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Home / Tips and Tricks / Delay second stimulus check: When your payment could come, why January 15th matters

Delay second stimulus check: When your payment could come, why January 15th matters



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Time is running out again to issue a second stimulus check for potentially 160 million Americans.

Sarah Tew / CNET

The second stimulus control is being delayed by the day as President Donald Trump has hushed up his intentions for a new COVID-19 relief law that would provide much-needed assistance to tens of millions of Americans. The schedule to send a second stimulus check is tight, and for many the delay could mean waiting weeks or even months before their incentive payment arrives.

The problem is Trump’s firm criticism of the “measly” $ 600 cap negotiated by Treasury Secretary Steven Mnuchin – his White House representative in stimulus talks – and backed by the majority of Republican and Democratic lawmakers. Instead, Trump says he wants to $ 2,000 second stimulus checks. On Saturdays, the weekly federal unemployment insurance has lapsed. The deportation ban will follow soon, along with other programs set on end on or before December 31 if Trump doesn’t sign the bill.

“What the president is doing now is incredibly cruel,” Senator Bernie Sanders said on ABC’s This Week on Sunday. “Sign the bill, Mr. President, and then immediately — Monday, Tuesday — we can pass a direct payment of $ 2,000 to the working families of this country.”

Last week, Mnuchin said he could start sending out $ 600 second stimulus checks for eligible recipients a week after the bill became law, by direct deposit, followed by paper checks and EIP cards. But complicating matters is the already short deadline baked into the language of the bill, which would allow tens of millions of people to claim their money in another way. We explain it below. (Here’s where you can estimate the payment of your stimulus check, and read a third stimulus check in 2021.) This story will be updated with new information.

Why is January 15, 2021 such an important date?

This is the closing date in the $ 900 billion incentive bill by then, the IRS and the U.S. Treasury should 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 through the Refund Discount. You can also claim all the money the IRS still owes you from the first round of payments.

People who receive their incentive payment via direct deposit are unlikely to be affected. But there is potentially an obvious downside for people who do did not file a direct deposit with the IRS.

Tying of the delivery of a second stimulus check Tax returns for 2020 will almost certainly delay delivery for many people, as wide variation in circumstances will result in some people filing taxes as early as January and others not filing taxes until April 15, or even later if they have to file for deferment. It’s also not clear how quickly the IRS would process the payments.


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How soon would the IRS deliver my second 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 on December 21. 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.

Possible dates on which a second and third stimulus check could go out

Dates for second check

Data for a possible third check?

House passes the final bill

21st of December

April 5th

Senate approves final bill

21st of December

6 April

President signs

Week of December 28

April 7

First direct deposits issued

Week of January 4

Week of April 12

First paper checks sent

Week of January 11

Week of April 19

First EIP cards shipped

After filing tax returns for 2020

Week of April 26

Refund Discount

After filing tax returns for 2020

Unknown

How long can it take to receive your second stimulus check by 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.




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