The road tohas seen plenty of twists and turns in the news. It can get hard to follow from day to day. We wanted to keep it simple for you, from the latest in (more below) to the top things to know about , when you’ll get it and what the ins and outs of eligibility might be.
Asapproaches, here are the eight key takeaways to know, including where the bill stands today, how quickly you could get and how those are treated on your federal income taxes. This story updates often.
Thursday is a big day for stimulus checks
The House of Representatives could possibly vote on aThursday, which could include $600 a week in federal unemployment benefits and aid for airlines and restaurants. The House’s vote today is on the back burner in case negotiations between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin break down.
If the talks are successful, they could yield a different, bipartisan bill both chambers would then vote on. If talks aren’t successful, this new package, a revision of, would likely pass the House, but not the Senate.
Both parties want you to have a new check for up to $1,200
There’s strong bipartisan support to provide another direct payment(more on that below). Republican and Democratic lawmakers and President Donald Trump all say they want a solution that includes a second stimulus check, among other measures in the relief bill, such as .
Provisions for a second check have been part of, one authored by Democrats and two by Republicans.
The IRS could accelerate the process of getting out checks
The IRS and Treasury Department sentto recipients within 19 days. Mnuchin has said he could send them much faster this time, once new legislation is signed.
“I could get out 50 million payments really quickly” and start making payments a week after a bill is signed, he said in August. We’ve.
You won’t pay taxes on stimulus relief money
The IRS, and a payment you get this year will not 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 .
Eligibility rules could shift to your advantage
While we think a second stimulus check would largely follow the same guidelines as the first,are subject to change. It might even benefit your family, if a new stimulus bill redefines .
Other notes on eligibility:
The IRS has a strategy for who receives their check in what order
With the first check, the IRS and the Treasury Department sent checks three ways: direct deposit, physical checks and. According to the most recent numbers from the Treasury Department (from June), this is how the nearly 160 million payments break 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’s expected you’ll receive your money fastest with direct deposit, followed by the check and then the EIP card. Read. The IRS automatically picks the payment method, but is likely to reopen its portal that lets people if new legislation passes.
We already think we know how much money you may get
If you’reor are looking for an estimate of how much a second check could include, you can use our to get an idea for how much you, your family and could expect to receive, especially if qualifications shift with another stimulus check. Our calculator tool doesn’t retain your personal details in any way.
Payment details can get complicated
When and if a second stimulus check does arrive, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents could make it unclear if you’re eligible, the size of a check you should expect and when it’s coming. Fringe cases abound.
There’s much more to know about other government payments during the pandemic. Here’s what you need to know about, the and .