Are you missing your stimulus check? 5 reasons why you do not get one
Are you missing your stimulus check?  5 reasons why you do not get one

Are you missing your stimulus check? 5 reasons why you do not get one

If you have not yet woken up to a stimulus check on your bank account, you are not alone. The Treasury Department issued over 80 million stimulus checks last week. But they still have tens of thousands of checks left to issue. The majority of checks will be sent via direct deposit and should arrive at taxpayers’ bank accounts in the near future.

However, tens of thousands of taxpayers will receive their stimulus check in the mail. If that describes you, then you’ll have to wait longer. The IRS can only process up to 5 million paper checks a week, which means some taxpayers may have to wait until as late as September to receive their stimulus check.

You can see stimulus check via mail schedule here.

It is hard to wait for a check in a time of financial need. But it is better than the fate of the millions of taxpayers who will not receive a stimulus check at all.

5 reasons why you may not receive a stimulus check

1. You have made too much money

The Stimulation Check is only available to low- and middle-income taxpayers, and it is based on your adjusted gross income (AGI) from your most recent tax return (2018 or 2019). This means that your previous income may make you unable to receive the incentive payment even if you are currently out of work.

You would be eligible to receive the full stimulus payment if your AGI was below:

  • $ 75,000 for individual taxpayers, or
  • $ 150,000 for married couples applying jointly

You will receive a reduced amount if your AGI falls within the following range:

  • $ 75,000 to $ 99,000 for individuals
  • $ 150,000 to $ 198,000 for married couples.

You will not receive a stimulus check if your AGI exceeds:

  • $ 99,000 for individuals
  • $ 198,000 for married couples.

How to use this to your advantage: The stimulus check is based on AGI from your most recent tax return, either 2018 or 2019. If your tax situation changed positively between 2018 and 2019, and you have not yet filed your tax return, you may receive a stimulus check if you would not otherwise have been able.

See the full eligibility for the stimulus check here.

2. You are 17 years or older and can be claimed as a breadwinner

The CARES Act provides a payment of $ 500 for each child aged 16 and under. However, anyone who is 17 years of age or older and who can be claimed as addicted is not eligible for the stimulus check. This removes millions of high school and college staff as well as some disabled adults and adult relatives.

Can anything be done about this? Not under current guidelines. However, a new stimulus proposal called the Emergency Money for the People Act would provide qualified taxpayers aged 17 and up with a stimulus payment for $ 2,000 a month for up to 12 months, although they can be asserted as dependent on another taxpayer’s statement. This is still in the proposal phase and has not yet been voted on.

MORE FROM FORBESSuggested: $ 2,000 monthly stimulus checks and canceled rent and mortgage repayments for 1 year

3. You do not have a valid CPR number

The CARES Act only allows the Treasury to issue stimulus checks to taxpayers with a CPR number. This generally includes only citizens and foreigners living here.

Stimulus checks will not be sent to taxpayers with an Individual Taxpayer Identification Number (ITIN). This excludes many non-citizen taxpayers even though they have dependent children who are U.S. citizens.

4. You owe child support

The CARES Act contains language that prevents the Treasury Department from withholding or redirecting your stimulus check if you owe the federal government money, you owe a tax debt or if you are behind with your federal student loan payments. These situations are usually fair game for tax withholding.

However, the CARES Act does not prevent the Treasury from withholding your stimulus check if you owe child support.

5. You have a legal judgment against your or owe your bank money

Collectors may receive your incentive payment if they have a legal judgment against you and are already legally able to garner your income. You may not be able to protect your check if they are able to withdraw it from your bank account. However, if you receive a paper check, you may be able to protect your stimulus check by redeeming it instead of depositing it at the bank.

Some banks also take the liberty withdrawal of a customer’s stimulus check if they are behind with loan payments, have overdrafts or owe other funds to the bank. However, several large banks have already stated that they will not pursue their customers’ stimulus payments even though they have the legal option to do so.

MORE FROM FORBESSix reasons why you have not received your stimulus check – and steps to take next

Leave a Reply

Your email address will not be published.