As reported by cnet,
President Donald Trump has finallythe latest that includes a for . There was already a tight schedule to , but one rule could mean that some people will need to wait
Treasury Secretary Steven Mnuchin said last week that thea week after the bill was signed, first through , followed by and . (Here’s how to calculate an , and what could happen with a .)
However, a short deadline laid out in the relief bill could require tens of millions to take an additional step to claim their stimulus money — read on for more information and check back on this story for updates.
Why is Jan. 15, 2021 an important date?
January 15 is the cutoff date in theby which time the IRS and US Treasury must stop sending checks as part of this round of delivery. If you don’t receive your full by Jan. 15, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021 through the . You’ll also be able to claim any money the IRS still owes you from the first round of payments.
People who receive their stimulus payment through direct deposit are unlikely to be affected. But there is potentially a distinct disadvantage for people who.
Tying theto the 2020 tax return will almost certainly delay delivery for many people, since a wide variance in circumstances will cause some people to file taxes as early as January and others as late as April 15, or even later if they need to request an extension. It also isn’t clear how quickly the IRS would process the payments.
How quickly could the IRS deliver my second stimulus payment?
Now that Trump has relented and signed the new stimulus bill into law, the IRS and Treasury are expected to send the first batch of payments viapossibly as soon as this week, compared with the 19 days it took to set up the online tools and schedule distribution of the first stimulus check.
“Most of these will be direct deposits. We call them ‘checks in the mail,’ but most will be,” Mnuchin said Dec. 21. “It will be within three weeks. We are determined to get money in people’s pockets immediately. So that will be within three weeks.”
As of last summer, 75% of the first round of stimulus payments were sent straight to people’s bank accounts using, the Treasury said, which brings hope for the majority of people to receive their second payment before Jan. 15.
In the chart below, we map out a possible payment schedule for the second round of checks, plus a projection if Congress approves, after Biden .
Possible dates a second and third stimulus check could go out
|Dates for second check||Dates for possible third check?|
|House passes final bill||Dec. 21||April 5|
|Senate passes final bill||Dec. 21||April 6|
|President signs||Dec. 27||April 7|
|First direct deposits issued||Week of Jan. 4||Week of April 12|
|First paper checks sent||Week of Jan. 11||Week of April 19|
|First EIP cards sent||After filing 2020 tax returns||Week of April 26|
|Recovery Rebate Credit||After filing 2020 tax returns||Unknown|
How long could it take to get your second stimulus check by mail?
Since the new stimulus bill sets a Jan. 15 deadline for the IRS to send out payments, people who will receive their— either as a paper check or a — should look for a payment in the first three weeks of January, Mnuchin said on Dec. 21. According to the Treasury, 22% of the payments as of last summer were made by paper checks and another 3% by .
However, after Jan. 15, you will have to. That could further delay your stimulus check, since the timing would hinge on:
- When you file your 2020 taxes — the deadline could be April 15, unless you file for an extension.
- How long it takes the IRS to process your tax return, which may also include your second stimulus check.
- If there are any complications that arise in your specific scenario that could further delay your check.
We’ll keep our eye on the situation, which is constantly evolving. Here are theand here’s how you can .