Is the trigger test stopped? Probably not. 10 things to know today after Trump suspended talks

Within 24 hours of President Donald Trump returning to the White House Was hospitalized with COVID-19, He unexpectedly tasked with stopping the GOP Talks about the next economic stimulus package after the election. Then Again the course changed.

“I refuse [the Democrats’] Demand, and see the future of our country. As soon as I won, I instructed my delegates to suspend negotiations after the election until we passed a major stimulus bill focusing on hard-working Americans and small businesses. Trump’s Twitter account The talks with Democratic negotiators were tweeted on Tuesday afternoon.

A few hours later, Trump tweeted: “If a stand alone bill (200 1,200) is sent to me for trigger checks, they will go out to our big men immediately. I’m ready to sign right now. Are you asking Nancy?” The Speaker of the House refers to Nancy Pelosi. On Twitter, Trump called for the attention of Pelosi, Senate Minority Leader Chuck Schumer, White House Chief of Staff Mark Grasshoppers, Senate Minority Leader Steny Hoyer and House Minority Leader Kevin McCarthy.

While in hospital on Saturday, Trump’s Twitter account Issued presidential support for a new bill, In the background of his illness seems to be a sign of urgency. Trump is on medication to fight the corona virus, which includes a 10-day course Steroid dexamethasone.

Message to Stop Trigger Negotiations – Includes Money to bail out airlines, small business, financial audit and more In addition Another check for individuals – In the wake of Federal Reserve Chairman Jerome Powell’s comments the previous day on the need for new economic assistance from the federal government: “Low support will lead to a weak recovery, which will create unnecessary hardship for homes and businesses.”

With Nov.3 Election 28 days and up to Tuesday Speech stopped, Including these 10 key facts about trigger payments, to help you understand what’s going on How quickly can you get another charge If you are, by the new timeline Deserving Once the talks resume, how will you estimate the size of your total check and what the trigger payments will be? Reflected on your federal income taxes. We often update this story as the news develops.

Trump wants a stimulus package even after the talks have stopped

The key point taken from Trump’s tweet is that he still wants to pass a new bill that he calls “Major,” which would help “hard-working Americans”. Trump has expressed enthusiasm for direct payments.

“If his name is not printed on the check, he refuses to put money in employees’ pockets,” House Speaker Nancy Pelosi said Tuesday. In a statement This underscores the possibility of hanging on to another stimulus balance with other funding.

Ahead of Trump’s afternoon tweets, Federal Reserve Chairman Jerome Powell spoke of the need for more federal assistance. “The expansion is not yet complete.” He told those attending the virtual annual meeting of the National Association for Business Economics. “The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to support the economy until it leaves the forest.”

The IRS timeline for sending trigger checks has changed

If negotiations do not resume after the November 3 election, predictions for a stimulus check will be pushed back two months to the first group. The five priority groups we identified based on the first trigger checks. Final groups can receive their checks weeks or months after the first set.

A new stimulus bill was passed by the House. Here is what it really means

House of Representatives Thursday passed an amended trigger bill that includes a trigger fee, As well as $ 600 a week in federal unemployment benefits and assistance to airlines and restaurants (Compare it with the CARES law here). But – this is so important – this new measure of the Heroes Act is not law.

If negotiations take place after November 3, or after the inauguration day on January 20, 2021, they may pass a completely new bill, which will be voted on by both the House and the Senate.

Before the talks end, a person is likely to incur a $ 1,200 cap

During the negotiations, there was bipartisan support to offer another direct charge For those who qualify (More about that below). Republicans and Democrats and Trump have all said they want a solution that includes a second stimulus check, among other measures on the relief bill. Advanced unemployment benefits.

Preparations for the second check are part of that Three projects since the CARES Act was passed in March, One was written by Republicans and two by Democrats.

Once approved the IRS can still send checks more quickly

Sent by IRS and Treasury The first round of trigger payments For recipients within 19 days. In August, Treasury Secretary Steven Munuchin said that once the new law was signed, the system could send them much faster. “I can get 50 million payments quickly” and start paying a week after a bill is signed, he said.

You will not pay taxes when the relief money arrives

IRS Triggers do not consider money as income, The fee you receive this year will not reduce your refund in 2021 or increase the amount you will have to pay when you file your 2020 tax return. If you qualify for the minimum amount by 2021 you will not have to repay a portion of your check. The IRS said if you have You did not receive everything you owed This year, you can claim a loan on your 2020 federal income tax return by filing in 2021. Here Everything you need to know about trigger checks and taxes.

Eligibility rules may change to your advantage

We think the second trigger test will often follow the first guidelines, Required Qualifications Subject to change. If a new stimulus bill is redefined, it will benefit your family as well Who considers himself a qualifier.

Other Notes on Eligibility:

Trigger money is likely to be paid in 3 ways

With the first trigger check, the IRS and the Treasury Department paid in three ways: direct deposit, physical checks and Prepaid EIP cards. According to the most recent numbers in the Treasury Department (from June), Nearly 160 million payments are broken up like this:

• Direct Deposit: 75%, or 120 million payments
• Paper test: 22%, or 35 million payments
• Prepaid EIP Debit Card: 3%, or 4 million payments

You are expected to receive your money quickly with a direct deposit, followed by a check and EIP card. According to More about priority groups here. The IRS will automatically select the payment method, but is likely to reopen its online portal to allow people Sign up for a direct deposit If the new law is passed.

We already think we know how much money you can get

If you Still waiting for your first payment Or you are looking for an estimate of how much a second check might include, you can use us Trigger Test Calculator To get an idea of ​​you, your family and how much Your dependents Can be obtained, especially if the qualifications change with another round of allowances. Our calculator tool does not retain your personal details in any way.

Payment details can be complicated

When the second trigger check is approved, some disclosure of details will be required. While some situations are straightforward, other issues about you and your dependents are not clear whether you are eligible, the amount of check you should expect and when it will come. Margin cases are plentiful.

For example:

There is still a lot to learn about other government payments during epidemics. Here’s what you need to know Interest check from IRS, The Fed 300 Federal Unemployment Benefit And Management’s payroll tax cuts.