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Home / Tips and Tricks / IRS sent the second stimulus payment in record time. What that could mean for a third check

IRS sent the second stimulus payment in record time. What that could mean for a third check



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The IRS hasn’t finished paying out the second stimulus check yet, but a third payment is already on the agenda.

Sarah Tew / CNET

In less than three weeks, the IRS and the Treasury sent over $ 100 million second stimulus controls. Now that that payments have entered phase 2 (if you didn’t get yours, you should claim it as part of 2020 tax season), the questions revolve around one third stimulus check — including how much money it could make, how the qualifications are subject to change and when it could be approved.

The only thing we know for sure about a third stimulus check is that President elect Joe Biden will insist on the new congress to make it happen – a $ 1,400 stimulus check is a big part of it Biden’s $ 1.9 trillion stimulus proposal. That said, there are some things we’ve learned from the past two stimulus control cycles that can help us anticipate what might happen next and when.

Here’s everything you need to know to learn more about direct payments in general incentive checks and your taxes for 2020, the top facts to keep in mind and how to contact the IRS if you think you are missing some or all of your first two payments.

When will Congress approve a third incentive check?

The first question to start with is when the process begins to turn an incentive proposal into law. We know that the first 10 days of Biden will focus on a series of executive actions. Biden cannot send incentive vouchers on the orders of the executive. On his second day in office, Biden will reportedly “direct his cabinet agencies to take immediate action to provide economic aid to working families who are the brunt of this crisis,” said a memo from Biden’s new chief of staff, Ron Klain, as reported. by CNBC. It is not clear what form that action would take.

The second question is how long a debate in Congress can last. After more than seven months, heated and sometimes bitter negotiations between Democrats and Republicans December’s Incentive Act, it’s impossible to know how long it will take for Biden’s stimulus proposal – or any future version of it – to be put to the test to become a bill, and put that bill to a vote in the House of Representatives and became Senate and law.

With the slim of the Democrats margin of control over both chambers in CongressBiden may have an advantage if his goals are approved, although members of his own party are already opposing the $ 1,400 per person cap, with some pushing for $ 2,000 per person and at least one other wondering why Americans are need third check.


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How soon could the IRS perform a third stimulus check?

Assuming a bill is passed and a third incentive check is approved, the next question is how soon the IRS could deliver it. With the second check, there was a very quick turnaround. For example, it took the IRS 19 days from the date the March 2019 stimulus bill was passed to the day the first check was issued. Conversely, the December 27 stimulus package gave the IRS only 17 days in total – including weekends – to send more than 100 million payments.

There was one notable direct deposit error, and people who haven’t received their payment may need to do so now wait weeks or months for their second checkups. But the scenario suggests that if the protocols are in place, the IRS could theoretically run third stimulus checks within days and weeks rather than weeks and months.

As an interesting data point, the IRS was able to process between 5 million and 7 million per week with the first stimulus check, according to a June government report.

Would a third stimulus check use the same IRS pay groups?

What are IRS Pay Groups? One way we’ve found that the IRS seems to organize when payments go to certain categories of people based on the payment method.

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How you get your second stimulus check can also affect how quickly your payment comes in.

Sarah Tew / CNET

The main ones are people getting their checks through direct deposit (the largest group and the fastest deliver), by paper checks in the mail and through EIP debit cards, a method the IRS has told CNET makes payments faster than physical checks, but was also the last payment method to run both rounds of stimulus check. It also requires you to activate a prepaid debit card.

The other groups that are loosely defined (by us) include Social Security beneficiaries, who have received payments in a different way the first time when they are part of the SSI or SSDI programs, and people with more complex scenarios, which can lead to potential problems or delays getting their money. people in situations for child benefit have been an example, and so too people who are locked up, and those with more complex citizenship scenarios.

Would a third check also have a deadline? Would it have something to do with my taxes?

The deadline of January 15 that was set for the second stimulus check was written without explanation in the text of the bill. It is not immediately clear whether the bill would have another closure in the future, or if that was a one-time consideration that took into account the IRS’s overlapping tasks of processing and preparing stimulus checks Tax season 2020. Last yes, the The tax date of April 15 was extended to July 15.

The two overlap with the second stimulus check that anyone who has not received all or part of their second payment must claim it as part of the IRS ‘ Clawback discount on their tax return – even if they have a non-file status and are usually not required to file taxes.

How can I speed up receiving a third stimulus check?

While we don’t know when a third stimulus check might come, there are a few things you can do to speed up receipt of your check, when or if it will. For example, you can sign up for direct deposit in your 2020 declaration, you would place in the priority category if a third incentive payment were to come.

And if you recently moved, tell the IRS and USPS. Here were our other suggestions for humans get their second check faster. Note that there may be some qualification changes that may not apply to a possible third stimulus control.

Will there be a third stimulus check for sure?

Whether or not a third stimulus check will take place and what form it could take is up to Congress. The rest, for now, is the basis of today’s public talks in government, and our educated guesses. There is always a good chance that a bill will pass one room and not the other, or will fail altogether. For now we watch and wait.


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