Millions of secondary stimulus checks are deployed to help Americans struggling in the midst of the coronavirus pandemic.
Still, some may ask, “Where’s my money?”
A new set of payments was approved by Congress with the latest $ 900 billion corona relief package.
This time, the checks will be up to $ 600 per. person or $ 1,200 per. married couple plus $ 600 per. children under 17 years.
In contrast, the first stimulus checks sent out last year included up to $ 1,200 per share. individual, $ 2,400 pr. married couple plus $ 500 for eligible relatives.
Those who already have their direct deposit information on file with the IRS will get their money first.
If you do not receive your check in early January, the agency advises you to keep an eye on your mail for either a paper check or a debit card.
Still, some people may be worried that they have been overlooked and want to do something about it.
First, make sure you still meet the requirements for the money.
The income limits for checks have remained the same. So people with adjusted gross income of up to $ 75,000 or couples with $ 150,000 are eligible for full payments.
Checks are being phased out gradually for income above these levels, but this time these ceilings are lower. People with $ 87,000 in revenue and married couples with $ 174,000 will not receive any payment. In contrast, the first payments phased out completely with $ 99,000 in income for individuals and $ 198,000 for couples.
So if you received a reduced payment last time, you may not receive any money this time.
The new $ 600 checks are based on 2019 tax returns, while the first round of checks was based on either 2018 or 2019 applications. So if you received an initial stimulus check based on your 2018 return and your income increased in 2019, you could see a reduced or no stimulus payment.
Many eligibility restrictions have remained the same. For example, if you are an adult who has been claimed as a breadwinner, you will not receive a check.
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If you are concerned about receiving your cash, the IRS encourages you to file your 2020 tax return as soon as possible, after which you will receive a credit for the money.
The IRS will generally start accepting returns later in the month.
People who have changed address or bank accounts since receiving their first stimulus check should plan to claim the credit when they file their tax for the spring because the IRS cannot reissue these payments.
People who typically do not file tax returns should also plan to file to get their money unless they have already provided this information to the government last year.
Those who receive federal support through social security, railroad pensions or veteran benefits should generally receive the money automatically. If they do not, they are also encouraged to file a tax return this year.
The credit is calculated in the same way as the stimulus check, but is based on 2020 income information. Individuals who did not receive a stimulus check or a partial stimulus check can apply for the credit by submitting forms 1040, an individual tax return, or 1040-SR, a senior tax return.
It is still unknown whether the IRS will issue further guidance to non-registries. Last year, the board offered one tools online through which these individuals could submit their information to obtain their stimulus payments.
This page is currently closed. Right now, the IRS is not planning to reopen it.
“One could foresee that if there were a lot of concerns, then they could make that tool available again,” said Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center.
If someone used that tool last year, they should get their second stimulus check automatically.
“In general, my advice to anyone is to file electronically and file early,” Holtzblatt said.
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On the other hand, the Get My Payment tool, where individuals can check the status of their payments, is open.
Some people have complained that they receive a “Payment status not available” when trying to use that site.
This notice appears until your check is issued, according to the IRS. This does not necessarily mean that you are not entitled to the money.
The IRS urges people who use the tool to be patient.
“There is a limit to the number of times people can access Get My Payment each day,” the agency said on its website. “When people reach the maximum number of accesses, Get My Payment will inform them that they will have to return the following day.”