The road to onecontinues to zig and zig. As of Thursday, President Donald Trump has indicated that he wants Congress to follow a bill to send one .
It’s the latest shift in an irregular week that saw Trump – who is itafter being hospitalized for COVID-19 – tried and then re-establish calls to clear one . Other is on the agenda, with Finance Minister Steven Mnuchin and House Speaker Nancy Pelosi almost daily.
Stimulus checks are anything but simple, especially when it comes to qualifications, calculating your full estimate and calculating how taxes fit. We cut through the ever-changing chaos with the most important takeaways you should know. Here isand when we think . This story is updated frequently.
1. The best American leaders want you to get a new check
Thenstarted going out in April, it has been – and all include a second direct payment. Trump has been particularly enthusiastic about getting a new round of controls out 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.
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 weif approved before and after the election.
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,– an electronic transfer of money to your bank account – can take place weeks before people start getting a paper check or . We identified .
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,may change. It may even benefit your family if a new incentive bill redefines it 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 require some rewinding. 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.
7. You can already estimate your total stimulus amount
If you areor want to estimate how much a second check can contain, our is here to help. Remember that the rules are complex and depend on a variety of factors, such as yours ). Our calculator tool does not save your personal information in any way.
8. You will not pay tax on the money no matter when it arrives
IRS, 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 .
There is much more to know about other government payments during the pandemic. Here’s what you need to know about, den and .