While the IRS has reportedly sent two-thirds of the incentive checks electronically, some issues have been reported and millions of payments are expected to come by mail as well. If you, that means there is just over a week left for your . What then? You can start with and next .
We’ll explain more about the IRS deadline, direct deposit, and what to do if you don’t receive yours belowshortly after January 15. Here’s more information on the , and a possible Which . This story was recently updated.
What happens to second stimulus checks 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 waiting to make a claim – and taking the extra step to do so.
TyingTax 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 unclear how quickly the IRS would process payments as a Recovery Rebate Credit.
Direct bank transfers are continuing this week
The IRS sent the firston Dec. 29 and said payments will continue throughout the week. It’s not clear whether the IRS and the Treasury Department will be done processing bank transfers by then – at least in the first round. People who have will not be able to .
WhileYou don’t have to do anything to receive the second payment – provided the IRS already has your bank or mailing information on file – you also can’t have much influence on receiving a direct deposit via check mailed. For example, you can’t register a new direct deposit account with the IRS or correct bank information on your file if you’ve closed an account. If the IRS can’t make your payment, then you need to claim your taxes.
EIP cards and paper stimulus checks: on the way, 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 Jan. 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. If you .
You can get an EIP debit card this time
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 arrive in a white envelope with the seal of the United States Treasury Department, the IRS said.
There 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 use a to track the movements of your check to your mailbox.
What’s the longest you can wait to receive your new payment?
People who use their– either as a paper check or a – must look for a payment anytime 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 .
You will have to after January 15th. That could slow down your stimulus control further, as the timing depends 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’s how.