When will you get a second stimulation test?

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Lawmakers are still working on a deal, which could include checks for $ 600, but experts say it will take the Treasury at least two weeks to get money into individuals’ bank accounts after the law is signed.

“The timing might be more difficult this time around, but the IRS could probably start withdrawing the money in January,” said Howard Gleckman, senior researcher at the Urban-Brookings Tax Policy Center.

Details of what will be in the final version of the bill – and when it will pass were still uncertain on Friday, as lawmakers battled a looming shutdown.

In March, Congress provided individuals $ 1,200 in direct payments and couples $ 2,400 plus $ 500 per child under the $ 2 trillion CARES Act. Those payments began to disappear for singles earning over $ 75,000 a year and those earning over $ 99,000 received nothing. The income thresholds have been doubled for couples.

It took two weeks after this bill was passed for the IRS to start distributing the money – but some eligible recipients still haven’t received it, months later.

Who gets the money fastest

Payments are not all made at the same time. Those whose banking information is on file with the IRS will likely get the money first because it will be directly deposited into their account. Others will receive paper checks or prepaid debit cards in the mail.

About 90 million people – more than half of those eligible – received their payments in the first three weeks of April after the March deal was signed. Most people had their money within two months.

Still, about 12 million eligible Americans were at risk of not receiving any money at all because the IRS had no way of reaching them. While most people received the money automatically, people with very low incomes who don’t normally file a tax return had to register online by November 21 to provide their address or bank account number.

IRS under pressure

If Congress maintains the same eligibility requirements as for the first round of verifications, the process can be almost as easy as the push of a button. But it could complicate things if the settings are changed – especially if Congress adds restrictions outside of income.

Additional checks may delay the start of the 2020 tax filing season. A second stimulus check means the agency will have to make changes to the tax return forms, some of which have already been sent to printers.

December is not a great time to add to the IRS’s workload. This is usually the month when work is done to prepare for the upcoming filing season and more employees may be on time off than usual due to vacation.

“I think the IRS will issue the stimulus checks in a timely manner. This could come at the expense of the filing season start date,” said Chad Hooper, executive director of the Association of Professional Managers, who advocates over 30,000 non-union IRS workers.

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