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Stimulus checks: Biggest takeaways to know about your first and second payment



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Here’s what happens to a second stimulus check.

Angela Lang / CNET

Washington lawmakers continue to hassle over the details of another stimulus package, one that almost certainly contains one second stimulus control. There is nothing simple about the back and forth situation, or about the controls themselves, and everything they have to do with your taxes, your children and even if you would Get your payment weeks before or after your extended family and friends.

We can shift through all the clues as to how one other direct payments may work, based on the first incentive payment, parts of previous stimulus proposals from both sides at a time and the latest details on a Stimulation bill for the White House.

Here’s what you need to know in broad terms. We often update this story with new information.

Negotiations are still ongoing

Here’s the quick version: House Speaker Nancy Pelosi and Finance Minister Steven Mnuchin will continue to negotiate until this week.

The longer version: Both sides of the aisle weigh the White House $ 1.8 trillion, which arrived on October 9 and includes another direct payment for up to $ 1200 for individuals and a change in the status of dependent (more below). As of Sunday, Pelosi called the $ 1.8 trillion White House offer “completely inadequate.” “However,” she added, “I am still hopeful that the White House will join us in working towards a relief package that addresses the health and economic crisis that America’s families are facing and will do so soon. . “

The White House also struck with money left over from the CARES Act as a quick way to get some help out now, but the funds would not cover a second check.

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

While we expect a second stimulus control to largely follow the same guidelines as the first, the requirements may change. It can even benefit your family. One approach redefines which is considered a qualified addict and would give your family $ 500 for every dependency you identify on your taxes, regardless of age.

The current $ 1.8 trillion proposal from the White House offers a $ 1000 payment per children dependent. We’ve broken down how some families would benefit more from one method compared to the other in terms of your total payment. (Here is how young people would qualify for his own $ 1200 check.)

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

Angela Lang / CNET

3. American leaders really want you to do a new stimulus check

Democrats want it. Republicans want it. And Trump also wants to send another round of checks to Americans. Actually, each stimulus proposal then first check began expiring in April has included a second direct payment.

Even if 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.

4. 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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5. 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 probably a ceiling for a second incentive payment, but there is much more to know. Not everyone gets a full $ 1,200 and one Dizzying rules determine your share (more below). But if the qualifications are expanded, families can get it more money in the second round.

7. 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:

8. 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

9. 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. 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, including a possible interest rate check from the IRS and there $ 300 federal unemployment benefits is now.




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