When will the IRS send your second stimulus check and what is this Jan. 15 cutoff?

On Monday evening, Congress approved a $900 billion stimulus bill that includes a second stimulus check of up to $600 per adult and child dependent. Now that President Donald Trump has had a chance to take a look, he implied he won’t sign a bill without a $2,000 check. If a bill is eventually signed this week one way or another, however, how quickly can the IRS and US Treasury start sending the first payments, and when could you expect a second stimulus check of any size to arrive, either in your bank account or through the mail?

If you qualified for the first stimulus check, you probably know nothing is simple about distributing the money, from who would qualify for the next direct payment to how much money each household could see in a second stimulus check. The same applies to the IRS’ payment schedule as well. (Calculate your second stimulus check total now.)

On Monday, Treasury Secretary Steven Mnuchin said he could start sending the second direct payment quickly, as soon as next week, but that really only works if the new stimulus bill becomes law within the next day. With today’s uncertainty, the timetable could once again slide. (President-elect Joe Biden has already committed to a third stimulus check in 2021. Here’s how a new Congress could make the difference.)

“Most of these will be direct deposits. We call them ‘checks in the mail,’ but most will be direct deposits,” Mnuchin said Monday on CNBC. “It will be within three weeks. We are determined to get money in people’s pockets immediately. So that will be within three weeks.” We plot out potential dates in the chart below.

At any rate, if the bill does become law, Jan. 15 will serve as an important cutoff — we’ll explain more below. Note that there may be some complications that could prevent your check from arriving sooner. And if you don’t have direct deposit set up with the IRS, or if there’s an issue with your situation, you could get your second stimulus check later in the new year, similar to how the first payments worked.

While you’re here, there are steps you can take to potentially get your second stimulus check faster. We recently updated this story with the latest information…Read more>>