When will the IRS send new stimulus checks? We have a clearer idea now that Senate passed the bill

When will the IRS send new stimulus checks? We have a clearer idea now that Senate passed the bill

The third stimulus check will start to arrive in March, President Joe Biden said Saturday, after the Senate passed the COVID-19 relief stimulus bill. But the arrival date isn’t that simple — you want to know when your check will come, not everyone else’s, and that depends on several factors. For example, we’re still days away from the new $1,400 payments becoming law, and the IRS is in the middle of processing tens of millions of tax returns.

There’s also the question of which stimulus payment priority group you’re in — that could push back your check by weeks, and despite your best efforts, you may not get a choice if your stimulus payment arrives in the first wave or one of the last. Some people may also find they have to wait months to receive all their stimulus money, if any problems arise, including from the 2019/2020 tax confusion.

We’ll explain more below. But first, it’s important to know that the third stimulus payment reduces the upper income limit once again, which changes the equation to determine how much money you could receive and means fewer people will be eligible to get more stimulus money than originally thought. Here’s who may not qualify for a check. Meanwhile, here are major differences between the $1,400, $600 and $1,200 checks, and all the money you could get for child care and older adults. This story was updated with new information.

The date the IRS begins sending the very first payment may not square up with the date you receive your stimulus money in your bank account or in the mail. And that’s even in the best case scenario. Remember, it takes time for the IRS to process the well over 100 million payments expected in this third round of checks, and tiny errors could cause a delay in you receiving your full or partial payment.

If the bill becomes law by March 14 — the Democrats’ self-imposed deadline — it’s almost guaranteed that the first wave of payments will begin to go out before April 1. Direct deposit recipients would be the first to receive a check, followed by staggered start dates for physical checks and EIP cards.

But that’s only for the dates the IRS will begin to send checks. It could take weeks for the IRS to process every group’s funds, and more time for the transactions to go through, especially if you’re issued a paper check or EIP card. Any additional complication could delay your payment. The schedule below reflects our best guesses, based on the IRS’ timeline for the $600 stimulus check…Read more>>

Source:-cnet

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