Isstill in the mix, with a chance ? What would happen if the IRS sent you for , topping out at $600 ? Can you do anything now to help , and if a , which ?
We answer these keyfacts and more, from the to your stimulus check rights. This story has been updated with new information.
Read more: Here’s how the IRS
The current stimulus bill proposal doesn’t include another check
On Monday, senators from both major parties jointly introduced a two-part COVID-19 relief bill worth $748 billion and $160 billion, respectively. Neither one contains a second stimulus check, but more than one senator urged their fellows to use the larger proposal as the basis for building a cohesive stimulus package that all parties can accept, in the next two weeks.
According the The Washington Post, Republican Sen. Mitt Romney raised the idea of a $1,200 stimulus check on a call with fellow Republicans, but was rebuffed after stating it would cost an additional $300 billion — even after suggesting the swap out the $160 billion set aside for the two most contentious issues, state and local aid, and a liability shield to protect businesses from coronavirus-related lawsuits.
Strong support for a second check could mean another try in 2021
A number of senators and representatives are saying Congress can’t go home this year without sending another direct payment to individuals and families.
“We’re not going to go home for the Christmas holidays unless we make sure that we provide for the millions of families in this country who are suffering,” Sanders said Dec. 11. Sanders and colleague Sen. Josh Hawley said they will push this week for a vote on the amendment.
Even if that doesn’t happen, the strong backing indicates a fresh start in 2021.
“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.”
President-elect Joe Biden 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,” Biden said on Dec. 11.
The White House proposal would change what your household gets
Last week the White House made its own $918 billion proposal that, according to the Washington Post, would send a $600 stimulus check to and . That 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.
While it’s unlikely to happen in 2020, the suggestion is an indicator of one way future negotiations could go. 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. To cover the cost of the checks, the White House plan would reduce federal unemployment aid.
Here’s a quick look at how the administration’s proposal could hypothetically play out:
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, . 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 more money, or less, in another check
If the eligibility requirements change with a second check, you and your family could find yourself withor 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 in the family, starting a new job or becoming unemployed — that might also . Here’s . And here’s you get.
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 .
Some people won’t qualify for another payment at all
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 .
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 helps 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, 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 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 isn’t 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
The rules and exceptions are critical, and varied
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 .