Second stimulus check: Will a $1,200 direct payment be issued in October?

Tarrah Gibbons
October 01, 2020 - 12:09 pm
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    Lawmakers continue to discuss a new COVID-19 relief deal and whether Americans will receive a second round of stimulus checks.

    Fox8 reports that for the stimulus checks to be sent by the end of the month, a deal will most likely need to be approved in the next two weeks. Based on the negotiations, the decision seems unlikely.

    Both Republicans and Democrats have voiced support for including direct payments in coronavirus relief packages. Second stimulus checks have been included in previous proposals from both parties. President Trump has also said he wants a package that includes another direct payment to taxpayers.

    According to reports, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to meet on Thursday afternoon after holding an “extensive conversation” Wednesday on a substantial COVID-19 rescue package.

    After a 90-minute meeting in the Capitol, Pelosi issued a statement saying the two would continue to talk. “We found areas where we are seeking further clarification,” she said.

    On Monday, House Democrats released a new proposal for a $2.2 trillion coronavirus relief package that includes another round of $1,200 stimulus checks. While it could see a vote this week, there’s still no guarantee that the proposal will pass.

    One thing taxpayers should know is that stimulus checks are not taxed. The Internal Revenue Service doesn’t see Economic Impact Payments as income, so you will not owe any money from any stimulus check you receive on your 2020 tax return. The aid also won’t reduce the amount of any refund you are owed.

    Since a new bill has yet to be signed, it’s unclear if a second stimulus check’s eligibility requirements will be the same as the first round. Requirements will most likely consider one’s adjusted gross income, as well as whether or not you file income taxes.

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