It is frustrating when you are the only one left in your circle of family and friends to receive the third stimulus check. And all the more so when you cannot pin down the reason for the delay.
With another round of 30M checks already dispatched, maybe you are next in line to receive the $1,400 payment directly deposited to your bank. But what do you do when you are yet to receive your check, but the IRS tracker informs that it is already on its way? Or you might have received an amount lesser than you had calculated for?
It’s almost a week now since the last of the stimulus checks went out through direct deposits on March 24. The payments are now all being sent through the US postal services by either prepaid debit cards or paper checks. So hopefully you can finally find yours. All you have to do is track your stimulus payment using the free tool of the USPS and you will get it, though a bit later than expected.
Reasons For The Delay In Stimulus Check
But you need to know more if you belong to several groups. Qualifications will be affected if you receive federal benefits through the SSI and SSDI schemes. Or maybe you are either a veteran or a retired railroad worker. Your status will also be affected if you recently had a child, or belong to a family with mixed-citizenship status.
Your status is also affected if you are an older adult. The IRS will give updates on such payments soon. And finally, things have turned a bit complicated from the other end as we are right in the idle of the tax season.
So you can only take up the matter with the IRS if you know the right reason. Calling up the IRS will not help as they do not have a dedicated helpline to address such issues.
Addressing the Issue
So here are a few ways you can address each reason behind the delay of your stimulus check or even why it is less than what you expected.
Read on to know how you can save on your taxes. Plus, an update on the Child Tax Credit could bring in as much as $3,600 for each child per month, through December this year.
Your stimulus check could very well have been credited to the wrong account. This could happen if your payment was transferred to a temporary account. This could happen to any one of the millions who made use of tax preparers like TurboTax, Jackson Hewitt, or H&R Block. This issue affected the stimulus payments last year and could be a reason again.
If you suspect such an issue, you need to contact your bank to check if any payment was returned on your behalf by them. Confirm if there is any way that the bank might take up the issue on your behalf.
if your stimulus check hasn’t arrived through direct deposit, keep track through the US postal service tracker for any mail headed your way. It could be your stimulus check either through an EIP debit card or a paper check.
Signing Up For The First Time For Direct Deposit Of Stimulus Check
If this is the first time that you have applied for direct transfer of your stimulus check into your bank account, the IRS could have probably missed out on the process. You should keep track of your current tax return for the latest status. Wait for several days after the cutoff date on March 24. It could still trickle in. Further, check with the postal services for a check or a debit card. Simultaneously keep track through the IRS tracker for your stimulus check.
Does The IRS Have Your Current Address?
You might have moved recently after filing your last returns and did not update both the IRS and the US postal service about your present address. You might have also recently shut down your Social Security benefits that you received on your Direct Express card and failed to send your latest address to the IRS.
Your future payment may be delayed if you did not receive the IRS notice that confirms that you have received your stimulus payment. The letter is important and you need to keep that. It is through this letter that the IRS confirms your payment, and also the exact amount. So if the amount you receive is less than the amount as per your calculation, you could file for the rest later on, maybe even with your tax returns next year.
Was The Check Delayed By The Postal Services?
Close to 20 million stimulus checks will arrive by mail through the US postal service, after the last of the direct deposits were sent on March 24. There are an expected 15 million checks and an additional 5 million debit cards. Such a huge number will cause a slowdown of the entire mail system. Your safest bet would be to sign up for the free Informed Delivery service of the USPS. Your letter is scanned and you can track your mail through its entire journey. Also, make sure of the appearance of your mail so you do not accidentally miss it among your other mail.
If it doesn’t arrive by mail, alert the IRS by filing a trace as calling them up will not help.
What If Stimulus Check Is Less Than The Expected Amount?
You might have reason to be peeved even though you receive your stimulus check. It could be less than the right amount. There could be several reasons for this. The most likely one could be that the authorities calculated your stimulus check based on the 2019 tax return before you filed your returns for 2020. The agency might also have no information about any additional dependents or there might be calculated wrongly.
The stimulus calculator might help you calculate the exact amount owed by the IRS in your stimulus payment. The letter sent by the IRS will provide the details of their calculation. You can claim the difference against your tax return the next year.
Carefully retain the letter you received from the IRS. Keep yourself updated on filing for a follow-up payment. And if the authorities have sent out your payment and you haven’t received it, file for a payment trace.
For the latest stimulus check, only private debt collectors can garnish your stimulus check. If there is a possibility of a seizure, immediately contact your bank as you might have some time to stall the seizure. You will know from the bank if there has been a garnishment request from private creditors. You could file with the local court to stop it from happening.
Some people threw away their first stimulus payment, not realizing that it was a check. Tracking your letter with the USPS tracker will give you an idea of how the letter will look like. The paper check comes in a white envelope from the Department of Treasury and is marked ‘Economic Impact Payment.’
The EIP debit card will be a Visa card and will have the bank’s name (MetaBank, N.A.) on the rear. There will also be instructions on the way to activate the card.
The check will be good for a year. But you will have to activate the debit card by following the instructions given.
Victim Of Scam
There is the possibility of someone impersonating you and stealing your stimulus check using your details. So be sure to retain the letter that the authorities have mailed to your current address.
Eligibility For The Stimulus Check
You could be not qualified for the third stimulus check if there has been an improvement in your economic status as per your 2020 returns. If you got more than you deserved based on your 2019 calculation, chances are that you will not have to return it. But if you deserve more as per your 2020 returns, you can file for a follow-up payment.
If your check is lower than the amount you deserve, re-calculate what you should have got in your stimulus check. You can file for that amount in your return in 2022.
