Second stimulus check: 9 facts to know, including one possible change – CNET

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Here's what's happening with a second stimulus check.


Angela Lang/CNET

            <p class="speakableTextP1">As <span class="link" data-track="anchorLink"><a href="https://www.cnet.com/personal-finance/will-there-still-be-a-new-stimulus-package-its-possible-heres-why/" data-component="linkTracker" data-link-tracker-options="{"action":"link_anchor"}">negotiations</a></span> to pass <span class="link" data-track="anchorLink"><a href="https://www.cnet.com/personal-finance/stimulus-check-2-how-fast-the-irs-can-send-it-to-you-if-congress-strikes-a-deal/" data-component="linkTracker" data-link-tracker-options="{"action":"link_anchor"}">the next stimulus check</a></span> amble forward, we can take stock of what we know about how it will be handled, based on the <span class="link" section="shortcodeLink"><a href="https://www.cnet.com/personal-finance/stimulus-check-qualifications-income-limit-fine-print-and-how-the-first-payment-may-determine-the-next-relief-package/">first stimulus check</a></span>, <span class="link" section="shortcodeLink"><a href="https://www.cnet.com/personal-finance/stimulus-package-how-the-new-heroes-act-compares-to-the-cares-act-from-march/">several previous stimulus proposals</a></span> and the latest details of a <span class="link" data-track="anchorLink"><a href="https://www.cnet.com/personal-finance/stimulus-package-status-if-it-passes-heres-what-you-get-beyond-a-second-check/" data-component="linkTracker" data-link-tracker-options="{"action":"link_anchor"}">White House-authored stimulus bill</a></span>.</p><p class="speakableTextP2">We'll go over the top takeaways that will help you to understand what's happening with stimulus payments right now, including who would <span class="link" data-track="anchorLink"><a href="https://www.cnet.com/personal-finance/stimulus-check-eligibility-how-the-requirements-may-change-with-a-new-relief-bill/" data-component="linkTracker" data-link-tracker-options="{"action":"link_anchor"}">qualify</a></span>, <span class="link" data-track="anchorLink"><a href="https://www.cnet.com/personal-finance/you-could-still-get-1200-in-a-second-stimulus-check-in-2020-everything-to-know-today/" data-component="linkTracker" data-link-tracker-options="{"action":"link_anchor"}">how much money</a></span> you might expect to receive and the effect on your taxes. This story was recently updated.</p><h2>1. Negotiations are a roller coaster</h2><p>Here's the quick version: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will <a href="https://www.reuters.com/article/us-health-coronavirus-usa-congress/pelosi-mnuchin-fail-to-reach-covid-19-deal-but-talks-go-on-amid-republican-doubts-idUSKBN26U1RM" target="_blank" rel="noopener noreferrer nofollow" data-component="externalLink">continue to negotiate</a> through the weekend. 

Both sides of the aisle are currently contesting the White House's $1.8 trillion offer, which arrived Friday and includes another direct payment for up to $1,200 for individuals — as well as a change in the status of dependents (more below). As of Sunday, Pelosi called the $1.8 trillion White House offer “wholly insufficient.” “However,” she added, “I remain hopeful that the White House will join us to work toward a relief package that addresses the health and economic crisis facing America's families and will do so soon.”

On Tuesday, Trump, who has been taking the steroid dexamethasone after being hospitalized for COVID-19, first called for a complete halt to talks between and then demanded that they restart — all in the same confusing day. By Friday, Trump declared that he wants a larger stimulus bill than the Democrats and Republicans

2. A change in eligibility rules could result in more than $1,200

While we expect a second stimulus check to largely follow the same guidelines as the first, the requirements are subject to change. It might even benefit your family. One approach redefines who counts as a qualifying dependent and would give your family $500 for each dependent you identify on your taxes, regardless of age. 

The current $1.8 trillion proposal from the White House offers a $1,000 payment per child dependent. We've broken down how some families would benefit more from one approach versus the other when it comes to your total payment. (Here's how young people would qualify for their own $1,200 check.)

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High unemployment rates and a faltering economy underscore the need for more aid.


Angela Lang/CNET

3. US leaders really want you to have another stimulus check

Democrats want it. Republicans want it. And Trump also wants to send another round of checks out to Americans. In fact, every stimulus proposal since the first check began going out in April has included a second direct payment. 

Though a new payment is wrapped up in a bill of one form or another that has to pass both chambers of Congress and get the president's signature, this is one element on which they all agree.

4. The IRS might deliver stimulus funds to you faster

The IRS has already gone through the growing pains of figuring out how to mobilize and deliver one round of stimulus money. In theory, the agency could speed up the process of sending the first batch of payments, when and if they're approved. The tracking tool is already up and running, the system is in place and it's likely that the majority of people who qualified for a first check will also receive another.

The timeline is constantly shifting, but we mapped out potential dates a check could be sent if approved before — and after — the election.

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<h2>5. There are different priority groups for sending payments</h2>Not everyone gets their checks at the same time and some of that comes down to how you're getting paid. For example, <span class="link" section="shortcodeLink"><a href="https://www.cnet.com/news/its-too-late-to-direct-deposit-your-stimulus-check-heres-what-happens-now/">direct deposit</a></span> -- an electronic transfer of funds into your bank account -- could happen weeks before people start to receive a paper check or <span class="link" section="shortcodeLink"><a href="https://www.cnet.com/news/eip-card-what-it-is-and-why-you-might-get-one-if-another-stimulus-check-happens/">prepaid EIP card in the mail</a></span>. We identified <span class="link" data-track="anchorLink"><a href="https://www.cnet.com/personal-finance/stimulus-check-2-how-fast-the-irs-can-send-it-to-you-if-congress-strikes-a-deal/" data-component="linkTracker" data-link-tracker-options="{"action":"link_anchor"}">five priority groups based on the first stimulus checks</a></span>.</p><h2>6. A $1,200-per-person stimulus check is only part of the story<br></h2><p>The $1,200 maximum per person is a likely cap for a second stimulus payment, but there's much more to know. Not everyone gets the full $1,200, and a dizzying set of rules decides your share. However, if qualifications expand, families could get more money in the second round.</p><h2>7. Payment details can get complicated, quick<br></h2><p>When and if a second stimulus check does get approved, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents may make it unclear if you're eligible and for how much. Fringe cases abound. 

For example:

8. You can already estimate your total stimulus amount

If you're still waiting for your first payment or want to estimate how much a second check could include, our stimulus check calculator is here to help. Remember that the rules are complex and hinge on a variety of factors, like your AGI (here's where to find it). Our calculator tool doesn't retain your personal details in any way. 

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Less than a quarter of eligible recipients received their payment as a check in the mail.


Sarah Tew/CNET

9. You won't pay taxes on the money no matter when it arrives

The IRS doesn't consider stimulus money to be income, and 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 check if you qualify for a lower amount in 2021. The IRS said if you 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. Here's everything to know about stimulus checks and taxes.

There's much more to know about other government payments during the pandemic, including a possible interest check from the IRS and where the $300 federal unemployment benefit is now.

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