The next week and a half promises to be turbulent in Washington, with the House in balancethis week press Vice President Mike Pence to order after last week and President Joe Biden’s elected 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, and – then 20% of the money is still waiting to go out this week. In fact, the checks go so fast that there are (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 .) This story has been updated.
Why is there a January 15th cut-off for stimulus checks to begin with?
TheAs 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. , 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 fullshortly 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 . 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 experienceusing 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 theTax 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.
Direct bank transfers will end shortly
The IRS sent the firston 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 will not be able to .
WhileYou 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 orin 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 canand , free of charge, to set your expectations and avoid accidentally throwing it away. If you .
Note: you may receive an EIP card this time
The IRS makes 8 million payments through one, 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. 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 itwith information about the second payment round. With the free to use portal, can see the status of both the first and second payment. The website is available in English and Spanish. You can also create a 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– either as a paper check or a – 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 .
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.