Maybe you have a question about the, or a that . Or maybe there’s even something you didn’t know you needed to know about . Can you ?
If you’re, what do you do? And how can you possibly get the next wave of money faster? We have answers (or at least the right direction.) Here are the most important things you should know about stimulus checks right now. This story has been updated.
Tax Season 2020 is really important for stimulus checks, even if you don’t ordinarily file
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 (it’ll be faster if you and ).
Ifor , or , the IRS will use your 2020 taxes to reconcile the difference — but only as, you guessed it, part of a . Yes, that even applies to to file income tax. Here’s our primer on .
One more thing: If you got a, but you never got your funds, you may need to rather than use the IRS’ rebate credit.
A third stimulus check could happen, and fairly 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 — along with Congressional Democrats — want to see the third injection of funds 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 may qualify for the next stimulus check, but things could 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.
Your stimulus check rights got better with the second round
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 that allows at least one entity to garnish your stimulus money. Make sure you .
The rules and exceptions can get 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.