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Home / Tips and Tricks / The second stimulus control has a future. 10 things to know now that Trump wants a new bill

The second stimulus control has a future. 10 things to know now that Trump wants a new bill



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

Angela Lang / CNET

Less than a day after President Donald Trump returned to the White House hospital stay with COVID-19, he unexpectedly instructed the GOP to cease talks on the next economic stimulus package until after the election. He then put the talks back on the table by calling for “an independent bill for Stimulus checks ($ 1200)“who would” go out to our amazing people immediately. “

It is a face for Trump, whose account tweeted the president’s support for a new bill, which seemed to signal urgency in connection with his illness. Trump is still on medication to fight the coronavirus, including a 10-day course of steroid dexamethasone.

The result on Wednesday is that the road to a second stimulus control for eligible persons is still open, and is something that Trump could potentially launch before November 3 election in 27 days.

House Speaker Nancy Pelosi criticized Trump’s motivations on Tuesday (“He refuses to put money in workers’ pockets unless his name is printed on the check,”) but has signaled a willingness to explore a stand-alone bill for deliver much needed help.

While we follow the situations closely, here are 10 important facts about incentive payments that will help you understand what’s going on, including how fast you can get a new payment with a new timeline in effect, how to estimate the size of your total check and how the incentive payments are reflected in your federal income taxes. We update this story frequently.

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

Angela Lang / CNET

Trump restarts the stimulus package after halting talks

The most important takeaway from Trump’s tweets is that he still wants to see a “big” new bill after the election, which expresses confidence in winning a second term. Trump has expressed enthusiasm for delivering direct payments and promises to

Prior to Trump’s dinner tweets, Federal Reserve Chairman Jerome Powell spoke of the need for additional federal aid. “The recovery will be stronger and faster if monetary policy and fiscal policy continue to work side by side to support the economy until it is clear outside the forest,” he told participants in the National Association for Business Economics’ virtual annual meeting.

The IRS timeline for sending stimulus checks has changed

If talks do not resume until after the November 3 election, the forecasts for a stimulus check would be postponed by two months for the first group of people outside five priority groups that we identified based on the first stimulus controls. The last groups could get their checks weeks or even months after people in the first batch.






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Next Stimulus Controls: What to Expect




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A new stimulus bill passed the house. Here’s what it means

The House of Representatives approved a revised stimulus bill Thursday that includes a stimulus payment, and $ 600 per week in federal unemployment benefits and airline and restaurant assistance (compare it with the CARES Act here). But – and this is crucial – this new way of heroism is not law.

If the talks pick up speed after the election – either after November 3 or after the opening day on January 20, 2021 – they could give a completely new bill that both the House and the Senate would then vote on.

It is likely that a stimulus check of $ 1,200 per person is

During the talks, there was bipartisan support to provide an additional direct payment to people who qualify (more on that below). Republican and Democratic proposals and Trump support in his tweets a limit of $ 1,200 per person. But if the qualifications are expanded, families can get more money in the second round. (More on this below.)

The IRS was still able to send checks faster once they were approved

IRS and Treasury Department sent first round of incentive payments to recipients within 19 days. In August, Finance Minister Steven Mnuchin said he could send them much faster this time, once a new law has been signed. “I was able to get 50 million payments really fast” and start making payments a week after a bill is signed, he said.

You will not pay tax on relief 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.

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:

Stimulus money can be delivered in three ways

With the first stimulus check, the IRS and the Treasury Department sent payments in three ways: direct deposit, physical checks, and prepaid EIP cards. According to the latest figures from the Ministry of Finance (from 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 online portal that allows people to do so 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 get, especially if qualifications change with a new round of payments. 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

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, 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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