As reported by cnet,
The US government is busy. On Monday, House Democrats are reportedly set to begin the process, and on Jan. 20, President-elect Joe Biden will . In between, the IRS and Treasury are scrambling to hit to wrap up sending all the they can — they’re moving so quickly, in fact, that there’s . After that, people will need to when they file their taxes later this year.
Though the IRS has already made approximately 80% of this second batch ofthrough and the mail — with and — that still leaves 20% of folks waiting for their stimulus money. Start with the practicalities: , following and .
Now, what is this IRS deadline, what’s the deal with direct deposit payment, and what do you do if you don’t receive yoursoon after Jan. 15? Read on. (And while you’re here, this is the , and everything we know about a .) We recently updated this story.
Why is Jan. 15 the stimulus check cutoff date?
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.
Some people who received their stimulus payment through direct deposit have run into problems. If you experiencewith 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 transfers are coming to a close
The IRS sent the firston Dec. 29, saying that the payments will continue through the week. It isn’t clear if the IRS and Treasury will finish processing bank account transfers by then — at least the first round. People who have won’t be able to .
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 it on your taxes.
EIP cards and paper stimulus checks: In transit, but will 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. If you’ve .
You could get an EIP debit card this time instead of a check
The IRS is making 8 million payments through an, the agency told CNET in an email. That’s twice the number that was sent for the first stimulus check. Even if you got paid with a paper check the first time around, many more people might receive a debit card this time. On the flip side, 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.
There are two ways to track your $600 stimulus payment
The IRS has reopened itswith information on 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. You can also use a to follow your check’s movements to your mailbox.
What’s the longest you might wait to get your 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 as paper checks and another 3% as .
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.