قالب وردپرس درنا توس
Home / Tips and Tricks / Second stimulus check: When will the IRS send your payment and why Jan. 15 is important

Second stimulus check: When will the IRS send your payment and why Jan. 15 is important



    001-cash-stimulus-money-time-running-out-clock-watch-check

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

Sarah Tew / CNET

Almost a week after Congress passed a new one COVID-19 emergency, President Donald Trump signed it into law, while approving a second stimulus control for up to $ 600 per person. The schedule to send this second stimulus check was already tight, but one line could push the receipt of payment weeks or even months ago for some people.

Last week, Treasury Secretary Steven Mnuchin said he could start sending the up to $ 600 second stimulus checks for eligible recipients a week after the bill became law, by direct deposit, followed by paper checks and EIP cards. (Here’s how estimate the payment of your stimulus check, and read a third stimulus check in 2021.)

Complicating matters are the already short deadline baked into the language of the bill, which could allow tens of millions of people to claim their money in other ways. We explain it below. This story will be updated with new information.

Why is January 15, 2021 such an important date?

January 15 is the closing date in the $ 900 billion incentive bill by then, the IRS and the U.S. Treasury should 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 through the Refund Discount. You can also claim any money that the IRS still owes you from the first round of payments.

People who receive their incentive payment via direct deposit are unlikely to be affected. But there is potentially an obvious downside for people who do did not file a direct deposit with the IRS.

Tying of the delivery of a second stimulus check Tax returns for 2020 will almost certainly delay delivery for many people, as wide variation in circumstances will result in some people filing taxes as early as January and others not filing taxes until April 15, or even later if they have to file for a deferment. It’s also not clear how quickly the IRS would process the payments.


Now playing:
Look at this:

Second stimulus checks: everything you need to know


3:22

How soon would the IRS deliver my second incentive payment?

Now that Trump has admitted and signed the new stimulus bill, the IRS and the Treasury are expected to make the first batch of payments direct deposit next week, compared to the 19 days it took to set up the online tools and plan the distribution of the first stimulus check.

“Most of these will be direct deposits. We call them ‘postal checks’, but most will be direct depositsTreasury Secretary Steven Mnuchin said on December 21. It will be in three weeks. We are committed to getting money into people’s pockets immediately. So that will be in three weeks. ”

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 15.

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 27 – Confirmed.

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

How long can it take to receive your second stimulus check 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 look for payment in the first three weeks of January, Mnuchin said on Dec. 21. According to the Treasury, 22% of payments from last summer were made by paper checks and another 3% by prepaid debit cards.

But after January 15 you will have to claim all the money the IRS owes you with your 2021 tax return. That could further slow down your stimulus check, as the timing would depend 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 are the latest updates of the second stimulus control and here’s how you can now calculate your estimated total for up to $ 600 per person.


Source link