As reported by cnet,
The IRS and Treasury are in home stretch, sending out the last of thebefore a Congress-mandated Jan. 15 cutoff. About 80% percent of relief money has already been sent, using the two primary ways the IRS has grouped the payments: Straight to bank accounts via and through the as paper checks and .
After confirming you, the next step is to work out which payment group the IRS has sorted you into. This will give you an idea where to look for your and what to do if you before the start of . Remember that not .
Read on for details about IRS payment groups below, and here’s where things stand with a. This story updates with new information.
Direct deposit payments to your bank account
The IRS has reportedly sent out two-thirds of its $600 stimulus payments through, which demonstrates a clear advantage to people who receive an electronic transfer of funds. Direct deposit is a quicker, more efficient mode of delivery than a mailed check, which means the IRS can process many more people faster. Here’s how .)
However, there are two things to know. First, some reported problems with checks being sent to the wrong bank account mean that millions of people haven’t been able to receive their stimulus payments through direct deposit after all. And the IRS’ tracking tool won’t let youinformation this time around.
If the IRS does not already have your banking information, you’ll have no choice but to. If there’s a problem with your payment, you’ll .
Paper checks: Incoming, but two things to know
Paper checks are on their way, at a much faster clip than the first time around — here’s how you can. There are still two major limitations you need to know. First, the US Treasury can process between 5 million and 7 million paper stimulus checks a week in addition to checks for other federal programs, according to a Government Accountability Office report from June, which means some people will have to wait.
Second, there’s that same Jan. 15 that affects all the payments. So anyone who doesn’t receive their check around the middle of the month will have to. If you’ve recently so you can get your stimulus check, and your confirmation letter from the IRS (you’ll need this if you have to file a claim.)
After the cutoff, thethen becomes a matter of how soon you submit your taxes for 2020 and how quickly the IRS will be able to process your return. People who file their returns in February would likely receive their stimulus check money — in the form of a — months before people who wait until the April 15 deadline or file an extension.
8 million EIP cards are on their way
are prepaid Visa cards the Treasury may send you instead of a paper check — the envelope will display the U.S. Department of the Treasury seal, but be careful to not toss your the mail without carefully checking first (this ). The IRS and Treasury have begun sending around 8 million EIP cards, a change from the one-month delay in sending this type of payment the first time. The same rules apply as paper checks. If you don’t get yours around Jan. 15, you’ll need to claim it as a as part of filing your taxes this year.
Social Security beneficiaries: When will you get your check?
With the first stimulus payment, many people who receive Social Security disbursements who also had direct deposit information on file with the federal government received checks in the first week, though not always the first day.
For the second check, the IRS will automatically send the money through how you regularly receive your benefits, such as direct deposit, Direct Express card or.
More complex situations are already delaying payments
For the first check, this category includes people who received a check after June, still haven’t received their full stimulus payment or who.
For the second stimulus payment, people who may fall into this category could include those who, people who and calculation errors, like people whose with what the IRS sent.
It also isn’t clear what would happen if there’s a problem during theprocess and the payment was further delayed. It’s likely the IRS would set a different, later deadline to address clerical errors, like missing stimulus money, and other scenarios. Here are .
What if you’re missing money from either stimulus check?
It isn’t always clear how much money the IRS might owe you in the event of an error. We suggest starting with ouror the and this introduction to . If the numbers seem lower than they should be, you might want to investigate further.
See if any of these situations could apply to you: Are you, or ? Are you a tax (including and people who )?
If you’re aand didn’t receive a check as expected, you may also need to read up on the rules. And a court ruling has made it possible for millions of to get a check, even after the IRS changed its interpretation to exclude this group.