In response toand the of a handful of federal benefits helping individuals and families weather the pandemic, the House and Senate are pushing to get . Already this week, members of Congress have made that would renew a handful of federal assistance plans set to expire by Dec. 31 and provide other aid to individuals and families.
Two of the plans -- sent a third this week to Treasury Secretary Steven Mnuchin, but didn't release the details of their plan.and a second from Senate Majority Leader Mitch McConnell -- would both leave out a this year as part of the legislation. House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer
That doesn't mean, however, that another.
President-elect Joe Biden said Tuesday he'd work with the next Congress on additional economic assistance.
"A package passed in a lame-duck session is likely to be at best just a start," Biden said. "My transition team is already working on what I'll put forward in the next Congress to address the multiple crises we are facing, especially for economic and COVID crises." And even without the help of Congress, Biden still has.
As we wait for a-- you may be wondering, with a second stimulus check, and will it be ? And ?
In the meantime, here are 12 things we do know right now about a second payment, based on the terms of theand the various , including . We update this story often.
You might not get a second check in 2020
With Congress back in session, the Senate and House have little time to reach a compromise on more COVID-19 relief aid. If Congress does agree to the new bipartisan proposal that lacks a second check, it's possible that a.
You may get a smaller -- or larger -- stimulus payment this time
If the eligibility requirements change with a 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 in the family, starting a new job or becoming unemployed -- that might also . Here's , and here's you get.
How fast could you get a second check, based on your IRS grouping?
got the first stimulus money 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 .
The next payment could arrive quicker than the first one did
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 .
Prepare now to get your second check quicker
If a second stimulus check is approved, 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.
Some people won't qualify for a check next time around
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 IRS still owes millions of people catch-up stimulus money
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.
A formula determines how much stimulus money you get
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 money
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 on stimulus payments
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
Rules and exceptions are key to your final check total
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.
- , but there are exceptions.
- People who owe child support could .
- Some parents who share custody of a child dependent could .
- You to get a check.
- A different process may be required for people who receive .
Certain, such as if you recently moved.
Here's who can take your stimulus money away
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 .