Mark your mental calendar for Friday, Jan. 15. That’s when the IRS and US Treasury run smack into a deadline to send outto . After that, anyone who’s left without a will still have a chance to get it, but in a far less organized, far more haphazard way that (a complication if you don’t normally file taxes).
It’s good news that there’s already a method in place to— it’s called the — but there’s much we don’t know about how it works and what the complications could be. What we do know is that the IRS has sent out most of the through and in the mail as a or an . We also know that there may be as much as 20% of the payments still to make.
We also know the IRS is working through a, which could so there’s a chance that the delivery of your payment could slip. 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 of where to look for your check and what to do if you don’t receive it soon. Read on for details below, and here’s where things stand with a for . This story is updated regularly with new information.
The situations with direct deposit transfers
As of last week, the IRS had reportedly sent out about 80% of its $600 stimulus payments through , giving 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 .)
There are two things to know, however. First, some people have reported problems with checks being sent to the wrong bank account, which means millions of people haven’t been able to receive their stimulus payments that way. And the IRS’ tracking tool won’t let you information 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: On the way, 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 Government Accountability Office report from June, which means some people will have to wait.. 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
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 going out — will they make it in time?
are prepaid Visa cards the Treasury may send you instead of a paper check. There are twice as many going out this time compared to the first round — 8 million instead of 4 million, the IRS told CNET in an email — though it isn’t clear how an EIP card helps deliver money faster than a paper check would.
In fact, the IRS said it began sending EIP cards after it started sending paper checks. Overall, the process is quicker this time around. With the first stimulus checks, it took the IRS and Treasury a month to send this type of payment.
If you receive an EIP card in the mail, the envelope will display the U.S. Department of the Treasury seal, but be careful to not toss your mail without carefully checking first (this). The same cutoff rules apply to 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 your payment could arrive
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 .
Several complicated issues will delay 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 your check total seems incomplete? What to know about missing money
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.