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

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



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

Angela Lang / CNET

Would you like your second stimulus control in January or weeks or months later? That is a central question like the second stimulus control again teeters on the brink of failure and success. What happens next and where you would fall on the IRS’s payment schedule would help determine if you are one of the first to receive a second stimulus control, or one of the latter. (This is why some people wouldn’t get a check at all)

Here’s a quick summary of where the situation stands. President-elect Joe Biden and lawmakers of all political classes have criticized President Donald Trump for not signing the bill that would send incentive payments of up to $ 600 per person, and refresh it now expired $ 300 weekly federal unemployment insurance, extend the deportation moratorium up to and including January and send money to small businesses. Trump has pushed for one this week $ 2,000 second stimulus check. While a larger payment would undoubtedly bring more immediate relief to millions, Trump’s demands also threaten to capsize the bill.

“Time is running out,” Republican Senator Pat Toomey told Fox News Sunday. “I understand the president wants to send everyone bigger checks. What I think he should do is sign this bill and then make the case. Congress can still pass a bill. ‘

While we wait to see what happens next, we now know that after a bill is signed into law, the IRS will begin planning the second stimulus control to go out to different groups, according to a certain order, which we will explain below. (How to estimate your total with our $ 600-max stimulus check calculator.) We recently updated this story.

First group: people with direct deposit set

People who use their direct deposit information registered with the IRS, or who provide that information quickly when and if the IRS registration reopens it, are expected to be in the first group to receive a stimulus check. Sending money electronically 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. I want to emphasize: people will see this money early next week, ” Treasury Secretary Steven Mnuchin said on December 21. Trump publicly rejected the $ 600 check.

For the first stimulus check, it took the IRS 19 days to build its online tool. On April 15, it sent the first set of stimulus checks and about $ 80 million payments in the first week 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. Overall, however, this was the fastest method.

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


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Second stimulus checks: everything you need to know


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Social Security Beneficiaries: Here are two main scenarios

On the first stimulus payment, many people who received 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 a paper check.

Why paper checks can experience delivery delays

With the first set 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. That gives people who signing up for direct deposit is a clear benefit.

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 who file 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

EIP card recipients were the last to be paid in the first round of incentives

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 cannot receive these in the mail before Jan. 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’s likely that the IRS would set a different, later deadline to address clerical errors such as missing out on incentive money 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 out on $ 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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