With the Republican-led Senate now back in session and the House of Representatives starting in again next Monday, thecould once again pick up on with .
There’s talk that Senate Republicans will continue to push for a smaller bill with targeted aid, and Democrats may continue to argue for a larger package. While we don’t know every detail right now aboutor , what we can do right now is separate fact from fiction based on what we know , and what we’ve heard about the next round.
Here’s what is a fact and what’s a myth about stimulus checks. And here’sbefore 2021.
Fact: Not everyone will qualify for a second stimulus check
With the first round of checks, Congress set income limits based on yourthat were one line separating who did and . But it’s just the beginning. Your status as a or , your and more also helped decide if you got all or some of the first check — and it will likely also affect the second. Read here.
Myth: If you qualify for a second payment, you’d get the same amount as the first time
If the eligibility requirements change with the second check, you and your family could find yourself with, or less. For example, a new rule could potentially get you a bigger sum. But there may also be changes to your life circumstances — for example a birth or death, starting a new job or becoming unemployed — that might also play a role in a different check amount. Here’s , and here’s you get.
Myth: You have to file taxes to get a stimulus check
While, you don’t need to have filed a tax return to qualify for a check. If you are over age 65, for example, and receive , you could still qualify for a stimulus check under the CARES Act. You might need to take an extra step to request your payment in order to get your check.
Myth: Nobody can seize your stimulus money
In most cases, your check is yours. But there are a few situations where the federal government or a debt collector can , such as if you .
Fact: Stimulus payment calculations use a not-so-simple formula
Figuring out your payment is not straightforward. The IRS has a, and that’s what determines whether you receive the full amount, a partial payment or .
It also explains how you might still be able to get some stimulus money, even if your family’s yearly income exceeds the limit set out by thein March. The calculations start with your household’s total , add on the money allotted to qualifying dependents and then start deducting from the total, based on your income bracket (as defined by the CARES Act).
Myth: You will pay taxes in 2021 on your stimulus money
The IRS. That means 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 stimulus 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.
Fact: The IRS prioritized payments by groups
Eligible Americans got the first stimulus payment at different times, often because of the way they got paid, and a second payment would be similar. For example, people— an electronic transfer of funds into their bank account — with the IRS could get their checks weeks before those who receive a paper check or . We identified based on the first stimulus checks.
Myth: Your second payment will take as long to arrive as your first did
With the first check, the IRS learned how to mobilize and deliver stimulus money, and worked out many of the difficulties in the process. If a second check is approved, it’s likely the agency could speed up the process of sending out the first set of payments. The tracking tool is already up and running, the system is in place and it’s probable that the majority of people who qualified for a first check would also receive another.
The timeline is constantly changing, but we’veif approved before — or after — the Jan. 20 inauguration.
Fact: Eligibility requirements for a check have many rules and exceptions
If a second stimulus check is approved, there will be lots of small details, rules and exceptions that may be confusing. While some situations will be easy to understand, others concerning you and your dependents might make it unclear if you’re eligible and how much money you might receive. There are many fringe cases.
Certain, such as if you recently moved.
For more information about stimulus payments, here’s what to doand how to file a payment claim with the IRS if you think you’re . Here’s what’s happening .