Whether there will be a new stimulus package including a another round of direct payments before the Nov. 3 election remains unclear. Despite the fact we still don’t know when to expect a check if you qualify, we’ve generated a stimulus calculator so you can grab an estimate of your potential payment while you wait for lawmakers to reach an agreement. We’ve also identified the key facts to know about this type of financial assistance, which we walk you through below.
For more insight, learn how federal taxes figure into stimulus payments and how the IRS calculates the amount. We update this story as new information becomes available.
1. There’s hope a stimulus bill will still happen
With the Tuesday deadline in the rearview mirror, White House and Democratic negotiators now have until Friday to strike a deal on a larger package to allow for the chance of final legislation prior to the Nov. 3 election. Both sides have expressed optimism that there will be an agreement.
“I think we’re just about there,” Pelsoi said in a statement, Thursday. Politico reported Friday, though, that Democrats are telling her they don’t want to vote on a COVID bill unless Senate Majority Leader Mitch McConnell will actually bring it up for a vote in the Senate before Nov. 3.
This doesn’t mean the way forward is clear, though. Senate Republicans could still reject a bill. They led two votes this week on much smaller bills — a $500 billion extension to payroll protection for businesses and the “skinny” stimulus bill — both of which failed to advance.
Bottom line: The real action in the effort to complete a bill is between Pelosi and Treasury Secretary Mnuchin, and whatever happens this week will be crucial. A vote before the election would give stimulus checks and other aid a chance to come out by the end of 2020. Otherwise, the discussion may not be picked up again until January at the latest, depending on the election results. Here are more 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 with someone over a child, but you’re not married, you may each be able to receive $500 per child dependent.
3. Stimulus payment calculations could 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 the $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, including for a second check…Read more>>