As reported by cnet,
The IRS and Treasury Department are in the final days of makingto and . By Jan. 15 — that’s Friday — the agencies have to stop sending checks, at least for now. It’s complicated, but we’ll explain the most important things you need to know and where to find more answers, including what to do if you’re eligible for a but it doesn’t arrive by then.
For example, do you, did the IRS send you and what ? We’ll explain all that, too, plus how to , what and what to do if you don’t by next week.
You may also want to know that amay not be far behind. After on Jan. 20, he’s expected to begin work with Congress on a that could include a . Here are the details you need. This story was recently updated.
There are two ways to track your stimulus payment
If you’re missing your first check and waiting for your second, there are two things you can do to get some visibility into what’s going on. The first is to use the. The tool can show if there’s an issue that could — the IRS has already bungled millions of deliveries. Make sure you read our , since it isn’t always completely straightforward.
The second method, which is specifically for people who are gettingand , is to sign up for a and lets you know when it’s coming. That takes the guesswork out of the whole operation.
The IRS has until Friday to deliver $600 stimulus checks
payments have a deadline, specifically a Jan. 15 cutoff that’s part of December’s bill authorizing the money. As a result, there are now — before the deadline, and after.
What happens after the Jan. 15 cutoff? Do checks just stop?
If you don’t get your second check shortly after Jan. 15,will in 2021. The later you file taxes, the longer it might take to .
Can I call the IRS if I have a problem with my stimulus payment?
When the IRS facilitated sending the first stimulus checks, it sent a letter with phone numbers to call if you ran into trouble. The agency also staffed up call center representatives. That’s not the case this time around. Instead, the IRS wants you to claim your missing money using theas and use online tools and tells you not to call. Here’s how to .
$2,000 third stimulus checks are in the conversation
The last Congress endedinstead of the $600 ones now going out. The next chance will come after .
Biden has just sketched a framework for his administration’sand has . Who would qualify is unknown, but if , we built a . Here are eight ways you could .
The $600 limit disqualifies more people in the second round
Thereduces the total amount you will get to up to $600 per and $1,200 for married couples filing jointly, a fact that lowers the income ceiling for getting a partial payment and for getting any check at all.
That’s because a sliding scale built intogives you the full amount up to a certain income limit, and then a partial payment up to a set amount beyond that. After a certain amount, you wouldn’t be eligible for any stimulus money. ( to estimate your household’s payment this second time around. Here’s .)
In other words,from a $600 maximum stimulus check than they would the $1,200 or $2,000 maximum payment. For example, a single taxpayer would still get the full $600 with an , but they would not receive anything above $87,000, down from the $99,000 cap for the first check. See our guide for a . A $2,000 stimulus check that uses the same formula would .
Each qualified kid counts for $100 more than last time
The $900 billion set aside for economic stimulus changes the amount of money you’d get for qualified, a flat rate of $600. This is different from the variable rate set for . Compared to the first direct payment, this is an increase from $500 per child dependent 16 years or younger. There is no cap on the number of children 17 and under who would contribute the household’s total.
If you don’t file taxes, you could still get a stimulus check
While, you don’t need to have filed a tax return to qualify for a check. If you’re over age 65, for example, and receive , you could still qualify for a stimulus check under the CARES Act. You might need to take an extra step to request your payment to get your check if you don’t receive it automatically during tax season.
Your stimulus money doesn’t count as taxable income
The IRS. That means 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 stimulus check if you qualify for a lower amount this year. 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 this year.
Qualifications aren’t simple. Some rules and exceptions to know
When it comes to stimulus checks, small details, rules and exceptions can be confusing. While some situations will be easy to understand, others concerning you and your dependents might make it unclear if you’re eligible and how much money you might receive.
This time, your stimulus money will not be seized for rent or debt
In most cases, your check is yoursand it isn’t taxable. But there were a few situations where the state or federal government or a debt collector can take to cover a debt, such as if you . However, with the second check, the money can’t be used to pay past-due federal or state debts, and the payments are protected from bank garnishment and from private creditors or debt collectors.
The calculation starts with your household’s total, adds on the money allotted to qualifying child dependents and then deducts from the total based on your income bracket.