When it comes to, there are some things we know and many more that we don’t — and that’s assuming a in the first place. With waiting to begin again in the final sprint of 2020, there’s quite a lot we can predict, including , how it could and which .
What we don’t know for sure is whether stimulus plan.before the end of the year or after the of President-elect Joe Biden, who has his own ideas about a
We can also predict who may beby looking at the terms of the and the various , including Biden’s plan. Here are the key facts about stimulus checks to knoe right now. This story updates often.
The IRS issues checks by priority groups: Know what yours is
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.
You can help yourself get a check faster, when it comes
, it’s expected that the IRS will move quickly to send them out. There are steps you can take now to get your payment faster. We’ve identified ways to , not the last.
The next check may arrive faster than the first
With the first check, the IRS learned how to mobilize and deliver stimulus money, and said it 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.
Some people won’t qualify for a stimulus check this time
With the first round of checks, Congress set income limits based on yourthat were one line separating who did and . But that’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 those things will likely also affect the second. Read .
The second payment may not be the same amount as the first
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 have also been changes to your life circumstances — such as a birth or death, starting a new job or becoming unemployed — that might also affect the amount you got. Here’s , and here’s you get.
Millions of people are still missing all or part of the first stimulus check
Guess what?from the first stimulus check. It may be that for , or that an (this really happened), that you fell through the cracks with your personal situation, that you didn’t think you qualified but you actually do and need to take an extra step, or that some other error kept you from getting the total amount you were entitled to. ; now, you’ll need to wait until tax season in 2021 to register for a payment from the IRS.
The IRS has a formula for stimulus payment calculations
Predicting what your payment could end up being is not straightforward. The IRS used afor the first check, and something similar for a second payment would determine 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 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 taxes to get your stimulus check
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 in order to get your check.
You won’t be taxed in 2021 for your stimulus check
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 several rules and exceptions for eligibility requirements
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.
In some cases, your stimulus money may be seized
In most cases, your check is yours; 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, here’s what’s happening, what and .