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New stimulus check: 12 things you should know by the end of 2020



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

Sarah Tew / CNET

While a rowdy group of lawmakers continues to urge fellow Congressmen to steer a second stimulus check this year the Senate and the House of Representatives will mainly do that consider a $ 908 billion bipartisan package this week aimed at renewing critical programs that are expires before the end of the year. It is not expected that no other will be included direct payment for any amount. Congress is more likely now approve a second stimulus check in early 2021 than in the last weeks of 2020. (Here’s everything we know about the new rescue plan straight away.)

“This is not an incentive bill,” Senator Bill Cassidy, a Republican member of the bipartisan group that drafted the new bill, said on Fox News Sunday. ‘It is a bill for emergency aid. And it’s something for the next three or four months to help the neediest. Maybe there will be an incentive check, but that would be part of another piece of legislation. ‘

If a second payment is unlikely to come this year, when can you expect your next stimulus check to arrive, 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 the qualifications of stimulus check may change 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 may take place soon

At the beginning of this week, members of a two-tier conference group are expected to use the end language of a Proposal of $ 908 billion that can be put to a vote before the end of the year.

The framework likely rules out a second stimulus check 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 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 a bipartisan group, told CNN’s State of the Union Sunday.

“There might be an incentive check, but that would be part of another piece of legislation,” Senator Bill Cassidy, a Republican, told Fox News Sunday.


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Your check could arrive according to 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.

There are two main reasons why your next payment could be larger or smaller

If the eligibility 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

The IRS can cut the wait once a check is approved

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 can now prepare 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.

Some people are not eligible for another 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 this year to claim a stimulus check.

Angela Lang / CNET

If you miss your first check, you can still 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’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 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.

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 taxes, you can still get a 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 payout you 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 are extremely important

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.

Yes, your 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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