What could delay your $ 600 stimulus check? | The State
22% of payments made last summer were made as paper checks.
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Karolina Grabowska / Pexels
If you don’t receive your second full stimulus check shortly after January 15, it doesn’t mean have no luck claiming the money that corresponds to you, but your payment could be delayed for months.
For this reason, you will have to claim all or part of the missing amount from your check when you file your federal income tax return this year as a Recovery Refund Credit. You can also claim the money that the Internal Revenue Service (IRS) still owes you from the first round of checks as part of the credit.
The IRS sent the first direct deposit payments as of December 29 while the process continues with money transfers to bank accounts. People who have had problems with direct deposits not due by Friday will need to resolve them during the 2020 tax season.
Although most people who are eligible do not need to do anything to receive the second payment, as long as the IRS already has your banking or mail information on file, you also can’t sign up for direct deposit or do a lot to correct your bank information on file if they closed an account. If the IRS cannot deliver your payment, you will have to claim it on your taxes.
In the event that the IRS does not have your current direct deposit information on file, the agency will mail the payment as a check or EIP debit card. It is not clear if the IRS has time to deliver the tens of millions of payments before January 15. The IRS processed between 5-7 million stimulus checks a week during the first stimulus check, according to a government report in June.
Related: The IRS has already sent nearly 70% of stimulus checks, but many won’t receive them until they file 2020 taxes.
How long is the maximum time you can wait to receive your new stimulus check?
People who receive the second stimulus check for mail, whether in the form of a paper check or prepaid debit card, they should seek a payment anytime from now through January 15. According to the Treasury, 22% of payments made last summer were made as paper checks and another 3% as prepaid debit cards.
- After January 15, you will have to claim the money the IRS owes you with your 2020 tax return. That could delay your stimulus check even further.
- When you file your taxes for 2020, the deadline could be April 15, unless you request one extension.
- It’s important to wait for the time it will take for the IRS to process your tax return, which may also include your second stimulus check.
- If you have any complications that arise in your specific case, it could delay your check even more.
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