The IRS will continue to push theto tens of millions of and into this week and next, but those days are already numbered. There’s just about a week and a half left to complete sending out payments before a Jan. 15 deadline imposed in the stimulus bill. (You can and here’s .)
Although the IRS is moving quickly to hit the cutoff date, it’s unlikely every household thatwill receive it by the middle of the month. In addition to the IRS running out of time, your could also potentially run into its delivery. Knowing which group you’re in according to IRS sorting can help give you an idea if you’ll be among the first to get a , or of the line. (Remember, not .)
Read on for more information about IRS payment groups. While theis currently dead, the could lean in favor of a . This story updates with new details.
Direct deposit payments will pay out fastest, but there’s a catch
People who have theiron file with the IRS are in the first group to receive a stimulus check. An electronic transfer of funds is faster and more efficient than mailing a check, which means the IRS can process many more people faster. Many have already received their money through direct deposit.
On Jan. 4, the IRS turned on its tool; however, you won’t be able to information. If the IRS does not already have your banking information, you’ll have no choice but to .
Social Security recipients: Which way will your check go?
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 .
Paper checks are coming, but don’t forget about that deadline
The IRS began sending the first paper checks in the mail on Wednesday, Dec. 30 (here’s how you can). That’s much faster than the first time around, but there are still two major limitations you need to know.
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 Government Accountability Office report from June, which means some people will have to wait.
Then there’s this catch. Language in the stimulus bill institutes a cutoff of Jan. 15 for the IRS to send out payments. So anyone who doesn’t receive theirs around the middle of the month will have to. That gives people who .
The timing then becomes a matter of how soon you submit your taxes for 2020 and how quickly the IRS would be able to process your return. Those two scenarios are influenced by a variety of factors. For example, 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.
The first wave of EIP cards will arrive quicker this time
are prepaid Visa cards the IRS may send you instead of a paper check — the envelope will look unmarked, so be careful not to toss out your mail without carefully checking first (this ). The IRS has said it started sending EIP cards on Dec. 30, a change from the one-month delay in sending this type of payment the first time. The same rules apply as 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.
Complex situations could hold back your check
For the first check, this category includes people who received a check after June, still haven’t received their full stimulus payment or who. It isn’t clear what would happen if there was a problem during the process and the 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 you don’t get the full amount from any stimulus check? Know this
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.