The twisting, swinging path that leads tocan be difficult to follow, fast. We wanted to keep it simple for you, most recently in to the best things to know about , when you get it and what the ins and outs of eligibility can be.
Asapproaching, here are the seven key takeaways to know, including where the bill stands today, how fast you can get and how they processed on your federal income tax. This story is updated frequently.
Everyone wants to give you a new stimulus check
On Wednesday, the House Democrats were close to voting for one, $ 600 a week in federal unemployment benefits and aid to airlines and restaurants, but postponed the vote to allow the negotiations to continue. The bill, a revision of the Maize HEROES Act, could get a vote on Thursday.
There is strong bipartisan support to provide an additional direct payment(more on that below). Republican and Democratic lawmakers and President Donald Trump all say they want a solution that includes a second stimulus check, including other measures in the relief bill, such as .
Provisions for a second inspection have been part of, a writer of Democrats and two of Republicans.
The IRS can speed up the process of issuing checks
IRS and Treasury Department sentto 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.
You do not pay tax on incentive money
The 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 is 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.
The eligibility rules can be moved to your advantage
While we believe that a second stimulus control would largely follow the same guidelines as the first,may change. It may even benefit your family if a new incentive bill redefines it .
Other eligibility remarks:
The IRS has a strategy for who gets their check first
With the first check, the IRS and the Treasury Department sent checks in three ways: direct deposit, physical checks, and. 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. The IRS automatically selects the payment method, but will likely open its portal that allows people to if new legislation is approved.
We already think we know how much money you get
If you areor looking for an estimate of how much a second check may contain, you can use ours to get an idea of how much you, your family and can expect to get, especially if the qualifications change with another stimulus check. Our calculator tool does not save your personal information in any way.
Payment information can be complicated
When and if a second stimulus check arrives, the details will require some rewinding. 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.
There is much more to know about other government payments during the pandemic. Here’s what you need to know about, den and .