Now, the bad news. The reason for the rush is a self-imposed oneremaining just 11 days from today, and a total of just 17 days from the December 29 date, the first payment went out to process potentially more than 100 million payments. So when will you , and what happens if the deadline is not met? If it misses the cutoff, .
We’ll explain more about the IRS deadline, what you need to know about direct deposit, and howand what happens if you change your shortly after January 15. While you’re here, here’s what we know about the , and a possible . This story was recently updated.
Why do second stimulus payments stop after January 15th?
The language of thehas set 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 2021 through the IRS ‘ . You can also claim any money the IRS still owes you from the first round of checks.
People who receive their incentive payment by direct deposit are less likely to be affected. But if there’s an issue or delay with any of the three payment methods, it means you have to wait to make a claim – and take the extra step of doing it.
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. Nor is it clear how quickly the IRS would process payments made through the Recovery Rebate Credit.
Direct deposits are made all week
The IRS has released the very firston Dec. 29 and said payments will continue this week. Direct deposits into your bank account can be marked as “pending” or “tentative,” according to the IRS until January 4.
Whileyou don’t have to do anything to receive the second payment – provided the IRS has already registered your information – there’s also not much you can do to influence getting a direct deposit via a check mailed. For example, you cannot register a new direct deposit account with the IRS or correct any bank details you have on file, such as if you have closed an account. That could potentially change in the next week, but we’re not sure.
EIP cards and paper incentive checks are sent. Some could miss the deadline
If the IRS doesn’t have your current direct deposit information on file, the payment will be sent as a check orin the post – they started on December 30. 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 incentive test, according to a June government report.
Some payments may not meet the January 15 deadline. Here’s how you can, free of charge, to set your expectations and avoid accidentally throwing it away.
Wait, what’s another EIP card?
The IRS said to speed up payment delivery, it will send some payments using 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 arrive in a white envelope with the seal of the United States Treasury Department on it, according to the IRS.
How can I track my second stimulus check?
The IRS said it would befor the second round of payment and anticipates will be able to see the status of both the first and second payment in a few days after the portal is updated. The portal is available in English and Spanish.
How long do I have to wait to receive my 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. This can further delay your stimulus control, 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.