There is a lot we still don’t know for sure and will only know. And while many congressmen , there is also speculation about what could happen before .
Until all data, rules and regulations fall into place, here’s everything we do To do are currently aware of a second stimulus check, includingand which .
Here are 12 of our best guesses of what could happen with a second payment based on the terms of theand the different ones , including . We update this story often.
A second stimulus check may not come in 2020
Congress is back in session on Monday and has little time to compromise on more emergency aid for COVID-19. As Republicans and Democrats rush to negotiate a deal on a smaller package, it’s not clear if. It is possible that a bill with a check will be passed in 2021 instead. Or it may be that no bill is passed at all for New Year’s Day. If more COVID-19 emergency response continues without a second check, . We will know a lot more when the talks start again.
The IRS issues checks by group type. Which one is yours?
Eligible Americans would receive the first incentive money at different times, often because of the way they were paid, and a second payment would be similar. For example people– a wire transfer of money to their bank account – with the IRS, their checks could get weeks earlier than those who receive a paper check or . We have identified .
The next payment may arrive faster than the first
With the first check, the IRS learned how to mobilize and provide incentive money, and said it resolved many of the difficulties 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 haveif approved before – or after – the .
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, not the last.
Some people don’t qualify this time
With the first round of checks, Congress established income limits based on yourthat was one rule that separated who did and . But that’s just the beginning. Your status as a or , your and more also helped decide whether you had all or part of the first check – and those things will likely affect the second as well. Read .
You may get a smaller – or larger – payment this time
If the admission requirements change at the second check, you and your family can access, 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. . Here is , and here it is You get.
The IRS still owes millions of people to catch up on stimulus money
Guess?from the first stimulus control. It could be that in front of , or that one (this actually happened), that you went through the gap with your personal situation, that you didn’t think you were qualified, but that you do and have to go the extra mile, or that some other mistake was holding you back total amount were entitled to. ; now you have to wait until 2021 tax season to register for a payment from the IRS.
This formula determines how much incentive money you will receive
It’s not easy to predict what your payment might be. The IRS used onefor the first check and something similar for a second payment would determine whether you want the full amount, or a partial payment .
It also explains how you may still be able to get some incentive money even if your family’s annual income is higher than the limit set by thein March. The calculation starts with the total of your household , 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).
You don’t have to file a tax to get your incentive share
While, you don’t need to have a tax return to be eligible for a check. For example, if you are over 65 and receiving you 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 to get your check.
In 2021, you will not be taxed on incentive payments
Theirs. 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. Also, you don’t have to refund part 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.
Rules and exceptions are key to your final check total
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 – there are many secondary cases.
Certainly, for example if you have recently moved.
Here’s who can take your incentive money away
In most cases, your check is yours; it is not taxable. But there are a few situations where the federal government or a debt collection agency can like when you .
For more information on incentive payments, here’s what happens, what and .