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Home / Tips and Tricks / When Can the IRS Start Sending Your Second Stimulus Check? What we know now

When Can the IRS Start Sending Your Second Stimulus Check? What we know now



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

How fast could the IRS send your money? We have a number of possible dates.

Sarah Tew / CNET

If the stars are aligned, both chambers of Congress would have the Incentive package of $ 900 billion on Monday one second stimulus control of up to $ 600 per person. How soon could the IRS and the U.S. Treasury Department be able to mobilize the first of these payments, and when would your personal payments be? second stimulus control arrive?

None of stimulus controls are easy, who would be eligible for the next instant payment how much money each household could see in one second stimulus control. The same is also true of the IRS’s schedule.

Treasury Secretary Steven Mnuchin reiterated a promise he made in August that he could start sending the second direct payment next week, assuming the new stimulation law becomes law in the next days or two.

“Most of these will be direct deposits. We call them“ postal checks, ”but most will be direct deposits‘Mnuchin said on CNBC Monday.’ It will be in three weeks. We are committed to getting cash in our pocket immediately. So that will be in three weeks. ”

So when exactly will that be? We plot possible dates in the table below.

Keep in mind that there could be some complications that could prevent your check from arriving earlier. And if you don’t have a direct deposit, or if there is a problem with your situation, you might get your second stimulus check in a later wave, comparable to the first direct payments.

While you are here, there are possible steps you can take receive your second stimulus check faster. And if you’re curious, here’s how you can get a third stimulus check could happen in the new year. We recently updated this story with the latest information.

read more: Want a third $ 1,200 incentive check? Everything could change in January


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Following stimulus checks: what to expect


3:03

How soon could the IRS start sending the new checks?

Once a new incentive invoice is approved, the IRS and the Treasury Department may be able to send the first set of payments in seven days or less, compared to the 19 days it took to set up the online tools and schedule the sending of the first stimulus check.

“I can get 50 million payments very quickly. A lot of that goes into people’s direct accounts,” Mnuchin said in August.

Here is one stimulus check the truth of many: Not everyone gets a payment at the same time. With the first check, the IRS categorized stimulus payments different priority groups depending on the form in which you received the money – for example, direct deposit – and other factors.

It’s also not clear whether the IRS can handle the roughly 160 million or more payments that the IRS sent the first time. The agency has previously said it can process between 5 million and 7 million paper checks per week, according to GAO, the U.S. Government Accountability Office, so we’re giving the data a little leeway.

In the chart below, these speculative dates show when you can see a payment if Congress approves the bill and the president signs it into law in the next two days. We also outline three other timelines if another bill becomes law after Joe Biden becomes president January 20.

Possible dates on which a second stimulus check can go out

Scenario 1

Scenario 2

Scenario 3

Scenario 4

House passes the final bill

Dec 21

February 1

March 1

April 5th

Senate approves final bill

Dec 21

February 2

March 2nd

6 April

President signs

Dec 22

February 3

3 March

April 7

First direct deposits issued

Week of January 4

Week of February 8

Week of March 8

Week of April 12

First paper checks sent

Week of January 11

Week of February 16 (February 15 is President’s Day)

Week of March 15

Week of April 19

First EIP cards shipped

Week of February 8

Week of March 15

Week of April 12

Week of May 10

Paper check, direct deposit, EIP card and you

The IRS sent the first incentive payments on a staggered timeline to different groups of people, depending on how they were paid: by direct deposit, paper check, or EIP card. We dive more into the five stimulus check payment priority groups here.


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Home / Tips and Tricks / When Can the IRS Start Sending Your Second Stimulus Check? What we know now

When Can the IRS Start Sending Your Second Stimulus Check? What we know now



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

How fast could the IRS send your money? We have a number of possible dates.

Sarah Tew / CNET

If the stars are aligned, both chambers of Congress would have the Incentive package of $ 900 billion on Monday one second stimulus control of up to $ 600 per person. How soon could the IRS and the U.S. Treasury Department be able to mobilize the first of these payments, and when would your personal payments be? second stimulus control arrive?

None of stimulus controls are easy, who would be eligible for the next instant payment how much money each household could see in one second stimulus control. The same is also true of the IRS’s schedule.

Treasury Secretary Steven Mnuchin reiterated a promise he made in August that he could start sending the second direct payment next week, assuming the new stimulation law becomes law in the next days or two.

“Most of these will be direct deposits. We call them“ postal checks, ”but most will be direct deposits‘Mnuchin said on CNBC Monday.’ It will be in three weeks. We are committed to getting cash in our pocket immediately. So that will be in three weeks. ”

So when exactly will that be? We plot possible dates in the table below.

Keep in mind that there could be some complications that could prevent your check from arriving earlier. And if you don’t have a direct deposit, or if there is a problem with your situation, you might get your second stimulus check in a later wave, comparable to the first direct payments.

While you are here, there are possible steps you can take receive your second stimulus check faster. And if you’re curious, here’s how you can get a third stimulus check could happen in the new year. We recently updated this story with the latest information.

read more: Want a third $ 1,200 incentive check? Everything could change in January


Now playing:
Look at this:

Following stimulus checks: what to expect


3:03

How soon could the IRS start sending the new checks?

Once a new incentive invoice is approved, the IRS and the Treasury Department may be able to send the first set of payments in seven days or less, compared to the 19 days it took to set up the online tools and schedule the sending of the first stimulus check.

“I can get 50 million payments very quickly. A lot of that goes into people’s direct accounts,” Mnuchin said in August.

Here is one stimulus check the truth of many: Not everyone gets a payment at the same time. With the first check, the IRS categorized stimulus payments different priority groups depending on the form in which you received the money – for example, direct deposit – and other factors.

It’s also not clear whether the IRS can handle the roughly 160 million or more payments that the IRS sent the first time. The agency has previously said it can process between 5 million and 7 million paper checks per week, according to GAO, the U.S. Government Accountability Office, so we’re giving the data a little leeway.

In the chart below, these speculative dates show when you can see a payment if Congress approves the bill and the president signs it into law in the next two days. We also outline three other timelines if another bill becomes law after Joe Biden becomes president January 20.

Possible dates on which a second stimulus check can go out

Scenario 1

Scenario 2

Scenario 3

Scenario 4

House passes the final bill

Dec 21

February 1

March 1

April 5th

Senate approves final bill

Dec 21

February 2

March 2nd

6 April

President signs

Dec 22

February 3

3 March

April 7

First direct deposits issued

Week of January 4

Week of February 8

Week of March 8

Week of April 12

First paper checks sent

Week of January 11

Week of February 16 (February 15 is President’s Day)

Week of March 15

Week of April 19

First EIP cards shipped

Week of February 8

Week of March 15

Week of April 12

Week of May 10

Paper check, direct deposit, EIP card and you

The IRS sent the first incentive payments on a staggered timeline to different groups of people, depending on how they were paid: by direct deposit, paper check, or EIP card. We dive more into the five stimulus check payment priority groups here.


Source link