There’s also another wrinkle in the situation, and that’s a Jan. 15 cut-off for the IRS to finish sending payments. So far it has acted quickly, but there are some limitations and other issues that could potentially affect your. We’ll explain more below.
If you’ve heard of President Donald Trump, that doesn’t look likely this time, but President-elect Joe Biden has already committed to one . (This is why Read on to learn more about which IRS payments group you belong to. This story has been updated with new information.
People who have already made a direct deposit will now receive their incentive money
People who use theirregistered with the IRS are among the first group to receive a stimulus check. A wire transfer of money is faster and more efficient than sending a check, which means that many more people can be processed quickly. Some people have already received their money via direct deposit from December 29th.
As of New Years Day, the IRS has not made it possible to sign up for instant deposit if you don’t already have one, or track your payment, but we expect the online tool to be activated in the next week. Here are ways you can helpincluding what we now know .
There are two main scenarios for social security beneficiaries
On the first stimulus payment, many people who received Social Security benefits who also had direct deposit information registered with the federal government received checks in the first week, although not always the first day.
The IRS had a separate information section for people. Normally, people in these groups receive their federal benefits through a Direct Express card, although people in this group received their incentive payment through a non-Direct Express bank or a paper check.
Some paper checks are already on their way, but …
The IRS began sending the first paper checks in the mail on Wednesday, Dec. 30 (here’s how you can). That’s much faster than the first time, but there are still two major limitations to be aware of.
According to a June report by the Government Accountability Office, the U.S. Treasury can process between 5 million and 7 million paper incentive checks per week, in addition to checks for other federal programs, meaning some people will have to wait.
Then there is this catch. Language in the Incentive Act sets a Jan. 15 closing for the IRS to send payments. So anyone who didn’t receive his on January 15th will have to do it. That gives people who .
The timing then becomes a matter of how soon you file your taxes for 2020 and how quickly the IRS could process your return. These two scenarios are influenced by different factors. For example, people filing their tax return in February would likely receive their stimulus check money – in the form of a– months for people waiting until the April 15 deadline or submitting an extension.
People who received an EIP card were the last to receive their money during the first round of stimulation
are prepaid Visa cards the IRS can send you in lieu of a paper check – the envelope will look unmarked, so be careful not to throw out your mail without carefully checking first. The IRS has said it will start shipping EIP cards this week, a change from the first month’s delay in sending this type of payment. The same rules apply as paper checks. If you didn’t receive yours by January 15th, you will need a between January 16 and April 15 as part of the tax season.
People with more complex situations are likely to wait the longest
For the first check, this category includes people who received a check after June, have not yet received their full incentive payment, or who. It is not clear what would happen if there was a problem during the process and the was further delayed. It is likely that the IRS would set a different, later deadline to address clerical errors such as missing out on incentive funds and other scenarios.
What if you still haven’t received the full amount of the first payment?
It’s not always clear how much money the IRS owes you in the event of an error. We recommend starting with ourand this introduction . If the numbers seem lower than they should be, you may want to investigate further.
See if any of these situations might apply to you: Are you, or ? Are you a taxpayer (including and people who )?
If you have aand did not receive a check as expected, you may also need to read the rules. And a court order has made it possible for millions to get a check even after the IRS changed its interpretation to exclude this group.
Depending on which group you’re in, we’ve also mapped out some speculative dates.