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The 7 Biggest Takeaways About Stimulus Controls You Should Know



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

Angela Lang / CNET

Against the background of next week presidential debate, assembly campaigns until 3 November election day and new unemployment claims again over 800,000 last week, new hope emerges that one second stimulus control will be approved before the election.

After more than a month of stalemate, Treasury Steven Mnuchin and House Speaker Nancy Pelosi have agreed to restart calls on a new one financial relief, which may include more stimulus money for you and your family.

Stimulus checks represent complex legislation filled with contradictions and details, but we’ve cut through the noise to focus on the most important things you need to know right now, from how a stimulus check affects your taxes to how fast money can come. We update this story frequently.

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

Angela Lang / CNET

Everyone wants to give you another stimulus check

There is strong bipartisan support to provide an additional direct payment to people who qualify (more on that below). Republican and Democratic lawmakers and President Donald Trump all want a solution that includes a second stimulus check other measures in the relief bill (like improved unemployment benefits.)

In fact, provisions for a second inspection have been a part of two proposals since the CARES law was adopted in March, a writer of Democrats and one of Republicans. And another stimulus check is also expected to be in a new and smaller rescue proposal Pelosi has instructed House Democrats to prepare. The House of Representatives could vote on the new proposal on 2 October.

You do not pay tax on incentive 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. 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 2020 tax return by filing in 2021.

The IRS can speed up the process of sending checks

IRS and Treasury Department sent first round of incentive payments to recipients in 19 days. 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. We mapped how fast a new check can come.






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The eligibility rules can be changed 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:

The IRS has a plan for who gets their check first

With the first check, the IRS and the Treasury Department sent checks in three ways: direct deposit, physical checks, and 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

It is expected that you will get your money the fastest with direct deposit, followed by the check and then the EIP card. Read more about priority groups here. The IRS automatically selects the payment method, but will likely reopen its portal sign up for direct deposit if new legislation is approved.

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 a different stimulus check. 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

Payment information can be 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:

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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