After weeks of stops and starts, White House and Democratic negotiators said this weekto resume talks on an additional round of economic aid, which could include a . The move comes at time of political upswell that encompasses the upcoming and a nomination to replace .
There are a lot of ins and outs to know, but we’ve skipped theto focus on seven of the most important things you need to know about what could look like for . We update this story often.
1. We’re one step closer to another stimulus check
Thursday, Treasury Secretary Steven Mnuchin said he and Speaker of the House Nancy Pelosi agreed to restart talks, which have been on hold for over a month despite strong bipartisan support for a second stimulus check and other measures in the relief bill.
This and Pelosi’s plan to have the House draft another, smaller bill than its , signal a step forward. It’s suggested the House could vote on the new proposal Oct. 2.
2. The IRS could speed up the process to send out checks
It took the IRS and Treasury Department 19 days to sendto recipients. Treasury Secretary Steven 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, Mnuchin said in August.
3. Eligibility rules could change 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:
4. There’s a method to who receives their check first
To get economic relief money out as quickly as possible to eligible Americans, the IRS and the Treasury Department took several approaches that included direct deposit, physical checks and June), this is how the nearly 160 million payments break down:. According to the most recent numbers from the Treasury Department (in
- Direct deposit: 75% or 120 million payments
- Paper check: 22% or 35 million payments
- Prepaid EIP debit card: 3% or 4 million payments
With the IRS continuing to urge people to set up direct deposit to receive payments straight to their bank account, that number could be even higher. It’s expected you’ll receive your money fastest with direct deposit, followed by the check and then the EIP card. The IRS automatically picks the payment method, but is likely to reopen its portal toif you haven’t already.
5. We already think we know how much money you could pocket
If you’reor are looking for an estimate for 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.
6. The fine print can get complicated, fast
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.
7. You don’t pay taxes on the money
The IRS doesn’t consider stimulus money to be income, 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.
There’s much more to know about other government payments during the pandemic. Here’s what you need to know about, the and .