By Wednesday, a bipartisan group of senators is expected to release a. However, it’s still uncertain whether the group will include a for .
The House and Senateaimed at renewing critical programs that are . However, this bill is not expected to include another stimulus payment at all. It seems more likely that Congress will rather than in the final weeks of 2020.
“This is not a stimulus bill,” said Sen. Bill Cassidy, a Republican member of the bipartisan group crafting the new bill, on Fox News Sunday. “It is a relief bill. And it is something for the next three or four months to help those in greatest need. There may be a stimulus check, but that would be part of a different piece of legislation.”
However, several members of Congress are still urging their fellow legislators to send a second check this year, either by adding funding for the payments on to the $908 billion package, or by passing.
“The millions of people who are most desperately impacted need a check,” Rep. Alexandria Ocasio-Cortez, a Democrat from New York, said Dec. 4.
If no second payment is likely to come this year, then when could you expect your next stimulus check to arrive, and would you? How exactly will the IRS decide , and how to bring you even more money — or perhaps — the next time around? Do you know the ways you , or how to claim your first stimulus check now that the ?
We break down the important information below so you know what to expect before another payment arrives. (We update this story often.)
It’s still possible a second stimulus check could happen soon
Members of a bipartisan congressional group are expected to introduce the language of athis week that may come up for a vote before the end of the year.
The framework is not expected to include a second stimulus check, so it can stand a better chance at passing in the Republican-controlled Senate before the year’s end. But opposition from some Democratic lawmakers and at least one vocal Republican senator.
President-elect Joe Biden is in favor of another direct payment, at least at some point. “It would be better if they have the $1,200 and I understand that may be still in play,” he said, while also calling the $908 billion deal “just a start.”
That is how the bipartisan group also sees it. “Those who want the direct stimulus checks, that will be something a President-elect Biden will grapple with,” Sen. Mark Warner, a Democratic member of the bipartisan group, said on CNN’s State of the Union on Sunday.
Your check could arrive earlier or later, according to your 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 .
Your next payment might be larger or smaller — here’s why
If the eligibility requirements change with a second check, you and your family could find yourself withor less. For example, anew 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.
Once a check is approved, the IRS could send it faster this time
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 .
You can prepare now to get your second check quicker
If a second stimulus check is approved, it’s expected 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.
Some people won’t be eligible for the second stimulus payment
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 your first check never arrived, you still have time 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 determines how much stimulus money you’ll receive
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).
Even if you don’t usually file taxes, you could get a check anyway
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.
You won’t be taxed in 2021 for the stimulus payment you received this year
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.
All the rules and exceptions are extremely important to who gets a check
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.
Yes, your money could be taken away — here’s who can seize it
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 .