As reported by cnet,
Theare being processed and delivered by the IRS and US Treasury at a quick clip. But there’s a catch — wording in the specifies a Jan. 15 deadline for the two agencies to finish making this , through , and . ( .)
So when should you look for your, and what happens if it you don’t get your money before the ? For a start, you can .
We’ll also explain more about the IRS deadline, direct deposit, how toand what happens if you don’t receive your soon after Jan. 15. While you’re here, learn more about the , and a possible . This story was recently updated.
Will second stimulus payments really stop after Jan. 15?
The newsets Jan. 15 as the cutoff date to send stimulus payments. If you don’t receive your full by then, you will need to claim all or part of the missing amount when you file your federal tax returns in this year as a . You’ll also be able to claim any money the IRS still owes you from the first round of checks as a credit.
People who receive their stimulus payment through direct deposit are less likely to be affected. Butwith any of the three payment methods, it means you’ll have to wait until you file a claim — and take the extra step to do so.
Tying theto the 2020 tax return will almost certainly delay the payment for many people, since a wide variance in circumstances will cause some 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 payments as a Recovery Rebate Credit.
Direct deposit payments will continue this week
The IRS send the firston Dec. 29, saying that the payments will carry on this week. Direct deposits in your bank account may be marked as “pending or “provisional” until Jan. 4, the IRS has said.
Whiledon’t need to do anything to receive the second payment — providing the IRS already has your banking or mailing information on file — you also can’t do much to influence getting a direct deposit over a mailed check. For example, you can’t register a new direct deposit account with the IRS or correct any banking information you have on file if you closed an account. If the IRS can’t deliver your payment, you’ll need to claim on your taxes.
EIP cards and paper stimulus checks are in the mail, but could some miss the deadline?
If the IRS doesn’t have your current direct deposit information on file, it will send the payment as a check orin the mail — they began going out Dec. 30. It isn’t clear if the IRS has time to process all the tens of millions of payments before Jan. 15. The IRS was able to process between 5 and 7 million a week with the first stimulus check, according to a government report from June.
It may be that some payments won’t make the Jan. 15 deadline. Here’s how you canand , for free, to set your expectations and to help prevent you from accidentally throwing it away.
Sorry, what’s an EIP payment card again?
The IRS said that to speed delivery of the payments, it will send make some payments using anand notes that some people who received a paper check last time might receive a debit card this time, and some people who received a debit card last time may receive a paper check.
The IRS warns that those who are eligible but don’t receive a direct deposit should. The debit cards will arrive in a white envelope that displays the US Department of the Treasury seal, the IRS said.
2 ways to track your second stimulus check
The IRS has reopened itswith information on the the second round of payments. With the free-to-use portal, can see the status of both the first and second payments. The website is available in English and Spanish. In addition, you can also use a to follow your check’s movements to your mailbox.
What’s the longest I’d have to wait to get my new payment?
People who will receive their— either as a paper check or a — should look for a payment anytime from now through Jan. 15. According to the Treasury, 22% of the payments as of last summer were made by paper checks and another 3% by .
After Jan. 15, you will have to. That could further delay your stimulus check, since the timing would depend 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’s how to.