You Have A New Bank Account
Your third stimulus check payment will be directly deposited into your bank account if the IRS has your bank information from:
- Your 2019 or 2020 federal income tax return
- The “Non-Filers: Enter Payment Info Here” tool used for first-round stimulus payments
- The “Get My Payment” tool, if the information was provided in 2020
- A federal agency that issued benefits to you or
- Federal records of recent payments to or from the government.
Direct deposit is the quickest and easiest method of delivering your payment. However, if you recently closed the bank account that the IRS has on record, then the payment will be delayed. By law, the bank must return the payment to the IRS if the account is inactive or closed. Unfortunately, if you closed your account, there’s no way to provide the IRS with your new bank account information for third stimulus check purposes. As a result, you will either receive a paper check or debit card by mail.
If the IRS sends a paper check or debit card, that will take longer than getting a direct deposit payment because it has to go through the regular mail.
If the IRS doesn’t send a third-round payment at all, then you’ll have to claim the third stimulus check money that you should have received as a Recovery Rebate credit on your 2021 income tax return, which you won’t file until next year.
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Your Payment Hasnt Been Processed Yet
If you havent received a direct deposit or physical payment and the IRS Get My Payment Tool says Payment status not available, dont panic.
On that same page it should also state that If you get this message, either we have not yet processed your payment, or you are not eligible for a payment.
The eligibility requirements have changed from the last two rounds of payments, so pay attention to the new numbers to make sure you actually qualify this time around.
If the message you get from the Get My Payment Tool says Need more information, then your payment was returned to the IRS because it was unable to be delivered. In this case only, people who get this message can use Get My Payment to enter their correct bank account information. For direct deposit, this includes the name of your bank, your bank account number and your routing number. Do not try to contact the IRS via phone to provide bank information.
Know that the IRS only updates the Get My Payment Tool information once per day, typically overnight, so refreshing throughout the day wont yield any new information.
Can I Track My Payment
The IRS reopened its “Get My Payment” website following the passage of the American Rescue Plan, allowing people to track when they might receive their stimulus checks. The IRS created this portal last year for the $1,200 stimulus checks directed by the Coronavirus Aid, Relief and Economic Security, or CARES, Act.
When people check the “Get My Payment” site for the new $1,400 checks, they typically see one of several messages.
First, some people will see that their payment has been processed, along with a payment date and whether the payment will be sent via direct deposit or mail. If a check is sent by mail, the IRS will either send a paper check or a pre-paid debit card.
Others may see a message that they are eligible, but their payment hasn’t been processed and therefore there’s no payment date available.
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Social Security Recipients Are Still Waiting
According to the IRS, the third round of economic stimulus, known to the Treasury as EIP3, will be sent to people who didnt file a return but receive Social Security retirement, survivor or disability benefits , Railroad Retirement benefits, Supplemental Security Income or Veterans Affairs benefits. This is similar to the first and second rounds of Economic Impact Payments, often referred to as EIP1 and EIP2.
The IRS has not confirmed the official payment date. Social Security recipients will get the payment the same way they would normally receive Social Security benefits.
For those who received EIP1 or EIP2 but dont receive a payment via direct deposit, they will generally receive a check or, in some instances, a prepaid debit card . A payment will not be added to an existing EIP card mailed for the first or second round of stimulus payments, the IRS says.
While the payment date for many recipients was March 18, a specific date for Social Security recipients has not been confirmed.
Hunsches advice to those eager to get their checks is to be patient.
Generally, by about the end of the month, everybody should start seeing their payments, or at least be notified of whats going on as to why you didnt get your direct deposit today, he said.
He said youd most likely be notified by a letter in the mail.
‘payment Status Not Available’
If you are getting “Payment Status Not Available” from the IRS stimulus check tracker — don’t be alarmed.
According to the IRS, if you receive that message it can mean one of three things:
- You are not eligible for the payment.
- The payment has yet to be processed
- The IRS doesn’t have enough information to issue the payment to you
The agency said it will continue to issue the 2021 Economic Impact Payments throughout 2021.
