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New stimulus check: 12 things you need to know before the end of 2020



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A second stimulus check is at stake, with less than a month to go in 2020.

Sarah Tew / CNET

There is still a chance a second incentive payment could only this year as part of a new coronavirus relief package. But even under pressure to approve Congress another incentive bill before the end of 2020, it seems more likely that a check would arrive in 2021 instead. What’s the story there? We will tell you, along with other details you want to know about the following instant payment for up to $ 1,200.

Do you know exactly how the IRS makes decisions? how much of that $ 1,200 you get? Or any factors that may affect you get your check faster than your neighbors? What did you think about any qualification change that could lead to even more money – or less cash next time? Do you know the ways you can be disqualified or how to claim your first stimulus check, approved as part of the CARES law in March, now the The IRS deadline has passed?

We break down the important information into important takeaways so you know what to expect before a new payment comes in. (We update this story often.)

A second stimulus check is not over yet

On Monday, members of a bipartisan congress group are expected to use the final language of a Proposal of $ 908 billion to be voted on shortly before the end of the year.

The framework is currently ruling out a second stimulus check, which is likely seen as a way to increase the likelihood of a bill passing in the Republican-controlled Senate before the end of the year. But opposition from some Democratic lawmakers and at least one outspoken Republican leader is fueling the discussion.

President-elect Joe Biden is also in favor of another direct payment. “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.”

The need for instant payment is supported by Republicans and Democrats alike, as well as many top economists. If it does not meet the discount in 2020, a stimulus check is still possible may be approved in 2021.


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This is how quickly the IRS can give you a second check based on 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 – an electronic transfer of money into their bank account – with the IRS, their checks can be received 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.

You may get a smaller or larger incentive payment this time around – here’s why

If the eligibility requirements change at a second check, you and your family can access more money in your paymentor 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

Payments may arrive sooner once they are approved

With the first check, the IRS learned how to mobilize and provide incentive money, saying it solved many of the problems in the process. If a second check is approved, the agency can likely speed up the process of sending the first set of payments. 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.

Prepare now to 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.

You may not be eligible for a second round check

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 this year to claim a stimulus check.

Angela Lang / CNET

Millions of people are still missing stimulus checks from the IRS

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’ve gone through the gap with your personal situation, that you didn’t think you were qualified, but that you actually do it and just have to go the extra mile, or some other mistake was keeping you from getting the total amount to get that you are entitled to. Since tThe deadline of November 21 to submit your claim has passed, you must now wait until the 2021 tax season to register for a payment from the IRS.

A formula determines how much incentive money you will receive

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 allocated to eligible dependents, and then subtracts from the total based on your income group (as defined by the CARES Act).

If you don’t normally file a tax, you can still get a stimulus check

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.

The incentive money you have received will not be taxed in 2021

Theirs does not regard incentive money as income. That means a payment you receive this year will not lower 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. income tax return by filing in 2021.

Rules and exceptions determine how much you get

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 side issues.

For example:

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

Your incentive money can be confiscated – here’s who can take 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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