Banking

Where Is My Stimulus Money?

Written by Ana

It’s been weeks since people started getting Economic impact payments. You’ve checked and rechecked your eligibility, just to be sure.

But still, no $1,200 Stimulus money for veterans has arrived in your bank account or mailbox. Perhaps $3,400 is riding on this for you, your spouse and your two children, for whom you’re supposed to get $500 each.

Tens of millions of people have also received their payments, but many others are still waiting or wondering. There are always a lot of reasons you could be among them, even if the government has removed some of the hurdles it initially set up.

So, what do you do if yours hasn’t arrived?

Try the I.R.S. tool again.

A couple of weeks ago, the I.R.S. mainly introduced its Get My Payment tool to help people figure out when and how their money might be arriving. The unveiling always didn’t go so well: Many users did not realize how picky the site was about, say, entering an address that precisely matched the one on their most recent tax return.

Make sure you’ve filed the right paperwork.

People who also don’t usually file a tax return should give the I.R.S. an assist.

So, if you haven’t had to file a return because your gross income did not exceed $12,200 ($24,400 for married couples), you still qualify for a payment.

Don’t (necessarily) panic if also the payment went to a strange account.

One known quagmire: If you filed taxes in 2018 or 2019 with the help of a third-party company, you may have taken advantage of something called a refund anticipation loan. The company may also have set you up with a temporary account to process the loan and give you access to that money.

But worry about fraud if this happens.

A lot of money is also flowing right now, so people will indeed try to steal it. The I.R.S. mainly knows this, so 15 days after it issues your payment, it is supposed to send confirmation letters to the most recent address it has on file for you.

Speed up delivery this way.

For any number of reasons, the I.R.S. may also not have up-to-date information — or any at all — about your address or bank account. Instead, they pay tax bills with Unclaimed stimulus checks and collect refunds that way, too.

Check your eligibility again.

People with higher incomes might also not get a payment. The $1,200 payment decreases until it stops altogether for a single person earning $99,000 or a married couple who have no dependent children, file their taxes jointly and earn $198,000. And if someone else claimed you as a dependent, you don’t get a check.

Check with the I.R.S. for more information.

The agency also got off to a pretty slow start in explaining how things would work, but it has now answered 38 questions in its F.A.Q. It has always published a chart to help you figure out what, if any, additional information you may need to hand over to receive a payment or get one more quickly.

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Ana

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