Asto pass amble forward, we can take stock of what we know about how it will be handled, based on the , and the latest details of a .
We’ll go over the top takeaways that will help you to understand what’s happening with stimulus payments right now, including who would, you might expect to receive and the effect on your taxes. This story was recently updated.
1. Negotiations are a roller coaster
Here’s the quick version: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will continue to negotiate through the weekend.
Both sides of the aisle are currently contesting the White House’s, which arrived Friday and includes another — as well as a change in the status of (more below). As of Sunday, Pelosi called the $1.8 trillion White House offer “wholly insufficient.” “However,” she added, “I remain hopeful that the White House will join us to work toward a relief package that addresses the health and economic crisis facing America’s families and will do so soon.”
On Tuesday, Trump, who has beenafter , first called for a complete halt to talks between and then demanded that they restart — all in the same confusing day. By Friday, Trump declared that he wants a larger stimulus bill than the Democrats and Republicans.
2. A change in eligibility rules could result in more than $1,200
While we expect a second stimulus check to largely follow the same guidelines as the first,are subject to change. It might even benefit your family. One approach redefines and would give your family $500 for each dependent you identify on your taxes, regardless of age.
Theoffers a $1,000 payment per child dependent. We’ve broken down how when it comes to your total payment. (Here’s for their own $1,200 check.)
3. US leaders really want you to have another stimulus check
Democrats want it. Republicans want it. And Trump also wants to send another round of checks out to Americans. In fact,since the began going out in April has included a second direct payment.
Though a new payment is wrapped up in a bill of one form or another that has to pass both chambers of Congress and get the president’s signature, this is one element on which they all agree.
4. The IRS might deliver stimulus funds to you faster
The IRS has already gone through the growing pains of figuring out how to mobilize and deliver one round of stimulus money. In theory, the agency could speed up the process of sending the first batch of payments, when and if they’re approved. The tracking tool is already up and running, the system is in place and it’s likely that the majority of people who qualified for a first check will also receive another.
The timeline is constantly shifting, but weif approved before — and after — the election.
5. There are different priority groups for sending payments
Not everyone gets their checks at the same time and some of that comes down to how you’re getting paid. For example,— an electronic transfer of funds into your bank account — could happen weeks before people start to receive a paper check or . We identified .
6. A $1,200-per-person stimulus check is only part of the story
The $1,200 maximum per person is a likely cap for a second stimulus payment, but there’s much more to know. Not everyone gets the full $1,200, and a dizzying set of rules decides your share. However, if qualifications expand, families could get more money in the second round.
7. Payment details can get complicated, quick
When and if a second stimulus check does get approved, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents may make it unclear if you’re eligible and for how much. Fringe cases abound.
8. You can already estimate your total stimulus amount
If you’reor want to estimate how much a second check could include, our is here to help. Remember that the rules are complex and hinge on a variety of factors, like your ). Our calculator tool doesn’t retain your personal details in any way.
9. You won’t pay taxes on the money no matter when it arrives
The IRS, and a payment you get this year won’t reduce your refund in 2021 or increase the amount you owe when you file your 2020 tax return. You also won’t have to repay part of your check if you qualify for a lower amount in 2021. The IRS said if you didn’t receive everything you were owed this year, you can claim it as a credit on your 2020 federal income tax return by filing in 2021. Here’s .
There’s much more to know about other government payments during the pandemic, includingand where the is now.