When will the IRS send your second stimulus check, and what’s the January 15 cutoff?

Congress passed one late Monday evening Incentive package of $ 900 billion that will be one second stimulus control of maximum $ 600 per adult and child dependent. With the bill on track for President Donald Trump to sign, how soon can the IRS and the U.S. Treasury start making the initial payments, and when can you get your second stimulus control to arrive on your bank account or through the post?

If you’ve qualified for the first stimulus check, you probably know there’s nothing easy about it dividing the money, from who would are 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 payment schedule. (Now calculate the total of your second stimulus check.)

On Monday, Treasury Secretary Steven Mnuchin doubled down on a promise he had made in August that he could begin sending the second direct payment soon 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 money into people’s pockets immediately. That will be within three weeks. ”In the table below, we list possible dates.

In any case, January 15 will serve as an important close – we’ll explain more below. Keep in mind that there could be some complications that could prevent your check from arriving earlier. And if you don’t direct deposit set up with the IRS, or if there is a problem with your situation, you can get your second stimulus check later in the new year, similar to how the first payments worked.

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

read more: Would you like a third $ 1,200 stimulus check? Everything could change in January

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Second stimulus checks: everything you need to know

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How soon could the IRS start sending the new payment?

Once Trump signs the new stimulus bill – which he is expected to do in the coming days – the IRS and the Treasury could send the first set of direct deposit payments next week, down from the 19 days it took. to set up the online tools and plan the distribution of the first stimulus check.

Monday, Mnuchin said the IRS could quickly send money straight to people’s bank accounts: “The good news is[[[[direct deposit]is a very, very quick way to get money into the economy. Let me emphasize: people will see this money early next week. “

As of last summer, 75% percent of the first round of stimulus payments were sent directly to people’s bank accounts using direct deposit, the Treasury said. If the IRS can process so many direct deposits quickly this month, a majority of those who qualify could receive their second payment by the end of the year.

In the chart below, we map out a possible payment schedule for the second round of checks, plus a projection if Congress agrees a third check next year, after President-elect Joe Biden will be sworn in on January 20.

What is the closing of the second stimulus check of January 15, 2021?

This is the closing date in the $ 900 billion incentive bill by then the IRS and the United States Treasury Department will stop sending checks as part of this round of delivery. If you don’t have your full second stimulus check money before January 15, you must claim all or part of the missing amount when you file your federal tax return in 2021. You can also claim all the money the IRS still owes you of the first round of payments as part of a recovery loan at that time too.

What about those who receive their payments by mail?

The new incentive law sets a January 15th deadline for the IRS to send payments. Those who will receive them second stimulus check in the mail – either as a paper check or a prepaid debit card – should look for payment in the first three weeks of January, Mnuchin said Monday. According to the Treasury, 22% of payments since last summer have been made with paper checks and another 3% with prepaid debit cards. After January 15, you can claim all the money the IRS owes you with your 2021 tax return.