First And Second Stimulus Check
You will need to file a tax return for Tax Year 2020 . The deadline to file your taxes this year was May 17, 2021. The tax filing extension deadline is October 15, 2021.
If you missed the filing deadline, you can still file your tax return to get your first and second stimulus checks. If you dont owe taxes, there is no penalty for filing late. If you owe taxes, you may be subject to penalties and fines for not filing or not paying taxes. The government may reduce your tax refund to pay for any taxes you owe and other federal and state debts.
To learn more about your options if you think you owe taxes, read Filing Past Due Tax Returns and What to Do if I Owe Taxes but Cant Pay Them.
Was Your Direct Deposit Account Info Entered When You Filed Your 2020 Taxes
The problem: You filed your 2020 taxes and signed up for direct deposit for the first time or corrected your banking information, but the IRS didn’t transfer stimulus funds into your account by March 24.
Why? It may be that the IRS didn’t process your tax return and information before it sent your third stimulus payment.
What now? Track your 2020 tax return to see what your status is. If your direct deposit doesn’t trickle in a few days past the March 24 due date, you’ll want to keep an eye on the mail for a paper check or EIP debit card. Also use the IRS check tracking tool to see when your stimulus payment is scheduled to send.
How Can You Correct Mistakes
The IRS sends out Notice 1444 by mail within 15 days of making a direct deposit or sending a paper check. That letter will tell you the amount of your stimulus payment and how it was made. The letter also provides instructions on fixing issues with your payment.
Don’t Respond to Telephone Calls or Texts About Your Stimulus Check
The IRS will not call, text, or email you about your stimulus payment. The Federal Trade Commission is warning that thieves are posing as government employees to prey on stimulus payment recipients. These scammers may ask for your personal information or threaten you that if you don’t send the money back in the form of money transfers or gift cards, you’ll lose your drivers’ license. Ignore these communications.
Also Check: Am I Going To Get A Stimulus Check
What Could You Do With Extra Stimulus Money
There are a few , but what should you do with this extra money for your dependents? Here are some additional ideas:
Pay for dependent education. The extra cash could go toward upcoming tuition, back-to-school materials, and educational software or equipment.
Pay for childcare. If you have to go to work and need backup childcare, you could use the extra payment towards childcare. Daycare is expensive, but $500 is a start.
Cover the essentials. Are last years sneakers too small for your kids? Use the extra funds to grab the right-sized sneakers, jeans, and school supplies for the school year. Then put the rest away .
Received A Payment In Error
If you received the Golden State Stimulus payment and believe this is an error, please review the eligibility qualifications above to verify this is an erroneous payment. Once verified, follow the instructions that correspond to the payment received:
Paper checks that have not been cashed:
ATTN: Golden State Stimulus FundFranchise Tax Board
Read Also: When Are The Third Stimulus Checks Coming Out
Frequently Asked Questions About Stimulus Payments
What is a government stimulus payment?
As part of the American Rescue Plan Act of 2021, the federal government is providing stimulus payments to eligible recipients.
How will I know if I qualify?
Please note: Eligibility criteria outlined in the American Rescue Plan Act of 2021 differs from prior rounds of stimulus payments. Wells Fargo does not have the ability to determine whether you qualify. Your eligibility is determined by the government. To learn more about eligibility and payment amounts, visit IRS.gov/coronavirus.
How will I receive my payment?
If youâre eligible to receive a payment, you will receive the funds in one of these ways:
- By prepaid card. Instead of receiving a paper check, some customers will receive a prepaid card in the mail. Customers are able to use this card like a debit card or transfer funds from their Economic Impact Payment card to their bank account from the Eipcard.com website, from the Money Network Mobile App, or by calling 1-800-240-8100.
Once the IRS begins to distribute payments, the IRSs Get MY Payment tool will be updated to reflect direct deposit or mailed payment date. The IRS is expected to update the payment status regularly.
When will I receive my payment?
The U.S. Treasury has indicated that payments will be distributed in multiple phases and could take several weeks to distribute, so not everyone will receive payments at the same time.
You can check on the status of your stimulus payment using the IRSâs Get My Payment tool.
You Make Too Much Money
You won’t get a third stimulus check at all if your income is too high. Every eligible American starts with a $1,400 third stimulus check “base amount.” The base amount goes up to $2,800 for married couples filing a joint tax return. Then, for each dependent in your family, an extra $1,400 will be added to the base amount.
