The IRS has issued 113 million second stimulus payments by direct deposit and 34 million payments by paper check or prepaid debit card, the agency said Friday.
But not everyone has received theirs yet and they’re wondering if the payment is ever coming.
If you haven’t received your second stimulus payment yet, you should try to track it on the IRS’ Get My Payment tool.
The tool will tell you how and if the second stimulus payment was sent.
Here are 5 reasons why you may not have received a payment.
A debit card is on its way
The IRS said Thursday it is sending second stimulus payments via prepaid debit cards, called Economic Impact Payment (EIP) cards, to approximately 8 million people this week.
The cards could go to anyone who didn’t already receive a direct deposit payment, the agency said.
With the first stimulus payment, many people threw out the cards because they thought they were junk mail or scams.
The cards are being sent in a white envelope that prominently displays the U.S. Department of the Treasury seal, the IRS said. The card has the Visa name on the front and the issuing bank name, MetaBank, on the back of the card.
To speed up distribution of the payments, the IRS said some people who received checks last time may receive a debit card this time.
You moved
Because the IRS has to send out all payments by Jan. 15, if you changed your address, there’s not enough time for you to give the IRS your new information.
Instead, assuming you are eligible for a payment, you can still get it by claiming a credit called the Recovery Rebate Credit on your 2020 tax return. Then you would get the payment in the form of a tax refund.
You changed your bank account
The IRS is sending your payment based on whatever information it has on file.
If your 2019 tax refund or first stimulus payment was direct deposited to a bank account you no longer have, the financial institution by law has to send the payment back to the IRS and there’s not enough time to get the agency a new bank account.
You can still get your payment by claiming a credit on your 2020 tax return.
You used a tax preparer
If you used a tax preparation company to file your tax return, it’s possible your stimulus payment won’t come back to you.
Many people said they didn’t recognize the bank account number listed on the Get My Payment tool.
The unfamiliar account numbers, in many cases, are from temporary accounts opened by a tax prep company.
By law, the financial institutions had to return the payments to the IRS and they could not hold and issue the payments when the account is no longer active.
But that’s now changed.
“The IRS and tax industry partners are taking immediate steps to redirect stimulus payments to the correct account for those affected. The IRS anticipates many additional taxpayers will receive payments following this effort,” the IRS said. “If you do not recognize the account number, it may be an issue related to how information is displayed in the tool tied to temporary accounts used for refund loans/banking products. The IRS is working to address this.”
The IRS sent payments to more than 13 million bank accounts that were closed or no longer valid, tax preparation firm Jackson Hewitt said on its website.
You’re not eligible
Eligibility for the second stimulus payment is a little stricter than it was for the first stimulus payment.
The IRS said generally, as long as you’re not claimed as a dependent on another person’s tax return, U.S. citizens and resident aliens are generally eligible for the second payment as long as they meet certain income requirements.
“Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment,” the IRS said. “For filers with income above those amounts, the payment amount is reduced.”
The eligibility cutoffs are lower than they were for the first stimulus payment.
Singles who earn between $75,000 and $87,000 would receive a partial benefit, while those who are married and file taxes jointly would get a partial benefit if they earn between $150,000 and $174,000.
Eligible individuals will receive a payment of up to $600 for singles or $1,200 for married couples with an extra $600 for each qualifying child under age 17.
Use our second stimulus payment calculator to see how much your benefit may be.
Please subscribe now and support the local journalism YOU rely on and trust.
Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.
"payment" - Google News
January 09, 2021 at 03:04AM
https://ift.tt/3pXiMs4
Second stimulus check update: 5 reasons you may not have your payment - nj.com
"payment" - Google News
https://ift.tt/3bV4HFe
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Second stimulus check update: 5 reasons you may not have your payment - nj.com"
Post a Comment