If Trump signs joint funding / COVID-19 emergency bill this week or next (and it’s unclear if he would return from Florida for that), we can predict when. Treasury Secretary Steven Mnuchin has said the first batch of payments could be sent out next week in bank accounts before the end of the month.
Like the first incentive payment, theare shipped in batches ( ), so that some people get them days, weeks, or possibly even months earlier than others. We can’t say when the next incentive check will be approved, but we can help you understand the different payment groups (and who .) Updated this story with new information.
Fastest: People who have made a direct deposit with the IRS
People who use theirregistered with the IRS, or who quickly provide that information when and if the IRS registration opens it again, are expected to be in the first group to receive a stimulus check. Wire transfer is faster and more efficient than sending a check, so this group got their first payment much faster.
read more: A? This is why .
“The good news is [direct deposit] is a very, very quick way to get money into the economy. Let me stress: people will see this money early next week, ”Mnuchin said on Monday during a phone call with CNBC.
For the first stimulus check, the IRS took 19 days to build their online tool. On April 15, it sent the first batch of stimulus checks, and in the first week, it sent about $ 80 million payments toby direct deposit. People were encouraged to sign up for direct deposit through May 13 to receive their checks faster than by mail. Some have been there or with , but overall this was the fastest method.
Here are ways you can helpincluding what we now know .
Beneficiaries of Social Security: Two Main Scenarios
On the first stimulus payment, many people who receive Social Security benefits, who also had direct deposit information registered with the federal government, received checks in the first week, but not always on the first day.
The IRS had a separate information section for people. Normally, people in these groups receive their federal benefits through a Direct Express card, although people in this group received their incentive payment through a non-Direct Express bank or paper check.
Delivery times for paper incentives may vary
With the first batch of payments, the IRS began sending out checks about a week after people with direct deposit information were on file. According to a June report by the Government Accountability Office, the U.S. Treasury can process between 5 million and 7 million paper incentive checks per week, in addition to checks for other federal programs.
The IRS and the Treasury Department said they began sending checks to, is less than $ 20,000, and then moving to people whose AGIs are getting bigger and bigger.
The IRS has said it sent a total of 160 million economic impact payments on the first check, meaning it took months to distribute paper checks to each eligible recipient. In fact, the IRS is finishing its distribution this month. Anyone who has not received a full or partial payment will.
Emailed EIP cards were last on the list the first time
are prepaid Visa cards that the IRS mailed to about 4 million people as of mid-May. If the IRS follows the same order of payment priority, this group may start to see their payment within a month of the first direct deposits made.
As with paper checks, the IRS could process 5 to 7 million EIP cards per week. Payments arrived in unmarked envelopes, making them difficult for the recipient to identify, but also less likely to be stolen by postal fraud. It’s unclear whether the IRS would keep the same EIP card delivery schedule with a second stimulus check.
People with more complex situations could wait the longest
This category includes people who received a check, or who have not yet received their full incentive payment, after June.
Direct payments will be finalized at the end of December. This is what could be therefor some people and to report a missing, lost, or stolen check. from the IRS, called a Recovery Rebate Credit, in the 2021 tax season.
If you didn’t receive your full payment on the first check, now what?
It’s not always clear how much money the IRS owes you in the event of an error. We recommend starting with ourand this introduction . If the numbers seem lower than they should be, you may want to investigate further.
See if any of these situations might apply to you: Are you, or ? Are you a taxpayer (including and people who )?
If you have aand did not receive a check as expected, you may also need to read the rules. And a new court ruling has made it possible for millions to get a check even after the IRS changed its interpretation to exclude this group.
Depending on which group you’re in, we’ve also mapped out some speculative dates.