However, everyone won’t get the full amount. As with the first two stimulus payments, third-round stimulus checks will be “phased-out” for people with an adjusted gross income above a certain amount on their 2019 or 2020 tax return. If you filed your most recent tax return as a single filer, your third stimulus check will be phased-out if your AGI is $75,000 or more. That threshold increases to $112,500 for head-of-household filers, and to $150,000 for married couples filing a joint return.
Third-round stimulus checks are reduced to zero pretty quickly. They are completely phased out for single filers with an AGI above $80,000, head-of-household filers with an AGI over $120,000, and joint filers with an AGI exceeding $160,000.
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Not everyone is eligible for a third stimulus check. In a nutshell, you generally don’t qualify for a third-round payment if:
- You could be claimed as a dependent on someone else’s tax return
- You don’t have a Social Security number or
- You’re a nonresident alien.
If the IRS determines that you’re not eligible for a third-round stimulus check, then you won’t get one.
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What If Another Stimulus Payment Is Approved
The incoming Biden administration plans to include a $2,000 stimulus payment as part of its COVID-19 relief legislation, which would be structured as a $1,400 addition to the latest round of payments. But what if you didn’t get the second round of payments? Would these be claimable as Recovery Rebate Credits, as well? Unfortunately, we don’t know the details of how an additional stimulus payment would work at this time.
The good news is that Biden has indicated that his administration plans to move quickly with its initial relief efforts, which include adding $1,400 to the latest round of stimulus payments. While we don’t have many details about how those payments could be delivered and whether you could claim them as a Recovery Rebate Credit if you don’t automatically receive them, there’ll likely be some clarification sooner rather than later.
What If I Never Got The 1st Or 2nd Stimulus Checks
If you’re missing a first or second stimulus check but believe you qualify, then you can claim the money on your 2020 tax return . The payments are worth up to $1,200 and $600 per person, respectively.
When you prepare your tax return, you’ll be asked to report the total Economic Impact Payment received to date.
There will be a separate worksheet on your tax return with instructions for calculating any outstanding amount owed to you, if anything. If you file your taxes using online software, the provider will prompt you to enter the required information and do the calculations for you.
The IRS advises filers to only fill out this portion of their return if they received less than the maximum payment amount.
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Your Stimulus Payment Went To The Wrong Bank Account
The problem: You signed up for direct deposit, but your check didn’t arrive. Why? It’s possible that your stimulus payment went to the wrong bank account. Maybe your account was closed, or an electronic transfer attempt was made for a temporary bank account, like one used on behalf of millions of people who used a tax preparer like Jackson Hewitt, TurboTax and H& R Block. Although this latter issue hasn’t been widely reported, it affected the first and second payments.
What to do: Reach out to your bank or tax preparer to see if an attempt was made to deposit money to your account. Ask if they have an internal protocol to file a report or follow up with a representative who can help.
What next? If you didn’t get a direct deposit by March 24, then your stimulus payment will most likely arrive in the mail. Here’s how to track the payment to your mailbox. The IRS is not allowing individuals to register for new direct deposit accounts or correct inaccuracies. If your third stimulus check never arrives, here are all the ways you can try to resolve the issue.
Still No Stimulus Check One Of These Payment Problems Could Be The Culprit
Here are nine possible reasons your stimulus check hasn’t arrived with any of the payment waves the IRS has sent.
Third stimulus check delivery has been going on for weeks. What does it mean if your payment still hasn’t arrived? And what can you do about it?
The IRS sent out another wave of third stimulus checks this week — did you get yours? If not, there could be an issue holding up your $1,400 payment. Before you do anything, check the IRS tracker tool to see what it says. If it shows your stimulus check should’ve arrived days or even weeks ago, or it just doesn’t arrive at all, there’s likely a problem that needs to be addressed.
Make sure you’re triple-checking every piece of mail that comes to your house — that’s how your payment will arrive unless you receive SSI, SSDI or veterans benefits, or you’re expecting a “plus-up” payment. It’ll come in the mail as an EIP debit card or paper check, which you can track with the USPS. Also, double-check that you’re eligible and that you’re receiving the right amount — for instance, you should get more money if you had a baby, claim newly qualified dependents or are part of a mixed-citizenship status family.
