours Stimulus Check Calculator is here to help. Remember that the rules are complex and depend on a variety of factors, such as: AGI (you can find it here). 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

9. You don’t pay taxes on the money no matter when it arrives

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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