قالب وردپرس درنا توس
Home / Tips and Tricks / Second stimulus check: 7 great things to know about a possible new payment

Second stimulus check: 7 great things to know about a possible new payment



    money-cash-dollar-bills-bank-stimulus-covid-finance-7151

What happens to a second stimulus check? We tell you.

Angela Lang / CNET

After weeks of stoppages and starts, the White House and Democratic negotiators said this week they come back to the table resume talks on a further round of financial assistance, which may include a second stimulus control. The move comes at a time of political upheaval that includes the future presidential debates and a nomination to replace Supreme Court Ruth Bader Ginsburg.

There are many efforts to know, but we have skipped the complexity of the stimulus bill to focus on seven of the most important things you need to know about what another incentive payment can look for eligible Americans. We update this story frequently.

    money-dollar-bills-cash-stimulus-taxes-covid-coronavirus-america-7039

High unemployment and a shaky economy underline the need for more help.

Angela Lang / CNET

1. We are one step closer to another stimulus control

On Thursday, Finance Minister Steven Mnuchin said he and House Speaker Nancy Pelosi had agreed to restart talks, which have been on hold for more than a month despite strong bipartisan support for a second stimulus check and other measures in the relief bill.

This and Pelosi’s plan to have the House draw up a different, smaller bill than its own Hero proposal from May, signal a step forward. It is proposed that the House be able to vote on the new proposal on 2 October.

2. The IRS may expedite the process of issuing checks

It took the IRS and the Treasury Department 19 days to submit first round of incentive payments to the recipients. Treasury Secretary Steven Mnuchin has said he could send them much faster this time, once new legislation has been signed.

“I was able to get 50 million payments really fast,” and start making payments a week after a bill is signed, Mnuchin said in August.






Now playing:
Check this out:

Next Stimulus Controls: What to Expect




3:03

3. Eligibility rules may change 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:

4. There is a method for who gets their check first

To get financial relief money out as quickly as possible to qualified Americans, the IRS and the Treasury Department took several approaches that included direct deposit, physical checks prepaid EIP cards. According to the latest figures from the Ministry of Finance (in 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

As the IRS continues to urge people to set up direct deposit to receive payments directly to their bank account, the number could be even higher. It is expected that you will get your money the fastest with direct deposit, followed by the check and then the EIP card. The IRS automatically selects the payment method, but will likely reopen its portal sign up for direct deposit if you have not already done so.

5. We already think we know how much money you can get

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 control counter to get an idea of ​​how much you, your family and your relatives 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.

stimulus-check-in-us-mail-envelope-cash-money-2020012

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

Sarah Tew / CNET

The small print can get complicated, fast

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.

For example:

7. You do not pay tax on the 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.

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 benefits and the administration’s payroll tax cut.


Source link