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9 things to know about another stimulus check now that the house passed a new package



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Here’s what’s happening with a second stimulus check today.

Angela Lang / CNET

The ongoing negotiations on a two-party agreement on a the second incentive payment and other benefits received a new wave of support from President Donald Trump on Saturday. He is currently in hospital with COVID-19. Complex rules regarding eligibility and payment schedules made the situation difficult to follow and predict, but Trump’s illness adds another layer.

In the United States alone, the coronavirus has infected more than 7.4 million Americans and killed more than 211,000 people.

As the November 3 election approach, we have identified nine key facts about incentive payments that may help explain what is happening now, including the daily change in the bill, how fast you can get a second stimulus check and how these incentive payments relates to your income tax. This story is updated frequently.

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High unemployment and a tight economy underline the need for more support.

Angela Lang / CNET

Trump’s hospital stay at COVID-19 could change the timeline

On Thursday night, Trump and First Lady Melania Trump announced that they both tested positive for COVID-19and on Friday, the president was admitted to Walter Reed National Military Medical Center in Maryland after a report Friday morning that he had experienced mild symptoms.

From Saturday morning, Trump’s condition was characterized as improved, although it has been suggested that he was in a more serious condition than previously announced by the White House. CNET is closely monitoring the situation.

What exactly Trump’s situation means and whether it will affect the outcome of the package remains to be seen; however, on Saturday, Trump tweeted his support for a new bill from the hospital, a sign of urgency in connection with his illness.

Meanwhile, the negotiators – House Speaker Nancy Pelosi and Finance Minister Steven Mnuchin – have continued the talks and appear to be closer to a deal than they have been in a few weeks.

A new stimulus proposal has passed, but here’s what it really means

The House of Representatives approved a revised stimulus bill Thursday that includes a stimulus payment, and $ 600 a week in federal unemployment benefits and airline and restaurant assistance (compare it with the CARES Act here). But – and this is critical – this new grip on the hero law is not law. Negotiations on another two-party proposal are still ongoing, which could lead to even more changes in the legislation and the fate of another round of stimulus controls.

If the talks, which are under enormous pressure, succeed, they could give a whole new team that both chambers would then vote on. About conversations is not it successful, the US may have to wait to see what happens next (some likely scenarios below). The house is officially on hiatus from Friday, but can be called back at any time to vote.

Both parties want you to get a new check for up to $ 1200

There is strong bipartisan support to provide an additional direct payment to people who qualify (more on that below). Republican and Democratic lawmakers and President Donald Trump all say they want a solution that includes a second stimulus control, including other measures in the relief bill, such as improved unemployment benefits.

Provisions for a second inspection have been part of three proposals since the CARES law was adopted in March, a writer of Democrats and two of Republicans.






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The IRS can speed up the process of issuing checks

IRS and Treasury Department sent first round of incentive payments to recipients within 19 days. Mnuchin has said he could send them much faster this time when new legislation is signed.

“I was able to get 50 million payments really fast” and start making payments a week after a bill is signed, he said in August. We have mapped how fast a new check could come.

You will not pay tax on relief money

IRS does not consider incentive money to be income, and a payment you receive this year will not reduce your 2021 refund or increase the amount you owe when you file your 2020 tax return. You will also not have to repay part of your check if you are entitled to a lower amount in 2021 The IRS said that if you did not get everything you owed this year, you can claim it as a credit on your federal income for the 2020 tax return by filing in 2021. Here is everything to know about stimulus checks and taxes.

Eligibility rules can be changed in your favor

While we believe that a second stimulus control would largely follow the same guidelines as the first, eligibility requirements may change. It may even benefit your family if a new incentive bill redefines it which is considered a qualified addict.

Other eligibility remarks:

The IRS has a strategy for who gets their check in which order

With the first stimulus check, the IRS and the Treasury Department sent payments in three ways: direct deposit, physical checks, and prepaid EIP cards. According to the latest figures from the Ministry of Finance (from June), this is how the almost 160 million payments are broken down:

  • Direct deposit: 75% or 120 million payments
  • Paper check: 22% or 35 million payments
  • Prepaid EIP debit card: 3% or 4 million payments

It is expected that you will get your money the fastest with direct deposit, followed by the check and then the EIP card. Read more about priority groups here. The IRS automatically selects the payment method, but will likely open its portal that allows people to sign up for direct deposit if new legislation is approved.

We already think we know how much money you can pocket

If you are still waiting for your first payment or looking for an estimate of how much a second check may contain, you can use ours stimulus check calculator to get an idea of ​​how much you, your family and your relatives can expect to receive, especially if the qualifications change with a new round of payments. Our calculator tool does not save your personal information in any way.

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Less than a quarter of eligible recipients received their payment as a check in the mail.

Sarah Tew / CNET

Payment information can be complicated

When and if a second stimulus check is approved, the details will need to be torn up. While some situations are simple, other complications about you and your loved ones can make it unclear if you are eligible, the size of a check you can expect and when it will arrive. Striped cases abound.

For example:

There is much more to know about other government payments during the pandemic. Here’s what you need to know about a possible interest rate check from the IRS, den $ 300 federal unemployment benefit and the administration’s payroll tax cut.




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