As the details ofthat would include a are still under negotiations on Capitol Hill, the timeline for remains up in the air. And that means so do details about that could affect a second stimulus payment, among other factors.
While we don’t know how it will all knit together, we can help you understand big-picture truths about the stimulus check, like if you could actually receive your check first or last among all the priority groups that will be determined, and.
Read on for more information on the biggest stimulus check takeaways, including how, and to . We update this story regularly.
1. Stimulus negotiations are growing more urgent
With the new unemployment figures on the rise, more than 8 million known coronavirus cases in the US, according to Johns Hopkins University, and millions more people who are in poverty, the pressure to bring more immediate aid intensifies by the day. But nothing about the next stimulus bill has been fast or easy.,
President Donald Trump continues to urge Congress to pass a bill. Meanwhile, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin speak daily and say they’re making progress on language and funding for the White House’s Oct. 9 , which includes another , as well as a change in the status of (more below).
At the same time, Senate Republicans are preparing to vote on a new stand-alone bill to refund the Paycheck Protection Program on Oct. 19 — just days away — which would not include a stimulus check. The White House insists Senate Republicans will fall in line to approve a bill. But while Senate Majority Leader Mitch McConnell has committed to passing a stimulus package — even post-election — he’s also digging in his heels on the White House’s offer, setting up a potential clash of wills between Republicans in the Senate and White House administration.
Here’s more on how.
2. Stimulus payment math works like this
Did you know that in some cases you can still get stimulus money if you have kids, even if your family’s yearly earnings?
We go into more depth here about, but the bottom line is that the IRS lumps together your household’s total and adds on the and then starts deducting from the total, based on your income bracket as defined by the CARES Act.
You can(including for a second check), but the bottom line is that even if your family income exceeds the limit — let’s say you’re married, filing jointly and have a $200,000 , with one qualifying child you can still see a $400 check. Without children, you wouldn’t be eligible for a check at all.
3. You could get more money with certain eligibility changes
While we expect a second stimulus check to largely follow the same guidelines as the first,are subject to change. That might even benefit your family. One approach redefines and would give your family $500 for each dependent you identify on your taxes, regardless of age.
Theoffers a $1,000 payment per child dependent. We’ve broken down how when it comes to your total payment. (Here’s for their own $1,200 check.)
4. A second stimulus check is likely, not guaranteed
It’s a bipartisan desire. Trump also wants to send another round of checks out to Americans. In fact,since the began going out in April has included a second direct payment.
Though a new payment is wrapped up in a bill of one form or another that has to pass both chambers of Congress and get the president’s signature, this is one element on which all sides seem to agree.
However, a stand-alone bill like the one now being floated in the Senate will not include another check (see the negotiations section above). This proposal is not expected to pass the House, but the passage of any stand-alone aid wouldn’t necessarily mean a second stimulus check isn’t coming — it would, though.
5. The IRS might get you your stimulus money faster
The IRS has already gone through the growing pains of figuring out how to mobilize and deliver one round of stimulus money. In theory, if a second check is approved, the agency could speed up the process of sending the first batch of payments. The tracking tool is already up and running, the system is in place and it’s likely that the majority of people who qualified for a first check will also receive another.
The timeline is constantly shifting, but weif approved before — and after — the election.
6. Different people could get paid at different times
Not everyone gets their checks at the same time and some of that comes down to how you’re getting paid. For example,— an electronic transfer of funds into your bank account — could happen weeks before people start to receive a paper check or . We identified .
7. Millions of people didn’t get their first check from the IRS
If you’re, there are several ways to hunt it down. As many as were estimated to be eligible for a first check, but that requires registering with the IRS, an extra step most people didn’t have to take. The deadline is Nov. 21 and we show you how to do it. Some people with dependents . The deadline to get that in 2020 passed Sept. 30, but we explain how you can claim it with next year’s taxes.
8. The exceptions and rules are downright dizzying
When and if a second stimulus check does get approved, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents may make it unclear if you’re eligible and for how much. Fringe cases abound.
9. You won’t pay taxes on your stimulus money
The IRS didn’t receive everything you were owed this year, you can claim it as a credit on your 2020 federal income tax return by filing in 2021. Here’s ., and a payment you get this year won’t reduce your refund in 2021 or increase the amount you owe when you file your 2020 tax return. You also won’t have to repay part of your check if you qualify for a lower amount in 2021. The IRS said if you
There’s much more to know about other government payments during the pandemic, includingand where the is now.