IRS sending $600 stimulus checks for one more week. When will yours arrive?


Loading...

It’s been quite a week for the US government, filled with fraught elections that led to a new Senate led by Democrats and turmoil in the Capitol that’s stirring up calls to impeach President Donald Trump. On the stimulus check front, the IRS and Treasury Department face a different kind of deadline — one week to make all the $600 stimulus payments they can before the Jan. 15 deadline that’s part of December’s stimulus bill.

While the IRS has reportedly already made two-thirds of the stimulus payments via direct deposit to bank accounts, tens of millions of payments are going out through paper checks and EIP cards in the mail. So what now? You can start by tracking your stimulus check status and following your stimulus money to your mailbox. (You can use this stimulus calculator to estimate your total.)

We’ll explain more below 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. Here’s more information about the IRS’ formula for your stimulus total, and the possibility of a third stimulus check. This story updates often.

 Why is Jan. 15 the stimulus check cutoff date?

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.

Loading...

Some people who received their stimulus payment through direct deposit have run into problems. 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

 

Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

Register Form

Name
Email Address
Phone No