The IRS has issued 113 million second incentive payments via direct deposit and 34 million payments by paper check or prepaid debit card, the agency said Friday.
But not everyone has received theirs yet and they wonder if the payment will ever come.
If you haven’t received your second stimulus payment yet, you should try to track it on the IRS’s Get My Payment tool.
The tool tells you how and if the second stimulus payment was sent.
Here are 5 reasons why you may not have received payment.
A debit card is on its way
The IRS said Thursday it will send second incentive payments via prepaid debit cards, called Economic Impact Payment (EIP) cards, to about 8 million people this week.
The cards can go to anyone who has not yet received an immediate deposit, the agency said.
On the first incentive payment, many people threw the cards away thinking it was junk mail or a scam.
The cards will be shipped in a white envelope with the seal of the U.S. Treasury Department clearly visible, the IRS said. The card has the Visa name on the front and the name of the issuing bank, MetaBank, on the back of the card.
To speed up the distribution of the payments, the IRS said some people who received checks last time may receive a debit card this time around.
Because the IRS must send all payments by January 15, if you’ve changed your address, you won’t have enough time to give the IRS your new information.
Instead, assuming you qualify for a payment, you can still get it by claiming a credit called Recovery Rebate Credit on your 2020 tax return. Then you will receive the payment in the form of a tax refund.
You have changed your bank account
The IRS will send your payment based on the information it has on file.
If your 2019 tax refund or first incentive payment was deposited directly into a bank account that you no longer have, the financial institution must legally return the payment to the IRS and there will not be enough time to provide the agency with a new bank account.
You can still get your payment by claiming a credit on your 2020 tax return.
You used a tax preparer
If you used a tax filing company to file your tax return, your stimulus payment may not come back to you.
Many people said that they did not recognize the bank account number in the Get My Payment tool.
In many cases, the unknown account numbers come from temporary accounts opened by a tax preparation company.
By law, the financial institutions had to repay the payments to the IRS and they could not hold and spend the payments when the account is no longer active.
But that has now changed.
“The IRS and tax industry partners are taking immediate steps to redirect incentive payments to the appropriate account for those affected. The IRS expects many additional taxpayers to receive payments after this effort,” the IRS said. that are used to repay loans/banking products. The Tax and Customs Administration is doing everything it can to address this.”
The IRS sent payments to more than 13 million bank accounts that were closed or no longer valid, tax prep firm Jackson Hewitt said on its website.
You are not eligible
The eligibility for the second stimulus payment is slightly stricter than for the first stimulus payment.
The IRS generally said that as long as you’re not claimed as a dependent on someone else’s tax return, U.S. citizens and resident aliens are generally eligible for the second payment, as long as they meet certain income requirements.
“In general, if you have adjusted gross income for 2019 to $75,000 for individuals and up to $150,000 for jointly filing married couples and surviving spouses, you will receive the full amount of the second payment,” according to the IRS. “For applicants with an income above those amounts, the benefit amount will be reduced.”
The eligibility limits are lower than with the first incentive payment.
Singles earning between $75,000 and $87,000 will receive a partial benefit, while those who are married and file tax filing jointly will receive a partial benefit if they earn between $150,000 and $174,000.
Eligible individuals will receive a payment of up to $600 for singles or $1,200 for married couples with an additional $600 for each eligible child under age 17.
Use our second stimulus payment calculator to see how much your benefit can be.
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Karin Price Mueller can be reached at: [email protected].