قالب وردپرس درنا توس
Home / Tips and Tricks / The IRS only has 4 days left to send your second stimulus check. What you should know

The IRS only has 4 days left to send your second stimulus check. What you should know



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

For many, receiving a second stimulus check before January 15 will be a race against time.

Sarah Tew / CNET

This Friday is the last day the IRS and the Treasury Department should send together second stimulus controls for anyone who is qualify for a payment. However, if you have your $ 600 checks (or more) shortly after the deadline is January 15th, you must apply for it later this year on your taxes – a requirement that causes your stimulus control to lag. (You can track the status of your stimulus check here and follow your payment to your mailbox.)

The next week and a half promises to be turbulent in Washington, with the House in balance to impeach President Donald Trump this week press Vice President Mike Pence to order invoke the 25th amendment after last week violent attack on the Capitol and President Joe Biden’s elected January 20 inauguration next week. The January 15 deadline is another important time to add to the mix as COVID-19 cases have reached a new high.

Although the IRS and the Treasury made about 80% of the payments late last week direct deposit, paper checks and EIP cards – then 20% of the money is still waiting to go out this week. In fact, the checks go so fast that there are already been a big blunder (which can be partially resolved), leaving millions of people without their stimulus payment. Read on to learn more about payments for the second stimulus check. (PS This is what we know about one $ 2,000 Third Stimulus Check.) This story has been updated.

Why is there a January 15th cut-off for stimulus checks to begin with?

The $ 900 billion in stimulus legislation As of late December, sets January 15 as the cut-off date for sending out incentive payments – that was just a total of 17 days from start to finish, including weekends. The authors of the legislation have not explained why they chose this date. Tax season, with both the IRS and the Treasury heavily involved, typically starts in mid to late January and continues through April 15.

If you don’t have your full second stimulus check money shortly after January 15, you will need to take the extra step of claiming all or part of the missing amount when you file your federal tax return this year as a Refund Discount. You can also claim any money the IRS still owes you from the first round of checks as credit.

Some people who received their incentive payment via direct deposit have run into trouble. If you experience any problem or delay using one of the three payment methods, this means you have to wait to file a claim – and take the extra step to do so.

Tying of the delivery of a second stimulus check Tax 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. It is also unclear how quickly the IRS would process payments as a Recovery Rebate Credit.

read more: Stimulus Check Formula Decoded: This is why you got what you did.


Now playing:
Look at this:

Second stimulus checks: everything you need to know


3:22

Direct bank transfers will end shortly

The IRS sent the first direct deposits on Dec. 29 and said payments will continue through last week. It’s not clear whether the IRS and the Treasury Department will continue processing bank transfers until January 15. People who have encounter problems with direct deposit will not be able to address them until tax season 2020.

read more: Just do us a favor and avoid this stimulus scam, okay?

While Eligible Persons You don’t need to do anything to receive the second payment – provided the IRS has already recorded your bank or mailing information – there’s also not much you can do to influence receiving a direct deposit via a check mailed. For example, you can’t register a new direct deposit account with the IRS or correct bank information on your file if you’ve closed an account. If the IRS can’t deliver your payment, you must claim it on your taxes.

Paper checks and EIP cards: are they meeting the deadline?

If the IRS does not have your current direct deposit information on file, payment will be sent as a check or EIP debit card in the mail. Again, it’s not clear whether the IRS has time to process all tens of millions of payments by January 15. The IRS was able to process between 5 and 7 million per week with the initial stimulus check, according to a government report. from June.

Some payments may not meet the January 15 deadline. Here’s how you can track your status with the IRS and follow your second stimulus check to your mailbox, free of charge, to set your expectations and avoid accidentally throwing it away. If you recently moved, tell the IRS and USPS.

063-cash-money-dollars-bills-stimulus-check-congress-pass-mail-banking-finance-desperate-poverty-us-treasury

How you get your second stimulus check can also affect how quickly your payment comes in.

Sarah Tew / CNET

Note: you may receive an EIP card this time

The IRS makes 8 million payments through one Economic impact Payment prepaid debit card, the agency told CNET in an email. That’s twice the number sent for the first stimulus check. Even if you paid with a paper check the first time, this time many more people can receive a debit card. On the other hand, 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 Check out their post for a check or EIP debit card. The debit cards arrive in a white envelope with the seal of the United States Treasury Department on it, according to the IRS.

You have two ways to keep track of your $ 600 incentive payment

The IRS has reopened it online Get My Payment tracking tool with information about the second payment round. With the free to use portal, those who qualify for a check can see the status of both the first and second payment. The website is available in English and Spanish. You can also create a free tool from the USPS to track the movements of your check to your mailbox.

What is the absolute longest wait for your new stimulus check?

People who use their second stimulus check in the mail – either as a paper check or a prepaid debit card – should search for a payment at any time from now until January 15th. According to the Treasury, 22% of payments as of last summer were made as paper checks and another 3% as prepaid debit cards.

You will have to after January 15th claim all the money the IRS owes you with your 2021 tax return. 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 now calculate your estimated total for up to $ 600 per person.


Source link