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Home / Tips and Tricks / Second stimulus check delay: when it could come now and why January 15th is important

Second stimulus check delay: when it could come now and why January 15th is important



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Time is running out again to issue a second stimulus check for potentially 160 million Americans.

Sarah Tew / CNET

Just when we thought the second stimulus control was hours away from approval, another shift in the ever-changing pursuit of one new COVID-19 relief law has questioned an immediate payment of $ 600. The confused situation began on Tuesday when President Donald Trump objected to the $ 600 ceiling, suggesting he would not sign the completed bill unless it replaced the $ 600 with a second $ 2,000 stimulus check.

The new round of direct payments was already on a tight timeline before Trump’s opposition emerged. In fact, the language in the incentive law actually requires the IRS to adhere to a Jan. 15 limit for sending new payments. The tens of millions of people who don’t second stimulus control three weeks after the IRS started sending them, they had to claim them in a different way (more on that below).

So what is happening now? Everything is possible. But if the bill is passed later than expected, that three-week window would shrink, and more people would have to wait longer to get their second stimulus controls. That is, unless an additional change in the language of the bill would be made in the eleventh hour. In addition to that, we have mapped out a number of dates when your next direct payments could come in. (Here’s how calculate your possible stimulus check payment and what we know about one third stimulus check in 2021.) This story is often updated with new information.

When can the IRS start sending new payments now?

If Trump gives in and signs the new stimulus bill into law before Dec. 28 – the cut-off for the cessation of government funding – the IRS and the Treasury Department could send the first set of payments via direct deposit as early as next week, compared to the 19 days needed to set up the online tools and plan the distribution of the first stimulus check.

Monday, Mnuchin said the IRS could quickly send money straight to people’s bank accounts: “The good news is[[[[direct deposit]is a very, very quick way to get money into the economy. Let me emphasize: people will see this money early next week. “

“Most of these will be direct deposits. We call them ‘postal checks’, but most will be direct deposits‘Mnuchin said.’ It will be in three weeks. We are determined to get money into the people’s pockets immediately. So that will be in three weeks. ”


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Since last summer, 75% of the first round of stimulus payments have been sent directly to people’s bank accounts direct deposit, the Treasury said, giving hope for the majority of people to receive their second payment by January 15th

In the chart below, we map out a possible payment schedule for the second round of checks, plus a projection if Congress agrees a third stimulus check next year, after Biden will be sworn in on January 20.

Possible dates on which a second and third stimulus check could go out

Dates for second check

Data for a possible third check?

House passes the final bill

21st of December

April 5th

Senate approves final bill

21st of December

6 April

President signs

December 28th

April 7

First direct deposits issued

Week of January 4

Week of April 12

First paper checks sent

Week of January 11

Week of April 19

First EIP cards shipped

After filing tax returns for 2020

Week of April 26

Refund Discount

After filing tax returns for 2020

Unknown

What does January 15, 2021 have to do with second stimulus checks?

This is the closing date in the $ 900 billion incentive bill by then, the IRS and the U.S. Treasury Department will stop sending checks as part of this round of delivery. If you don’t have your full second stimulus check money before January 15, you must claim all or part of the missing amount when you file your federal tax return in 2021. You can also claim any money the IRS still owes you from the first round of payments as part of a Refund Discount at that time too.

What about people who receive their payments by mail?

Since the new incentive law sets a January 15th deadline for the IRS to send payments, people who receive their payments will second stimulus check in the mail – either as a paper check or a prepaid debit card – should seek payment in the first three weeks of January, Mnuchin said Monday. According to the Treasury, 22% of payments since last summer have been made with paper checks and another 3% with prepaid debit cards. You must do that after January 15th claim all the money the IRS owes you with your 2021 tax return.


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