Harlingen, Texas (KVEO)—A second round of stimulus payments was included in a COVID-19 relief package, which was signed by President Donald Trump on Sunday night.
The COVID-19 relief bill, which includes a second stimulus check for up to $600 per adult and qualified child dependents, can be sent to people who qualify by the first week of January, before the middle of the month or in the spring.
Treasury Secretary Steven Mnuchin said that he expects Americans would start receiving stimulus checks after the bill was signed.
But, what happens if you miss all or part of the economic stimulus check money by Jan. 15 since we have a short deadline for the relief bill?
By Jan. 15, the IRS and the US Treasury, must stop sending checks as part of this round of deliveries.
If you don’t receive your full second stimulus check money by that date, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021 through the Recovery Rebate Credit.
According to Irma Trevino, an IRS spokesperson, the Recovery Rebate Credit is for any person who is eligible that did not receive the full amount of the recovery rebate as an advance payment.
Who is eligible? Generally, you are eligible to claim the Recovery Rebate Credit, if you were a U.S. citizen or U.S. resident in 2020, are not a dependent of another taxpayer for tax year 2020, and have a social security number valid for employment that is issued before the due date of your 2020 tax return (including extensions).
U.S. citizens, or those with a green card, may receive their second stimulus check through direct deposit, paper checks and EIP cards.
After Jan. 15, you will have to claim the relief money, if not received by the IRS, with your tax filling in 2021.
It is not clear how quickly the IRS would process the payments or would be returning the payments.