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Home / Tips and Tricks / Yes, another stimulus check is on the table: 11 things you should know today

Yes, another stimulus check is on the table: 11 things you should know today



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

Sarah Tew / CNET

A second stimulus control has become part of the two-pronged negotiations for a new stimulus package in 2020. The latest version of the COVID-19 Incentive Account now reportedly contains one second stimulus control worth up to $ 600 for it those who qualify, including their family members.

Although we learn more about this here $ 900 billion relief package, many questions about one remain the second stimulus check. There are some we can answer based on the first stimulus control, and others to monitor as new information becomes available. For example: which payment priority group would you be in when the next payment comes, how much more or less money could you and your family members received and how can you claim missing money from your first stimulus check this coming tax season?

From what the last proposal entails to how you could receive your next payment faster and your rights to stimulus checks, we’ll focus on the most important facts you need to know now. This story was recently updated with new information.

read more: Do you want a third stimulus check? That may depend on the new conference

The second stimulus check could change two things

If a second stimulus check is approved as part of the new $ 900 billion bill, it could change at least two things (which we know so far). The first is the total amount you could get: $ 600 per eligible adult and $ 1,200 for married couples filing jointly – yes, this is largely based on your tax status, but more on that below.

Rumor has it that the same sliding scale that applied to the first stimulus check would continue to the second, meaning that individual taxpayers with a AGI under $ 75,000 one year would qualify for the full amount.

However, what could change, which would have a big impact on it amount of money your second stimulus check would be if the new direct payment would also award $ 600 to each of your family members, regardless of age, as The Washington Post reported. Here are some of them payment math to show how that could work out for your household.


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A third stimulus check has a question mark

Whether the latest economic aid package passes or not – with or without one second stimulus control – It is likely that we will see another relief effort underway in 2021, when President-elect Joe Biden takes office.

“It looks like there will be direct cash payments,” President-elect Joe Biden said on Wednesday of the $ 900 billion stimulus bill. “But it’s a down payment, a major down payment for what is due in late January and early February.

Or that means there is one third stimulus check in 2021 is unknown at this time, but may not be beyond the scope of possibility. Much of the success of one third direct payment and one more, bigger incentive bill can rest on what will happen with the new congress in January.

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December’s COVID-19 aid package is seen as a stop-gap for a larger stimulus bill in 2021.

Sarah Tew / CNET

Your next check will likely be delivered in payment group order

Eligible Americans got the first incentive money at different times, based on five de facto priority groups. The same system would likely be used if a second audit is approved. 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.

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When will you receive a second stimulus check? In staggered groups.

Angela Lang / CNET

Why you may not qualify for a second stimulus check

If the eligibility requirements change with another direct payment along with the maximum amount, or if your living conditions have changed in the last 9 months, you and your family may find that you may not qualify for a second stimulus check.

Remember that in the first round of checks, Congress set income limits based on your adjusted gross income and also a long list of preconditions. Read more about qualifications for incentive payments here. Here is how to estimate how much you would likely get if a (third) future check were to stay at $ 1,200 each. And here is how the IRS determined how much money you have with the first payment.

It took the IRS 19 days to send the first check. Now it can go faster

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 will be smoother and therefore faster during 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. Here’s what you can do now to help speed up the delivery of your personal check.

If money is missing from the first check, you can 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 thought you weren’t qualified, but that you actually do it and just have to go the extra mile, or that some other mistake was keeping you from making the total amount 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.

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

Angela Lang / CNET

You don’t have to file your taxes to be eligible for money

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 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 is not considered taxable income

Theirs does not regard incentive money as income. That means that 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.

There are important cases and exceptions to know

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 cannot be confiscated by a landlord, but …

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 state or federal government or a debt collection agency can take all or part of your check to cover a debt, such as if you child benefit. Here’s What You Should Know who can and cannot garnish your stimulus check.

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.

This formula helped determine the amount of your payment

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 receive the full amount or a partial payment, even if the maximum amount per person is $ 600.

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 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).


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