The IRS has begun distributing stimulus checks2 (the $600 per capita payment approved by lawmakers late last month), which should be deposited into bank accounts as early as today (January 4).

However, the window for the stimulus payments is limited, and those who do not receive their checks within the next two weeks will have to report the missing payments on their 2020 tax returns. Legislation approved by Congress allows the Treasury Department to distribute the second round of checks by January 15.

Treasury Secretary Steven Mnuchin has said that the relief is likely to be implemented much more quickly than last spring, in part because the IRS is now able to register more information on eligible recipients, but after the last checks are mailed on January 15, some Americans could be left in limbo.

If that happens, they will have to go through some extraordinary procedures to receive their second stimulus check.

Americans who are eligible to receive a second stimulus check but whose payment is not processed by January 15 must claim the recovery rebate credit on their 2020 tax return using Form 1040 or 1040-SR. Those who received less than they should have received under either stimulus package may also claim the credit.

Although tax season begins this month (the IRS has not yet released a specific date when the free filing program will be available), it typically takes three weeks to process and ship refunds. Therefore, even if you apply for the Recovery Rebate Credit on the first filing date and submit your return electronically, you may not see your payment immediately.

You can check the status of your second stimulus payment using the Get My Payment tool on IRS.gov.

But keep in mind that the income cap is lower this time: if your personal income exceeds $87,000, you will receive nothing, compared to $99,000 last time. (This figure doubles if a spouse files jointly)