Or maybe the checks willand must be returned to the IRS. So and you haven’t received your payment, there are some things you might want to know. For example why does this cutoff exist and how does that put your checks behind you .
We also explain what you need to know about receiving incentive money through, and . From here we also discuss the second payment term line for stimulus checks and see what consequences a delay can have for you. Here’s how , follow and what we know about one in front of . This story was recently updated.
Why is there a stimulus check deadline of January 15th?
The writers of the legislation have not explained why they have one, but that only gave the IRS and the Treasury a total of 17 days to issue more than 100 million incentive checks. That’s two days less than the time it took for the IRS to start sending the first stimulus check after that bill passed in March (it was 19 days for the record).
, with both the IRS and the Treasury heavily involved, typically starts mid to late January and continues through April 15, and can factor into the January 15 deadline.
What happens to the stimulus check delivery timeline if your payment is not cut off?
If you don’t have your fullshortly after January 15th this does not mean that you are unlucky in claiming your rightful incentive money. But it does mean that your payment can be delayed for months.
That’s because you’ll have 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 the money the IRS still owes you from the first round of checks as part of the credit.
Some people who received their incentive payment via direct deposit have run into trouble. If you experiencewith any payment method – again that is , and – it means you have to go the extra mile to make a claim.
It’s not entirely clear how soon the IRS will do itbut the process of making a second incentive check dependent on the 2020 tax return will almost certainly delay payment for many, especially as circumstances mean some people will file taxes as early as January and others as late as April 15, or even later if they must apply for an extension.
Two smart ways to track your $ 600 stimulus 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.
Direct deposits can still be made up to and including Friday
The IRS sent the firston December 29, and as far as we can tell, the IRS and the Treasury will continue processing bank transfers. People who have that are not resolved before Friday .
While mostyou don’t have to do anything to receive the second payment – provided the IRS has already registered your bank or mailing information – you also can’t sign up for direct deposit or do much to correct your bank details 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: Why May They Not All Meet Deadlines?
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 deliver the tens of millions of payments by January 15 in such a short amount of time. According to a June government report, the IRS was able to process between 5 and 7 million per week with the first stimulus check.
Here’s how you canand , free of charge, to set your expectations and avoid accidentally throwing it away. If you .
Speaking of EIP cards, you might get one 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 will arrive in a white envelope with the seal of the United States Treasury Department, the IRS said.
What is the longest possible wait for your new stimulus check?
People who use their– either as a paper check or a – should seek payment anytime 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 .
After January 15, it will have to. This can further delay your stimulus control, as the timing depends on:
- When filing your taxes for 2020, the deadline could 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.