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Home / Tips and Tricks / Second incentive check for $ 600 or $ 2,000? Either way, payments come in waves

Second incentive check for $ 600 or $ 2,000? Either way, payments come in waves



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Will you be first in line for a stimulus check, or last?

Angela Lang / CNET

Never has the second stimulus control been closer both reality and failure. What happens next – and where you fall in line to get another direct payment, if that happens – can have a huge impact on whether your second stimulus check will come in January, weeks or months later, or not at all.

In a nutshell, President Donald Trump, who is now in Florida for Christmas, suggested this week that he second stimulus control and $ 900 billion in coronavirus help – unless the size of the maximum instant payment ranges from $ 600 to $ 2,000.

Chaos has arisen. While on the one hand, $ 2,000 would undoubtedly bring more relief to tens of millions of households, it also casts doubt on the viability of the entire bill by the very last hour.

Regardless, we understand enough of the payment process to know that when an invoice is legally signed, the IRS will start sending the second stimulus control according to different payment groups, which we will explain below. (You can also calculate the total of your $ 600 stimulus checkThis story is regularly updated as new information emerges.

First, people who have already filed a direct deposit with the IRS

People who use their direct deposit information registered 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 third stimulus check in 2021? This is why January’s new convention could be key.

“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, ” Treasury Secretary Steven Mnuchin said on Monday during a phone call with CNBC (before Trump spoke).

For the first stimulus check, the IRS took 19 days to build its online tool. On April 15, it sent the first batch of stimulus checks, and in the first week, it sent about $ 80 million payments to eligible recipients by 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 holdups with the tool or with their personal situations. But overall, this was the fastest method.

Here are ways you can help speed up the delivery of your next checkincluding what we now know sign up for direct deposit.


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Second stimulus checks: everything you need to know


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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 that receive SSDI and SSI. 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.

Why there can be a delay in paper check delivery time

With the first batch of payments, the IRS began sending checks about a week after it processed the money for people with direct deposit data 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.

But there is a catch. Language in the Incentive Act sets a Jan. 15 closing for the IRS to send payments. So anyone who hasn’t received theirs by that date should claim it early 2021 during tax season.

The timing then becomes a matter of how soon you file your taxes for 2020 and how quickly the IRS could process your return. These two scenarios are influenced by different factors. For example, people filing their tax return in February would likely receive their stimulus check money – in the form of a Refund Discount – months for people waiting until the April 15 deadline or submitting an extension.

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When you get your incentive money it may depend on who you are.

Sarah Tew / CNET

Mailed EIP cards were the last to be paid in the first round

Economic impact of payment cards are prepaid Visa cards that the IRS sent to about 4 million people as of mid-May, one month after the first direct deposits took place. If the IRS couldn’t mail these before January 15, they would face the same problem as the paper checks.

People with more complex situations could wait the longest

For the first check, this category includes people who received a check after June, have not yet received their full incentive payment, or who didn’t know they had to go the extra mile. It is not clear what would happen if there was a problem during the process and the Refund Discount was further delayed. It is likely that the IRS would set a different, later deadline to address clerical errors such as missing out on incentive funds and other scenarios.

If you haven’t received the full amount due from the first payment, what happens?

It’s not always clear how much money the IRS owes you in the event of an error. We recommend starting with our stimulus check calculator and this introduction how the IRS gives your total sum in tabular form. 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 missing the $ 500 allotted for your dependent children, or you pay or receive child support? Are you a taxpayer non-applicant who may be due a stimulus check (including older adults and people who Receive SSI or SSDI)?

If you have a US citizen abroad or resident in US territory and did not receive a check as expected, you may also need to read the rules. And a court order has made it possible for millions people who are locked up 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 how soon you could possibly get your next stimulus check.


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