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You Receive Social Security Benefits Or You Dont Typically File Taxes
If you receive Social Security Benefits, or dont earn enough income to file taxes, the IRS experienced a delay in validating your eligibility for the third stimulus payment. The IRS had to wait to receive information from the Social Security Administration before it could review and verify if you qualified for a payment, and for how much.
After receiving the SSA information on March 25, the IRS announced on March 30 that most, if not all, of the Social Security recipients and other federal beneficiaries who do not normally file a tax return and are eligible for a stimulus check, should receive their payments electronically on or around April 7.
This includes those who receive Social Security retirement, survivor or disability , Supplemental Security Income , and Railroad Retirement Board recipients who did not file a 2019 or 2020 tax return or did not use the Non-Filers tool
The IRS announcement also stated that the Get My Payment tool will be updated to reflect this change on the weekend of April 3-4 for those that are expecting to receive their payments by April 7.
Coronavirus Stimulus Check: Easy Way To Contact Irs
We know it is not exactly an easy way to connect to the IRS. Nonetheless, the IRS has always recommended utilizing the portal available to check the payment status- but it might be a difficult job to find the portal in the first place. If you want to receive information about the portal- which in turn will help you seek your stimulus check- all you need to do is jot down some relevant details.
Currently, there is a much more convenient way to be in contact with the IRS. All that one needs to do is pick up the phone and call at 800-919-9835. This is the phone number of the IRS Economic Impact Payment which would direct them to a live representative. Talking to a representative would be a helpful option for one to receive their stimulus check. Also, it helps one find those answers to questions that arent readily available on the portal.
Unfortunately, since the IRS delivered the stimulus check payments last year, the agency has been flooded with inquiries. The IRS had also been facing major staff shortages but things are going back to normal now.
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You Are Locked Out Of Using Get My Payment
The IRS says that data in Get My Payment is updated only once per day. If you’ve already checked with the app and received a “Payment Status Not Available” message, there is no need to try to use it again on the same day. If you do, you may see a message saying “Please Try Again Later,” and be locked out of using the site for 24 hours.
What To Do If Won’t Be Getting More Money
There’s been a lot of talk about a fourth stimulus check, but no action so far. If you’ve already received all the Round 3 money you’re entitled do and could use a little more help right now, here are some places to find it on your own.
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First, cut the cost of your debt. If youve been relying on plastic to get through the pandemic, you’ll want to roll your high-cost credit card balances into a single, lower-interest debt consolidation loan. You’ll settle your debt sooner and pay far less in interest.
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Then, wring some savings out of your insurance bills. If you havent shopped around for a better rate on your auto insurance in the last year, you might easily be overpaying by more than $1,000 a year. Take a minute to compare insurance quotes to find the best rate on your coverage.
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And if youre a homeowner, use the same approach to cut down your homeowners insurance costs by hundreds of dollars a month.
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Even when you’re on a tight budget, you need to shop for the essentials here and there. Avoid paying too much whenever you shop online by that will automatically scour the web for better prices or coupons.
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Finally, when it comes to investing, you dont need a $1,400 stimulus check to earn returns in the record-smashing stock market. A popular app allows you to invest your “spare change” and grow your pennies into a diversified portfolio.
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Some Taxpayers Who Never Received Their Third Economic Impact Payments From The Irs May Have Been Ensnarled In A System To Prevent Duplicated Checks
If youre one of the untold number of Americans whose third stimulus check mysteriously never showed up, new details may offer clues as to why.
Some taxpayers may have been misidentified as U.S. territory residents and mistakenly deemed ineligible to receive the payments from the Internal Revenue Service , according to people affected by the issue and correspondence seen by Fast Company.
The misidentification was the result of a glitch that requires a manual review, some taxpayers were told by IRS representatives. Others learned of the issue only after their representatives in Congress conducted an inquiry on their behalf.
After waiting months for an Economic Impact Payment that never arrived, John Mack of Tucson contacted the office of Representative Ann Kirkpatrick of Arizonas second district. In a written response earlier this month, the IRS said it was reviewing information to determine if some taxpayers had been misidentified as territory residents.
It didnt actually say I was one of the people who had been misidentified, but I find that excuse interesting, says Mack, who has been trying to solve the mystery of his unreceived check since at least June. So, guess Im waiting until next year for recovery.
