After weeks of stoppages and starts, the White House and Democratic negotiators said this weekresume talks on a further round of financial assistance, which may include a . The move comes at a time of political upheaval that includes the future and a nomination to replace .
There are many efforts to know, but we have skippedto focus on seven of the most important things you need to know about what can look for . We update this story frequently.
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, 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 submitto 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.
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,may change. It may even benefit your family if a new incentive bill redefines it .
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. 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 portalif you have not already done so.
5. We already think we know how much money you can 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.
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.
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, den and .