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Second stimulus check: 8 important facts to know about a new payment after a roller coaster week



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

Angela Lang / CNET

Finance Minister Steven Mnuchin and House Speaker Nancy Pelosi did not reach an agreement second stimulus control for qualified Americans on Friday, but will continue to negotiate until the weekend.

It’s a surprising end to a surprising week that saw President Donald Trump – who it is tar steroiddexamethasone after in hospital for COVID-19stop the negotiations dead and restart them the same day. On Friday, the president said he wanted a larger stimulus bill than Democrats and Republicans, although the White House is expected to offer a $ 1.8 trillion bill. The package, which now seems more secure the stand-alone bills that Trump initiated late on Tuesday, contains another direct payment for up to $ 1200. Exactly when the payment would come is up in the air.

Let’s cut through the chaos with the most important facts about qualifications and calculate your next payment for coronavirus; keep reading for more information. We update this story regularly.

1. The best American leaders want you to get a new check

Then first stimulus control started going out in April it has been several suggestions for further stimulus – and all include a second direct payment. Trump has been particularly enthusiastic about bringing a new round of checks to the Americans.

While a new payment is packaged in one or another bill that must pass both chambers of Congress and get the president’s signature, this is an element that everyone agrees on.

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

Angela Lang / CNET

2. The IRS can deliver stimulants to you faster

The IRS has already gone through the growing pains to figure out how to mobilize and deliver a round of stimulus money. In theory, the agency can speed up the process of sending the first batch of payments, when and if they are approved. The tracking tool is already running, the system is in place and it is likely that most people who qualified for a first check will also get another.

The timeline is constantly changing, but we mapped potential dates a check can be sent if approved before and after the election.






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3. There are different priority groups for sending payments

Not everyone gets their checks at the same time and some of it depends on how you get paid. For example, direct deposit – an electronic transfer of money to your bank account – can take place weeks before people start getting a paper check or prepaid EIP card in the mail. We identified five priority groups based on the first stimulus controls.

A $ 1,200 stimulus check per person is just part of the story

A maximum of $ 1,200 per person is a probable ceiling for a second incentive payment, but there is much more to know. Not everyone gets the full $ 1,200, and a dizzying set of rules determines your share. But if the qualifications are expanded, families can get more money in the second round.

5. A change in the rules of eligibility can result in more than $ 1,200

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 and give your family $ 500 more for people you identify on your taxes.

6. Payment information can be complicated, fast

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 and for how much. Striped cases abound.

For example:

7. You can already estimate your total stimulus amount

If you are still waiting for your first payment or want to estimate how much a second check can contain, our stimulus control counter is here to help. Remember that the rules are complex and depend on various factors, such as yours AGI (here you will find it). 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

8. You will not pay tax on the money no matter when it arrives

IRS does not consider incentive money to be income, and a payment you receive this year does not reduce the 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.

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.


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