A reportedly includes a worth up to $600 or $700 for those who qualify.has once again become part of the in 2020. The latest version of the now
While we wait for ato become law, you can get an idea of the you would be in to get your payment, how much you and may receive and what to do . You can also follow some steps to .
If you’ve still got questions about the, we’ve got answers. From what the latest proposal includes to your stimulus check rights, we identify the key facts and more below. We recently updated this story.
New stimulus bill said to include a $600 or $700 check
On Monday, senators from both major parties jointly introduced a two-part Politico and The Washington Post reported that Congressional leaders were close to finalizing a package that includes stimulus checks of $600 or $700.worth $748 billion and $160 billion, respectively. Initially, neither one contained funding for a second stimulus check. However, on Wednesday,
To cover the cost of the checks, the current proposal would reduce the amount of aid going to cities and states, The Washington Post reported. The plan is expected to also include an additional .
Discussions are ongoing about the exact size of the payments, according to the Post, and we won’t know for sure until ais released. Even then, the House and Senate will need to vote to approve the bill and President Donald Trump would need to sign it into law before checks would get sent out.
Even more aid could come in 2021
Whether or not the latest economic relief package passes — with or without a— it’s likely that we’ll see yet another relief effort underway in 2021, when President-elect Joe Biden takes office.
“We all know the new administration is going to be asking for another package,” Senate Majority Leader Mitch McConnell said Tuesday. “We can live to fight another day on what we disagree on, but we all agree to go forward on what we can agree on. That’s the way forward.”
Biden has said as much himself. “This relief package won’t be the total answer even if it gets passed, but it’s an important first step. There’s so much we have to do,” he said on Dec. 11.
When Biden takes office, he won’t have the authority to pass new laws on the federal budget, like authorizing another stimulus check or larger unemployment checks. But in limited circumstances, the sitting president , like renewing extra unemployment benefits, halting evictions, suspending student loan payments with no interest and raising the minimum wage ( ).
How much your household could get if the new bill passes
If a $600 stimulus payment perand is approved, it would put some money in peoples’ pockets, at a lesser amount than what Congress sent earlier this year. The first round of checks sent $1,200 to qualifying adults and $500 to children.
By making adult earners and child dependents equal, families with more children would see a greater benefit than individual earners or married couples with no children.
Here’s a quick look at how the latest proposal could hypothetically play out, compared to the first round of stimulus payments:
Stimulus checks: $600 versus $1,200
|$600 stimulus check||$1,200 stimulus check|
|Individual taxpayer, no children||$600 maximum||$1,200 maximum|
|Individual taxpayer, 1 qualified child||$1,200 maximum||$1,700 maximum|
|Individual taxpayer, 3 qualified children||$2,400 maximum||$2,700 maximum|
|Married couple, no children||$1,200 maximum||$2,400 maximum|
|Married couple, 1 qualified child||$1,800 maximum||$2,900 maximum|
|Married couple, 3 qualified children||$3,000 maximum||$3,900 maximum|
Your next check would likely be delivered in order of payment group
got the first stimulus money at different times, . The same system would likely be used if a second check is approved. For example, people with the IRS — an electronic transfer of funds into their bank account — are expected to get their payment weeks before those who receive a paper check or . Here’s a more detailed .
Why you could get less money in another check
If the eligibility requirements change with a second check along with the maximum amount, you and your family could find that.
With the first round of checks, Congress set income limits based on yourthat set a line separating who did and . But that’s just the beginning. Your status as a or , and your status are among the factors that also helped decide if you got all or some of the first check — and those things will likely also affect the second.
Read. Here’s if a future check were to remain at $1,200 apiece. And here’s you got with the first payment.
It took the IRS weeks to send the first check. Next time it may go faster
With the first check, the IRS was tasked to create an online registration and payment tracking tool, as well as a payment schedule for more than 160 million people. It took 19 days before thewas delivered.
The hope is that the process could go smoother and therefore faster with a second check. 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 — Biden’s . Here’s what you can do now to help .
If you never got your first check, you might still be able to claim it
Guess what?from the first stimulus check payout. It may be that for , or that an (this really happened). Or it could be that you fell through the cracks with your personal situation, that you didn’t think you qualified but you actually do and just need to take an extra step, or that some other error kept you from getting the total amount you were entitled to. Since , you’ll now need to wait until tax season in 2021 to register for a payment from the IRS. Stay tuned for more information as we get closer.
This formula helped decide the size of your payment
Predicting what your payment could end up being isn’t straightforward. The IRS used afor the first check. Something similar for a second payment would determine whether you receive the full amount or a partial payment, even if the maximum amount per person ends up being $600.
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 calculation starts with your household’s total , adds on the money allotted to qualifying dependents and then deducts from the total based on your income bracket (as defined by the CARES Act).
You don’t have to file your taxes to qualify
While, you don’t need to have filed a tax return to qualify for a check. If you’re 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 to get your check.
Your 2020 stimulus payment doesn’t count as taxable income
The IRS 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.. 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
There are important rules and exceptions to know
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 because there are many fringe cases.
Certain, such as if you recently moved.
Your stimulus money can be taken away in some cases
In most cases, your check is yoursand it isn’t taxable. But there are a few situations where the federal government or a debt collector can , such as if you .
For more information about stimulus payments, you can check in on what’s happening, find out what and see .