Will there be a, when is and ? Can you you’d get? If you’re , what do you do now that the agency — and what does it all ?
We answer these questions and more. Here are the most important things you should know about stimulus checks right now.
Stimulus checks make Tax Season 2020 really important — for everyone
Whether you normally file taxes or don’t,, and vice versa. That’s because the IRS has more or less hooked into the tax system to decide everything from (based on ) to how , or even if you should get a (faster if you and ).
Ifor in your hands or , the IRS will use your 2020 taxes to reconcile the difference — but only in, you guessed it, as part of a . Yes, that even applies to to file taxes. Here’s our primer on .
One more thing: If you got a, but you never got your money, you may need to .
A third stimulus check is likely to happen, and it could come soon
Nine months to the day. That’s exactly how long it took between the(March 27, 2020) to the (Dec. 27, 2020). Even , has been bullish about Congress passing another — one that includes a . And he — and Congressional Democrats — want to see it sooner rather than later.
In fact, House Speaker Nancy Pelosi has said a bill could be ready for a vote in the House of Representatives as. It isn’t clear if this would be a smaller bill containing only a stimulus check and funding for , or the , but the level of urgency indicates that a new stimulus payment could arrive in the next month or two at most. Here’s the as we know it now.
More people will likely qualify for the next stimulus check, but things may get complicated
Whether thewinds up having a or some other amount, as long as it’s more than $600, more people are . That’s because there’s an that’s part of a after which point you can’t get any money. That goes up when the per-person maximum goes up. So more people are eligible for some stimulus money with a $1,200 check than with $600, and so on.
In addition to setting up a higher overall payout with a larger check, Biden’s stimulus proposal also seeks to include two more groups of people:and families with (that means some members are not US citizens).
What isn’t clear is how the payment will work for these groups. Will households all get another round of money per dependent, or just those who were excluded before? Will any amount of the payment be retroactive for mixed-status families who were barred from claiming the first and second check? Those rules aren’t yet determined.
You have stimulus check rights, and they got better with the second check
For the most part, stimulus dollars are yours to spend or save as you please. Almost nobody can compel you to pass over your proceeds for rent, car payments, back taxes or debt — or even. That’s with the second check that went out last month, which changed some of the rules. It isn’t clear how a third check would play into the mix. And there is still an exception of who could garnish your stimulus money. Make sure you .
The rules and exceptions are dizzying
When it comes to stimulus checks, small details and exceptions can be confusing. While some situations are easy to decipher, others concerning you and your dependents might make it unclear if you’re eligible, how much money you could receive and if there’s anything extra you have to do to claim your money.