Reached for comment by Fast Company, an IRS spokesperson had no knowledge of taxpayers being misidentified as territory residents and said she would inquire further about it.
Stimulus Checks May Be Delayed Due To Unresolved Issues With The Account Of Individual: Irs
The IRS has said that there have been instances when the stimulus check was delayed as there were issues or conditions that had to be determined before a payment could be made. They have given the example of the amended income tax returns, which had to be processed further before eligibility could be confirmed.
There are a number of similar conditions that could delay the payment of a stimulus check. But they have not given any other instances of issues that could lead to the delay or withholding of a stimulus check.
The IRS said that they were apologetic for the misinformation that some people were subject to. The taxpayers who faced such delays reported that they were not required to submit amended returns.
The authorities have to date delivered over 169 million stimulus checks to people even since the stimulus check payments were started under the American Rescue Plan. Officially called the Economic Impact Payments, these direct stimulus funds were one part of a slew of measures undertaken by the Biden administration to support people who were affected by the economic downturn brought on by the pandemic.
A total of $395 billion has been paid. An approximate payment of $410 billion is expected to be finally paid, so it is safely assumed that a majority of the payments have been made.
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How Do I Track My Payment
Taxpayers can track the status of their payments using the IRS’s Get My Payment tool, which is updated once a day. You will likely receive one of three types of messages:
- “Payment Status” will show you the date your payment was processed and will tell you if you will receive funds via direct deposit or in the mail. If the tool says that you are eligible for a payment, but there is no date shown, that means that the IRS hasn’t processed your payment yet. It does not mean that you won’t receive one you will just get it in a future wave of payments.
- “Payment Status Not Available” means the IRS either hasn’t yet determined your eligibility or that you’re not eligible at all.
- “Need More Information” means one of the two things: Either the IRS does not have your account information and your payment hasn’t been processed yet, or the postal service was unable to deliver your payment and it was returned to the IRS.
What Will The Stimulus Rollout Look Like
More information about payments directly into your bank account will being showing up this weekend and afterward.
The payments will roll out in batches, with some people seeing information about direct deposits as early as this weekend.
Once again, some people will get payments via direct deposit, others by check and others by a plastic debit card.
Taxpayers with direct deposit information on file will receive the payment directly into their bank accounts.
The IRS has worked behind the scenes to make sure that the agency can validate that it has the correct bank account information.
A system also is in place to make sure the Economic Impact Payments are returned quickly if somehow the IRS sends payments to a closed or incorrect account. Those payments are then likely to be quickly reissued, according to the IRS.
In the weeks ahead, paper stimulus checks and plastic stimulus payment debit cards will arrive in the mail to others. The checks or debit cards should start being seen by consumers before the end of March, according to IRS and Treasury officials.
Payments are to continue over the next several weeks.
Beginning Monday, you can go online to check the status of your third payment by using the Get My Payment tool, available in English and Spanish only on IRS.gov.
The tool is being updated with new information, and the IRS anticipates that updated information will be available soon.
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Wheres My Third Stimulus Check
OVERVIEW
The American Rescue Plan, a new COVID relief bill, includes a third round of stimulus payments for millions of Americans. Get updated on the latest information as it evolves.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
A third round of stimulus checks is on the way for millions.
The American Rescue Plan, a new COVID relief bill, was signed into law on March 11, 2021. The bill includes a third round of stimulus payments for millions of Americans. We know these funds are important to you, and we are here to help.
If you are eligible, you could get up to $1,400 in stimulus checks for each taxpayer in your family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.
The IRS began issuing the first batch of stimulus payments, and they could arrive as early as this weekend , with more arriving over the coming week. Further batches of payments will arrive during the following weeks. If youre eligible, check the status of your stimulus payment and the way itll be sent to you by going to the IRS Get My Payment Tool, which will be live on March 15th.
To find out if you are eligible and how much you can expect, visit our stimulus calculator.
Student Loan Payback Suspended
Borrowers with student loans held by the Department of Education originally had suspended payments through September 30, 2020. President Trump subsequently extended that relief to December 31 through executive action. If Congress does not act by the end of the year millions of student loan borrowers will start getting billed in January for their student loans for the first time in nearly a year.
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All You Need To Know Is Yourself
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.