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Home / Tips and Tricks / Could there be a new stimulus check on the horizon? 12 Things You Should Know

Could there be a new stimulus check on the horizon? 12 Things You Should Know



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We’ll tell you what you need to know about the next stimulus check and about you.

Sarah Tew / CNET

On Wednesday, a bipartisan group of senators released the framework for one Proposal of $ 908 billion for economic aid. The proposal still does not contain any second stimulus control in front of eligible AmericansBut it is in the air if this will change, with a growing group in Washington now asking for a new direct payment this year, including the White House, which proposed adding a check for $ 600 to the bill on Tuesday , the Washington Post reported.

If Congress decides not to include a second payment in the $ 908 billion package aimed at renewing critical programs that are expires before the end of the year, Congress will likely work approve a second stimulus check in early 2021.

Adding a check would change the focus of the bill, some argue. “This is not an incentive law,” Senator Bill Cassidy, a Republican member of the bipartisan group that devises the new bill, said on Fox News Sunday. “It’s an emergency response bill. And it’s just over the next three or four months to help those who need it most. Maybe there will be an incentive check, but that would be part of another piece of legislation.”

However, several members of Congress are still urging their co-legislators to send a second check this year. “The millions of people hardest hit need a check,” said Rep. Alexandria Ocasio-Cortez, a Democrat from New York, on December 4.

If there isn’t likely to be a second payment this year, when would you expect your next stimulus check, and yes receive your payment before or after your neighbors? How exactly will the IRS decide how much of that $ 1,200 you get, and how can change stimulus control qualifications to bring you even more money – or maybe less cash – the next time? Do you know the ways you can be disqualified, or how to claim your first stimulus check now the The IRS deadline has passed?

We break down the important information below so you know what to expect before another payment comes in. (We update this story often.)

A second stimulus check is still possible this year

Members of a bipartisan congressional group are expected to soon learn the language of a Proposal of $ 908 billion that could be put to the vote before the end of the year.

The framework is not expected to include a second stimulus check, so it has a better chance of passing the Republican-controlled Senate before the end of the year. But opposition from some Democratic lawmakers and at least one outspoken Republican senator provokes discussion.

President-elect Joe Biden is in favor of another direct payment, at least one day. “It would be better if they have the $ 1,200 and I understand it may still be in the game,” he said, also calling the $ 908 billion deal “just the beginning.”

That is how the bipartite group sees it as well. “Those who want the direct stimulus controls will be something an elected President Biden will grapple with,” Senator Mark Warner, a Democratic member of the bipartisan group, told CNN’s State of the Union on Sunday.


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Your check may arrive earlier or later, but it depends on your payment group

Eligible Americans got the first incentive money at different times, based on five de facto priority groups. For example people who have set up direct deposit with the IRS – a wire transfer of money to their bank account – they are expected to receive their payment weeks earlier than those who receive a paper check or prepaid EIP card in the mail. Here’s a more detailed one definition of the payment groups.

Your next check may be a different amount from the previous one – here’s why

If the admission requirements change at a second check, you and your family can access more money in your payment or less. For example, a new line could potentially earn you a higher amount. But there may also have been changes in your living conditions – such as a birth or death in the family, starting a new job or becoming unemployed. make your second stimulus check smaller. Here is how to estimate how much you would likely get. And here is how the IRS determines how much money You get.

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Do you get a second stimulus check? Not everyone is eligible.

Angela Lang / CNET

After a check is approved, the IRS can send it faster this time

In the initial audit, the IRS was tasked with creating an online registration and payment tracking tool, as well as a payment schedule for more than 160 million people. It took 19 days for the first wave of payment was delivered.

The hope is that the process can go smoother and therefore faster with a second check. The tracking tool is already running, the system is in place, and it’s likely that the majority of people who qualified for an initial check would get another one.

The timeline is constantly changing, but we have mapped possible dates when a check could be sent if approved before – or after – Biden’s January 20 inauguration.

You need to prepare now so that you get your second check faster

If a second stimulus check is approved, the IRS is expected to act quickly to send them out. There are steps you can take now to get your payment faster. We’ve found ways to make sure you are in one of the first waves to get your stimulation money, not the last.

Certain people are not eligible for the second incentive payment

With the first round of checks, Congress established income limits based on your adjusted gross income who drew a line between who did it and was not eligible for a stimulus check. But that’s just the beginning. Your status as a dependent or grown up, and your citizenship status are among the factors that also contributed to the decision of whether you got all or part of the first check – and those things are likely to affect the second as well. Read more about qualifications for incentive payments here.

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You have a few more weeks to claim a stimulus check this year.

Angela Lang / CNET

If your first check never arrived, there is still time to claim it

Guess? The IRS may still owe you money from the first payment of the stimulus check. It could be that some money was left out in front of dependent children, or that one interpretation of a rule changed (this actually happened). Or it could be that you went through the gap with your personal situation, thought you weren’t qualified, but you actually do it and just have to go the extra mile, or some other mistake was keeping you from getting the total to get that you were entitled to. Since the November 21st deadline to submit your claim has passed, you must now wait until the 2021 tax season to register for a payment from the IRS. Stay tuned for more information as we get closer.

This formula determines the size of your stimulus check

It’s not easy to predict what your payment might be. The IRS used one formula to determine how much incentive money you have received for the first check. Something similar for a second payment would determine whether you want the full amount, or a partial payment much more than $ 1,200 if you have kids.

It also explains how you might still be able to get some incentive money even if your family’s annual income is higher than the limit set by the CARES Act in March. The calculation starts with the total of your household adjusted gross income, adds to the money allotted to eligible dependents, and then subtracts from the total based on your income group (as defined by the CARES law).

You don’t have to file your taxes to get an incentive payment

While taxes and incentive controls are interrelated, you don’t need to have a tax return to be eligible for a check. For example, if you are over 65 and receiving Supplemental insurance for income or social security disability insuranceyou can still qualify for a stimulus check on the basis of the CARES law. You may need to take an extra step to request your payment (you had until November 21 for the first batch) to get your check.

Your incentive payment for 2020 will not be taxed next year

Theirs does not regard incentive money as income. That means that a payment you receive this year will not decrease your 2021 refund or increase the amount you owe when you file your 2020 tax return. You also don’t have to refund a portion of your stimulus 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 a credit on your federal income tax return by filing in 2021.

All rules and exceptions help determine who gets a check

If a second stimulus check is approved there will be many small details, rules and exceptions that can be confusing. While some situations are easy to understand, others that concern you and your family members can make it unclear whether you qualify and how much money you could receive, as there are many marginal cases.

For example:

Certainly problems can slow your control, for example if you have recently moved.

Your incentive money can be taken away – here’s who can get it

In most cases, your check is yours to spend or save as you wish and it is not taxable. But there are a few situations where the federal government or a debt collection agency can taking all or part of your check to cover a debtlike when you child benefit.

For more information on incentive payments, check out what happens with stimulus negotiations nowfind out what Biden is planning an incentive law and see which federal benefits expire at the end of the year.


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