The results of next week’s Nov. 3 election will have a huge impact on every aspect of a second stimulus check, one way or another — from what could be in the final bill to how soon the IRS will be authorized to send another check. Eligibility rules could change, which might have an effect on the total sum of your payment, and negotiations, which are currently underway, could speed up and lean one way or another depending on the outcome for Senators, Representatives and the office of US president.
While we don’t know what will happen next Tuesday, we can look at the most important stimulus payment facts as they currently stand, including how the IRS calculates your amount, the way your taxes figure in and if you may fall under more nuanced rule. The IRS may even owe you a catch-up payment, or maybe that first check just never came — we’ll show you what to do in situations like these. This story is updated regularly.
1. Hope is fading on a stimulus bill before Election Day
There could be an agreement on the final details on the stimulus bill by Nov. 3, but passing legislation is another story.
“It could happen this week in the House, but that’s up to [Senate Majority Leader Mitch McConnell] as to whether it would happen in the Senate and go to the president’s desk,” House Speaker Nancy Pelosi said on CNN’s State of the Union on Sunday. “We want to do it as soon as possible.” The Senate is scheduled to take a recess on Monday night.
Pelosi and lead White House negotiator Treasury Secretary Steven Mnuchin continue to talk on the phone, and Pelosi said if they don’t reach an agreement prior to the election, they’ll keep at it. “We’ll be working until we have something that the president will sign,” Politico reported Pelosi saying. “I don’t see any circumstance where the House and Senate would have a bill that the president wasn’t going to sign.”
If nothing happens this week, the two sides may not pick up the discussion again until early 2021, depending on the election results. Here are the latest details.
2. The IRS might owe these people a catch-up payment
If you’re still waiting for your first stimulus payment, there are several ways to hunt it down. As many as 9 million people were estimated to be eligible for a first check but didn’t receive it because they needed to register with the IRS — an extra step most people didn’t have to take. The deadline is Nov. 21 and we show you how to register.
Some people with dependents received only a partial payment and are still owed money. The deadline to get that in 2020 passed Sept. 30, but we explain how you can claim it with next year’s taxes.
And if you share custody of a child but you’re not married, you may each be able to receive $500 per child dependent.
3. Stimulus payment calculations may use this formula
You may be interested to know that the IRS has a formula for working out how much stimulus money you could get, and that’s what determines whether you receive the full amount, a partial payment or far more than $1,200 if you have kids.
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 the CARES Act in March. The calculations start with your household’s total adjusted gross income, add on the money allotted to qualifying dependents, and then start deducting from the total, based on your income bracket (as defined by the CARES Act).
You can calculate how much you could get in a stimulus check now, as well as for a second check…Read more>>
Source:-cnet
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