Recommended Reading: Who Will Get The Next Stimulus Check
What Should You Do If You Didnt Get A Check Yet
A TurboTax spokesperson told CBS News that theres really nothing for you to do right now. Instead, its a waiting game with the IRS.
- You dont need to do anything to get your stimulus check, the spokesperson said. The IRS will determine eligibility based on your last tax return and will likely send your payment to the bank account where your tax refund was deposited.
- If you havent filed your 2020 return yet, you can do that now to give your most recent information to the IRS, including bank account or address information to help ensure your stimulus check goes to the right place.
Heads Of Households: If Your Agi Is Over $120000 Or More You’re Not Eligible
Similar to the single-taxpayer cutoff, heads of household with an AGI of $120,000 or more are excluded under the new bill. To get a partial stimulus payment, you’d need to make between $112,500 and $120,000. But to get the full amount, you’d need to make less than $112,500 if you’re the head of household.
Also Check: Are We Getting A Third Stimulus
Debt Collectors Have Taken Your Payment
The problem: Could it be your money was garnished by private debt collectors? The first check was susceptible to seizure of many varieties, including if you owed past-due child support payments. The latter wasn’t true for the second payment, except in cases where recipients didn’t get a check and need to claim a Recovery Rebate Credit on their taxes. For the third check, private debt collectors are able to confiscate your stimulus payment.
What to do: If you think there’s been a seizure or a mistake, you’ll need to start by reaching out to your bank or credit union. You may have a small window of time to put a hold on the seizure.
If you’ve moved, let the IRS and USPS know.
Missing Your Stimulus Check When To Take Action
Roughly two weeks after the IRS sends out your second check, you should receive a letter confirming the payment with ways to contact the agency to report any issues. Last year, when the first round of stimulus checks went out, that letter included two phone numbers to call, but thats not the case this time around.
Here are some common scenarios that might indicate you need to look into your stimulus payment:
- If youre one of the millions of people who qualified for the first stimulus check but never got it.
- If your second stimulus check did not arrive shortly after the Jan. 15 deadline.
- If you received some stimulus money, but not the entire portion.
You definitely need to check and make sure you qualified for the second payment because not everyone who received a check the first time received a second.
You May Like: Get My Stimulus Payment Tracker
Get My Payment Says Payment Issued But I Haven’t Received It
The IRS says that it may take three to four weeks to receive a check after it’s mailed. If it has been weeks since the Get My Payment tool says the payment was mailed, and you haven’t received it, you can request a payment trace. The IRS will research what happened to your check if the check wasn’t cashed, you will need to claim the “Recovery Rebate Credit” on your next tax return. If the IRS finds that the check was cashed, you’ll receive a claim package from the Treasury Department with a copy of the cashed check and instructions on filing a claim.
Similarly, if the Get My Payment tool says your payment was direct-deposited, but the money doesn’t show in your bank account after five days, first check with your bank. If the bank says it hasn’t received a payment, you can request a payment trace.
To request a payment trace, call 800-919-9835 or fill out IRS Form 3911, Taxpayer Statement Regarding Refund.
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The post below is for the first economic impact payment . If you have not received all or part of your second economic impact payment and chose to have your preparation fees paid from your refund when you filed your taxes in 2019, the IRS is working on getting your EIP2 directly deposited to your correct bank account.
All others that havent received EIP2 by January 15 should check to see if a payment has been issued by using the Get My Payment tool or requesting your transcript on IRS.gov. For next steps, refer to our blogs When to file taxes if you havent received stimulus moneyWhen to file taxes if you havent received stimulus money and I think my stimulus payment is lost, stolen or ruined What do I do?
While most Americans have received their stimulus payments authorized by the CARES Act, many are left with more questions than answers. Getting a smaller Economic Impact Payment than expected has thrown quite a few taxpayers for a loop.
The good news is that in many cases, you could actually receive the remaining amount in the future. Lets look at a few common situations that have caused some people to get smaller EIPs than expected and how to fix the situation.
Read Also: Will I Get A 4th Stimulus Check
Didnt Get The Full First And Second Payments Claim The 2020 Recovery Rebate Credit
If you didnt get the full amount of the first or second Economic Impact Payments, you may be eligible to claim the 2020 Recovery Rebate Credit by filing a 2020 tax return. The third Economic Impact Payment will not be used to calculate the 2020 Recovery Rebate Credit.
For the latest updates, check IRS.gov/coronavirus.