Even if they were sent in early January. Many of the stimulus checks that were sent out earlier this month would be arriving in the next few days, judging by the IRS timeline for distributing second round payments.
Paper checks and prepaid debit card (EIP Card) shipments of the stimulus money were processed right after the payments were processed by direct deposit.
But even the latter, despite being transferred since December 29 to millions of bank accounts, were not available for use until January 4, the official payment date.
For mailings, the question and answer section on the IRS website specifies that once released, payments by mail would take three to four weeks to arrive. The agency does not elaborate on the reasons for this.
This means that if the IRS mailed your stimulus check earlier this month, the mail could be reaching you by the end of January.
The Supplemental Appropriations Act of 2021, under which the second $600 minimum stimulus check is distributed, sets January 15 as the deadline for the IRS and the Treasury Department to complete most payments.
But if the agencies processed your check on that same date, which is yesterday, you may have to wait at least three weeks to receive the funds.
If you don’t receive your eligible payment by the beginning of next month, you may have to apply for a credit on this year’s tax return.
This Friday, the tax office announced that it delayed the start of this year’s tax season to February 12, in part to expedite disbursements of second round checks.
Stimulus recipients can use the online “Get My Payment” tool to track the status of their payment and confirm whether or not it has been processed.
Steps to apply to the IRS for stimulus checks owed through the “Refund Recovery Credit” on tax returns
Even if you do not file a tax return, you can still claim the credit. The “Refund Recovery Credit” is the alternative for eligible Americans to the first and second stimulus checks to claim from the Internal Revenue Service (IRS) if they have not received one or both of the payments.
The provision authorized under the Coronavirus Economic Assistance, Relief, and Security Act (CARES) and the COVID-19 related tax relief act is a tax credit against your 2020 income tax.
How do I apply for a credit for a stimulus check that is owed?
According to the IRS website, eligible individuals who did not receive the full amount of their economic impact payments can claim the Refund Recovery Credit on a Form 1040 or Form 1040-SR for 2020. As part of the process, you must complete the Refund Recovery Credit Sheet on the Form 1040 and Form 1040-SR instructions.
“Generally, you are eligible to claim the Refund Recovery Credit if you were a U.S. citizen or resident alien in the U.S. in 2020, cannot be claimed as a dependent of another taxpayer for the 2020 tax year, and have a Social Security number valid for employment issued before the due date of your 2020 tax return (including extensions),” the website entry states.
Even if you do not file a tax return, you can still claim the credit
Even if you are not required to file a tax return, you may choose to file Form 1040 or Form 1040-SR to claim the Refund Recovery Credit.
The agency reminded Americans that anyone with income of $72,000 or less can file their federal tax return electronically for free through the IRS’ Free File program.
Individuals who received the full amounts of both economic impact payments (first and second stimulus checks) do not need to complete the information for the Refund Recovery Credit on their 2020 tax returns. Specifically, the IRS should not claim the agency if:
- your first Economic Impact Payment was $1,200 ($2,400 for married couples filing jointly in 2020) plus $500 for each qualifying child you had in 2020
- his second Economic Impact Payment was $600 ($1,200 for married couples filing jointly in 2020) plus $600 for each qualifying child he had in 2020.
On January 15 and the credit
It is important for you to consider and know the scope of this credit, as this Friday, January 15, is the deadline for the relevant agencies to complete the submission of most second round stimulus checks.
The Supplemental Appropriations for Coronavirus Response and Relief Act of 2021 passed by the U.S. Congress in late December stipulates that by today the agencies responsible for distributing direct payments to those financially affected by the pandemic must have completed the process for beneficiaries for whom they have information on file.
If you do not receive your stimulus payment in the subsequent days, the IRS’ recommendation is to request the money owed through the credit. For more information on the “Refund Recovery Credit,” you can visit the IRS website.