IRS is sending $600 stimulus checks for another week. Here’s when yours will come


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In a twist on the first stimulus check, the IRS and Treasury Department have nine more days to send all the $600 stimulus payments they can. That’s when they hit a Jan. 15 deadline to stop making payments through direct depositpaper checks and EIP cards. (If you want to get an idea for what you could expect, try out out our stimulus check calculator to estimate your total.)

While the IRS has reportedly sent two-thirds of the stimulus checks by direct deposit, there have been some reported problems, and millions of payments are expected to also come by mail. If you’re eligible for the $600 second check, that means you have just over a week left for your second stimulus check to arrive. So what happens if it you don’t get your money before the mid-January cutoff? For a start, you can track your stimulus check status and follow your paper stimulus check or EIP card to your mailbox.

We’ll also explain more about the IRS deadline, direct deposit and what you have to do if you don’t receive your second stimulus check soon after Jan. 15. While you’re here, learn more about the IRS’ formula for your stimulus total, and a possible third stimulus check. This story was recently updated.

 What happens to second stimulus payments after Jan. 15?

The new $900 billion stimulus legislation sets Jan. 15 as the cutoff date to send stimulus payments. If you don’t receive your full second stimulus check money 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 Recovery Rebate Credit. You’ll also be able to claim any money the IRS still owes you from the first round of checks as a credit.

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Some people who received their stimulus payment through direct deposit have run into a problem. If you experience any issue or holdup with 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 the delivery of a second stimulus check to 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…Read more>>

Source:-cnet

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