قالب وردپرس درنا توس
Home / Tips and Tricks / When will the IRS send your second stimulus check, and what’s this January 15th closing?

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



    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

On Monday evening, Congress approved one $ 900 billion incentive bill that includes one second stimulus control of maximum $ 600 per adult and child dependent. Now that President Donald Trump has had a chance to take a look, he suggested he did will not sign a bill without a check for $ 2,000. However, if an invoice is somehow finally signed this week, how soon can the IRS and the U.S. Treasury start sending the first payments, and when can you get a second stimulus control of any size 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 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 payment schedule. (Now calculate the total of your second stimulus check.)

On Monday, Treasury Secretary Steven Mnuchin said he could start sending the second direct payment soon next week, but that really only works if the new stimulation law becomes law within the next day. With today’s uncertainty, the timetable could shift again. (President-elect Joe Biden has already committed to a third stimulus check in 2021. Here is how a new conference could make a difference.)

“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 determined to get money into the people’s pockets immediately. That will be within three weeks. ”In the table below we list possible dates.

In any case, if the bill becomes law, 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. We recently updated this story with the latest information.


Now playing:
Look at this:

Second stimulus checks: everything you need to know


3:22

How soon the IRS could start sending the new payment

If Trump signs the new stimulus bill this week – which can still happen – the IRS and the Treasury could send the first batch of direct deposit payments next week, compared to the 19 days it took to get the online tools and schedule of 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% of the first round of stimulus payments were sent directly to people’s bank accounts through 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 Biden will be sworn in on January 20.

Possible dates on which a second and third stimulus check could go out

Dates for second check

Data for a possible third check?

House passes the final bill

21st of December

April 5th

Senate approves final bill

21st of December

6 April

President signs

Week of December 21

April 7

First direct deposits issued

Week of December 30

Week of April 12

First paper checks sent

Week of January 4

Week of April 19

First EIP cards shipped

Week of January 11

Week of April 26

Refund Discount

After filing tax returns for 2020

Unknown

What does the cut-off point of the second stimulus check of January 15, 2021 mean?

This is the closing date in the $ 900 billion incentive bill by then, the IRS and the U.S. 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 from the first round of payments as part of a recovery loan at that time too.

What about those who will 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 seek 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.


Source link