Why is it that even though you received the second stimulus check in your account, you cannot use it until January 4?

The IRS along with the Treasury Department deposited the first checks this week, but a small detail alters the agenda

Photo: MARIELA LOMBARD

At least 113 Millions of Americans will receive the second economic stimulus check that began distributing this week on Internal Revenue Service (IRS) in coordination with the Treasury Department by direct deposit .

However, although the agencies announced this Tuesday the beginning of bank deposits, many of the recipients will have to wait until January 4 to have the money sent electronically.

The reason for the above is that this is the “official” date of payment, as confirmed by the IRS itself.

” Some Americans will view direct deposit payments as pending or provisional checks on their accounts before the official date. payment on January 4, 1344050772757991424 “, alerted the tax collecting office.

January 4, that is, Monday, is the date on which the federal Department of the Treasury officially transfers the funds to the institutions that credit the funds to the independent accounts.

When Treasury Secretary Steven Mnuchin , made Tuesday the announcement by Twitter of the first direct deposits, did not mention the date of January 4. What he did make clear is that the processing of payments to bank accounts would be extended until next week .

. @ USTreasury has delivered a payment file to the @ FederalReserve for Americans’ Economic Impact Payments. These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week (1/2)

– Steven Mnuchin (@ stevenmnuchin1) December 29, 2020

The expectation is that, during this second round, the IRS will process 80 millions of direct deposit payments, and 80 millions in paper checks and prepaid debit cards to be mailed to recipients.

Most beneficiaries will receive minimum $ 600 Dollars; and, in the case of couples filing taxes jointly, $ 1, 200.

The law under which the Second round, Law of Supplemental Allocations in Response and Relief to Coronavirus of the 2021, states that the federal government must complete the distribution of most payments for the 29 October.

In case of inconvenience in the disbursement of checks due to lack of beneficiary information, people should request the money owed during the season of taxes coming

through a refund ”.
• The four group of pe People who will not receive the second $ 600
• Why doesn’t the IRS enable the “Get My Payment” tool to verify the status of the second stimulus check yet?
• The letter confirming that the IRS has already sent you the second economic stimulus check
Some beneficiaries who received the first paper stimulus check will receive the second one on a debit card