Delay Second Stimulus Check: When your payment could come now, why January 15th matters

The second stimulus control has already been delayed, and that changes everything. We will explain. But first this is important to know. After Congress released a new COVID-19 relief law right away second stimulus control For up to $ 600 per person last Monday night, President Donald Trump was expected to sign it. Instead, he sharply criticized the $ 600 upper limit and made it clear that he wanted Congress increase the amount to $ 2,000 per person.

Although Trump reportedly owned the nearly 5,600-page bill on Christmas Day (it combines $ 900 in stimulus aid with $ 1.4 trillion to fund the government in 2021), he would golf with Senator Lindsey Graham before he called again. at Congress for the $ 600 second incentive check up to $ 2,000. Without bill, government programs to send emergencies unemployment money and a deportation ban shall end on or before December 31.

The pause in the implementation of the bill hampers an already short deadline for the second stimulus control. The language in the incentive law requires the IRS to issue new payments by January 15. But with such a short timeline, tens of millions of people probably wouldn’t receive their payments within the three-week period and would get their money in a different way – which will certainly take longer.

We’ll explain more below, as well as work out some of the dates when your next direct payment might arrive. (Meanwhile, here’s how estimate the payment of your stimulus check and what can happen to one third stimulus check in 2021.) This story has been updated with more details.

How soon could the IRS deliver the next incentive payment?

If Trump gives in and signs the new stimulus bill into law, the IRS and the Treasury can make the first set of payments through direct deposit a week later, compared to the 19 days it took to set up the online tools and plan the distribution of the first stimulus check.

“Most of these will be direct deposits. We call them ‘postal checks’, but most will be direct depositsTreasury Secretary Steven Mnuchin said Monday. It will be in three weeks. We are determined to get money into the people’s pockets immediately. So that will be in three weeks. ”

Since last summer, 75% of the first round of stimulus payments have been sent directly to people’s bank accounts direct deposit, the Treasury said, giving hope for the majority of people to receive their second payment by January 15th.

In the chart below, we map out a possible payment schedule for the second round of checks, plus a projection if Congress agrees a third stimulus check next year, after Biden will be sworn in on January 20.

Why is January 15, 2021 so important?

This is the closing date in the $ 900 billion incentive bill by then, the IRS and the U.S. Treasury Department will stop sending checks as part of this round of delivery. If you don’t have your full second stimulus check money before January 15, you must claim all or part of the missing amount when you file your federal tax return in 2021. You can also claim any money the IRS still owes you from the first round of payments as part of a Refund Discount at that time too.

How long can it take to receive a second stimulus check in the mail?

Since the new incentive law sets a January 15th deadline for the IRS to send payments, people who receive their payments will second stimulus check in the mail – either as a paper check or a prepaid debit card – should seek payment in the first three weeks of January, Mnuchin said Monday. According to the Treasury, 22% of payments since last summer have been made with paper checks and another 3% with prepaid debit cards.

But after January 15th you will have to claim all the money the IRS owes you with your 2021 tax return. That could further slow down your stimulus check, as the timing would depend on:

• When filing your taxes for 2020, the deadline can be April 15, unless you are applying for an extension.
• How long it takes for the IRS to process your tax return, which may include your second incentive check.
• If there are any complications in your particular scenario that could further delay your check.

We keep an eye on the situation, which is constantly evolving. Here are the latest updates of the second stimulus control and here’s how you can now calculate your estimated total for up to $ 600 per person.