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Stimulus Check Quiz: Do You Know These Top 12 Facts?



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In 2020 we still have about a month and the future of a second stimulus check is still uncertain.

Sarah Tew / CNET

With Republicans and Democrats going back and forth on the terms of one final bill for emergency economic aid for the past six months, it has been difficult to separate fact from suspicion, inclusive how big your household’s second stimulus check could be. Did you know that when members of the House and Senate return to Capitol Hill this week, they will a tight deadline to reach a deal if they want to send a second stimulus check before the end of the year?

And while many congressmen are hoping for a different package, there is also speculation as to what could happen if a stimulus package is canceled before President-elect Joe Biden takes office. Even if it passes, your payment can be smaller than last time.

With so much in the air we’re waiting for negotiations on the next COVID-19 aid package To pick up again, we have brought together the truths we now know, including who could get the next stimulus check firsthow it could be make you more money than the first payment and which qualifications are subject to change.

Here are 12 of our best guesses of what could happen with a second payment based on the terms of the first stimulus control and the different ones proposals that have come up, including Biden’s own ideas. We update this story often.

A second stimulus check may not appear in 2020

Until Congress meets again the week of November 30, it is not clear whether a second stimulus check will be the winner, as Republicans and Democrats rush to compromise on a smaller deal until a larger package passes. It is also possible that no bill will be issued at all before 2021. If more COVID-19 emergency response continues without a second check, here’s how you can still take advantage of it. We will know a lot more when the House and Senate return and talks start again.

The IRS conducts checks by priority groups (see which one is yours)

Eligible Americans would receive the first incentive payment at different times, often because of the way they were paid, and a second payment would be similar. For example people who have set up direct deposit – an electronic transfer of money to their bank account – with the IRS, their checks could get weeks earlier than those who receive a paper check or prepaid EIP card in the mail. We have identified five priority groups based on initial stimulus controls.


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You can now prepare to get a check faster

When 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.

The next payment may arrive faster than the first

With the first check, the IRS learned how to mobilize and provide incentive money, saying 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 have mapped possible dates when a check could be sent if approved before – or after – the January 20 inauguration.

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

Angela Lang / CNET

Some people don’t qualify for a stimulus check this time

With the first round of checks, Congress established income limits based on your adjusted gross income that was one rule that separated who did and was not eligible for a stimulus check. But that’s just the beginning. Your status as a dependent or grown up, your citizenship 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 more about qualifications for incentive payments here.

Your second payment may not be the same amount as the previous one

If the admission requirements change at the 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 it is how the IRS determines how much money You get.

Millions of people still completely or partially miss the first stimulus check

Guess? The IRS may still owe you money from the first stimulus control. 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), 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. The deadline of November 21 to submit your claim has passed; now you have to wait until 2021 tax season to register for a payment from the IRS.

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

Sarah Tew / CNET

The IRS uses this formula to calculate how much you will get

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 and 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).

You don’t have to file a tax to get your stimulus check

While taxes and incentive controls are interrelated, you do not need to have a tax return to be eligible for a check. For example, if you are over 65 and receiving Supplementary insurance for income or social security disabilityyou 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.

In 2021 you will not be taxed on incentive money

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.

Many rules and exceptions apply

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.

For example:

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

In some cases, your stimulation money may be seized

In most cases, your check is yours to spend or save as you wish; 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.

Here’s what happens for more information on incentive payments with stimulus negotiations now, what President-elect Joe Biden is planning a stimulus bill and which federal benefits expire at the end of the year.


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