Five days. That’s how long the IRS and Treasury have to send the rest of the second stimulus checks. Why? The language of December’s stimulus bill included, after which point the agencies can no longer send your $600 stimulus payment. ( and follow . .)
Even without the tumult in Washington — on one hand calls made approximately 80% of the payments through and the mail — with and — that still leaves 20% of folks waiting for their stimulus money.or after Jan. 6’s ; on the other, President-elect Joe Biden’s — meeting the Jan. 15 deadline would have been tough. Although the agencies have jointly
The checks are moving so quickly, in fact, that there’s, leaving millions of people without their stimulus payment. Anyone else who meets the stimulus qualifications but didn’t get their check in time, will also need to when they file their taxes later this year. Read on for everything you need to know. (P.S. Here’s everything we know about a .) This story has been updated.
Why is there a Jan. 15 stimulus check cutoff to begin with?
The newsets Jan. 15 as the cutoff date to send stimulus payments. The writers of the legislation didn’t explain why they chose this date. Tax season, which heavily involves both the IRS and Treasury, typically begins in mid-to-late January and continues through April 15.
If you don’t receive your fullshortly after Jan. 15, you will need to take the extra step of claiming all or part of the missing amount when you file your federal tax returns in this year as a . You’ll also be able to claim any money the IRS still owes you from the first round of checks as a credit.
Some people who received their stimulus payment through direct deposit have run into problems. If you experience with any of the three payment methods, it means you’ll have to wait until you file a claim — and take the extra step to do so.
Tying theto the 2020 tax return will almost certainly delay the payment for many people, since a wide variance in circumstances will cause some to file taxes as early as January and others as late as April 15, or even later if they need to request an extension. It also isn’t clear how quickly the IRS would process payments as a Recovery Rebate Credit.
Direct deposit transfers will soon come to a close
The IRS sent the firston Dec. 29, saying that the payments will continue through last week. It isn’t clear if the IRS and Treasury will continue processing bank account transfers until Jan. 15. People who have won’t be able to .
Whiledon’t need to do anything to receive the second payment — providing the IRS already has your banking or mailing information on file — you also can’t do much to influence getting a direct deposit over a mailed check. For example, you can’t register a new direct deposit account with the IRS or correct any banking information you have on file if you closed an account. If the IRS can’t deliver your payment, you’ll need to claim it on your taxes.
EIP cards and paper stimulus checks: Will some miss the deadline?
If the IRS doesn’t have your current direct deposit information on file, it will send the payment as a check or government report from June.in the mail. Again, it isn’t clear if the IRS has time to process all the tens of millions of payments before Jan. 15. The IRS was able to process between 5 and 7 million a week with the first stimulus check, according to a
It may be that some payments won’t make the Jan. 15 deadline. Here’s how you canand , for free, to set your expectations and to help prevent you from accidentally throwing it away. If you’ve .
Eyes up: You might get an EIP card this time instead of a check
The IRS is making 8 million payments through an, the agency told CNET in an email. That’s twice the number that was sent for the first stimulus check. Even if you got paid with a paper check the first time around, many more people might receive a debit card this time. On the flip side, some people who received a debit card last time may receive a paper check.
The IRS warns that those who are eligible but don’t receive a direct deposit should. The debit cards will arrive in a white envelope that displays the US Department of the Treasury seal, the IRS said.
Use two ways to track your $600 stimulus payment
The IRS has reopened itswith information on the second round of payments. With the free-to-use portal, can see the status of both the first and second payments. The website is available in English and Spanish. You can also use a to follow your check’s movements to your mailbox.
What’s the longest you might wait for your new stimulus check?
People who will receive their— either as a paper check or a — should look for a payment anytime from now through Jan. 15. According to the Treasury, 22% of the payments as of last summer were made as paper checks and another 3% as .
After Jan. 15, you will have to. That could further delay your stimulus check, since the timing would depend on:
- When you file your 2020 taxes — the deadline could be April 15, unless you file for an extension.
- How long it takes the IRS to process your tax return, which may also include your second stimulus check.
- If there are any complications that arise in your specific scenario that could further delay your check.
We’ll keep our eye on the situation, which is constantly evolving. Here’s how to.