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Wednesday, January 20, 2021

8 Fast Second Stimulus Checks Facts You Should Know

Reports from the Washington Hill suggest that President Trump is gearing up to negotiate a stimulus package that would contain $1,200 direct payment stimulus checks. 

Allied in the week, Trump had tweeted that he has ordered his representatives to stop all stimulus checks negotiations with Speaker Pelosi until after the November presidential elections. A couple of hours later, he tweeted saying that he was ready for a stand-alone direct payments stimulus package. 

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Here are eight fast facts you need to know about the second stimulus bill. 

All Lawmakers Agree That Stimulus Checks Are A Necessity

As the first stimulus package is starting to wither off, several stimulus packages have been proposed in the House. While all of them had different price tags and clauses, one thing that remained constant is all of the proposed stimulus bills was the need for a second round of stimulus checks. 

The Second Stimulus Package Will Be Distributed Much Faster

In a recent statement, the IRS representatives stated that they have learned from the first stimulus package and that the second round of stimulus checks can be distributed much faster. 

IRS Distributes On A Priority Group Basis

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American citizens who pay taxes and whose direct deposit details are present with the IRS receive their stimulus package much faster than people who receive paper stimulus checks. Likewise, non-filers receive their stimulus checks much later than any other group. 

You Can Receive More Than $1,200

$1,200 is just the stimulus money that is reserved for adult eligible individuals. If you have dependents in your house, you can receive more from the stimulus bill. 

The Second Stimulus Bill Might Upgrade Its Eligibility Criteria

If the Democratic stimulus bill proposal gets approved, the eligibility criteria might get an upgrade. The good news is that it will include more people. 

Your Stimulus Money Is Not Taxable

Under the stimulus bill, stimulus checks are not considered income by the IRS. Furthermore, you can also claim credit next year if you did not receive your stimulus checks. 

Estimate Stimulus Checks Can Be Calculated Now

Even though the stimulus package is yet to be approved, there are several online tools that can help you calculate your estimated stimulus checks. 

Stimulus Package Details Might Get Complicated

The best advice we can give you is to send in your details to the IRS as fast as you can. Stimulus bill details can get very complicated very quickly. As it is, there are at least 9 million eligible Americans who are yet to receive their first stimulus checks. 

On Thursday, Speaker Pelosi said that there are differences between the Trump administration and the Democratic Party, but things can be resolved through compromises. It has given some people hope that a second stimulus package is on its way. 

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