Although the IRS has already made about 80% of this second batchthrough and the mail – with and – that still leaves 20% of people waiting for their incentive money. Start with the practicalities: , in connection and .
What is this IRS deadline now, what about direct deposit, and what do you do when you get yourshortly after January 15th? Read more. (And while you’re here, this is the , and everything we know about one .) We recently updated this story.
Why is January 15th the stimulus check cut-off date?
The newsets 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 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 waiting to make a claim – and taking 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. Nor is it clear how quickly the IRS would process payments as a Recovery Rebate Credit.
Direct deposits are coming to an end
The IRS sent the firston Dec. 29 and said payments will continue throughout the week. It’s not clear whether the IRS and the Treasury Department will be done processing bank transfers by then – at least in the first round. People who have will not be able to .
Whileyou don’t have 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 cannot register a new direct deposit account with the IRS or correct bank information on file if you have closed an account. If the IRS can’t deliver your payment, you must claim it on your taxes.
EIP cards and paper stimulus checks: on the way, but will some miss the deadline?
If the IRS does not have your current direct deposit information on file, payment will be sent as a check orin the post – they started going out on December 30th. 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 a week with the first stimulus check, according to a June government report.
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 .
You can get an EIP debit card this time instead of a check
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, many more people can receive a debit card this time. 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 will arrive in a white envelope with the seal of the United States Treasury Department, the IRS said.
There are two ways to track 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 use a to track the movements of your check to your mailbox.
How long will it take to receive your new payment?
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. That could slow down your stimulus control further, as the timing depends on:
- When filing your taxes for 2020, the deadline could be April 15, unless you request 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.