While the IRS has reportedly sent two-thirds of the incentive checks via direct deposit, some issues have been reported and millions of payments are expected to come by mail as well. If you, that means you have a little more than a week to spare for you . So what if you don’t get your money before the mid-January close? To begin with, you can and follow .
We’ll also explain more about the IRS deadline, direct deposit, and what to do if you don’t receive yourshortly after January 15th. While you’re here, you can learn more about the , and a possible . This story was recently updated.
What happens to second stimulus payments after January 15th?
The newsets January 15 as the cut-off date for sending incentive payments. If you don’t have your full by then, you must claim all or part of the missing amount when you file your federal tax return in this year as a . You can also claim any money the IRS still owes you from the first round of checks as credit.
Some people who received their incentive payment via direct deposit have run into a problem. If you experienceusing one of the three payment methods, this means you have to wait to file a claim – and take the extra step to do so.
Tying of theTax returns for 2020 will almost certainly delay payment for many people, as a big difference in circumstances will result in some 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 is also not clear how quickly the IRS would process payments as a Recovery Rebate Credit.
Direct deposits will continue this week
The IRS sent the firston Dec. 29 and said payments will continue this week.
WhileYou don’t need to do anything to receive the second payment – provided the IRS has already recorded your bank or mailing information – there’s also not much you can do to influence receiving a direct deposit via a check mailed. For example, you cannot register a new direct deposit account with the IRS or correct bank information on file if you have closed an account. If the IRS can’t deliver your payment, then you need to claim your taxes.
EIP cards and paper incentive checks are in the mail, but will some miss the deadline?
If the IRS does not have your current direct deposit information on file, payment will be sent as a check orin the post – they started going out on December 30th. It’s not clear whether the IRS has time to process all tens of millions of payments by January 15. The IRS was able to process between 5 and 7 million a week with the first stimulus check, according to a June government report.
Some payments may not meet the January 15 deadline. Here’s how you canand , free of charge, to set your expectations and avoid accidentally throwing it away.
What is an EIP debit card and what if you get one?
The IRS said to speed up delivery, it will make some payments with oneand notes that some people who last received a paper check may receive a debit card this time, and some people who last received a debit card may receive a paper check.
The IRS warns that those who qualify but do not receive a direct deposit should do so. The debit cards will come in a white envelope with the seal of the United States Treasury Department, the IRS said.
Here are two ways to keep track of your $ 600 stimulus check
The IRS has reopened itwith information about the second payment round. With the free to use portal, can see the status of both the first and second payment. The website is available in English and Spanish. You can also create a to track the movements of your check to your mailbox.
How long will it take to receive your new payment?
People who use their– either as a paper check or a – should be looking for a payment at any time from now until January 15th. According to the Treasury, 22% of payments as of last summer were made by paper checks and another 3% by .
After January 15, it will have to. This can further delay your stimulus control, as the timing depends on:
- When filing your taxes for 2020, the deadline could 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’s how.