Even as close to 100 million stimulus checks have been sent to banks, many individuals and families are yet to get theirs. What exactly has held back the payment of many recipients and can they expect their stimulus payment soon? Let’s check out the payment schedule of the IRS and confirm if some good news is in the offing for those who are yet to get their $1,400 check as part of the $1.9 trillion American Rescue Fund. We also need to get clarity on the stimulus payment due to Social Security recipients.
This week, another 17 million more stimulus checks will go into bank accounts plus another 20 Economic Impact Payment cards and paper checks will be sent through the postal department. But, even by Wednesday afternoon, there has been a lack of clarity on payment for beneficiaries of federal and other Social Security benefits. This includes SSI and SSDI recipients, retired railroad workers, and veterans. Even some Democratic lawmakers have sought an explanation. The IRS has clarified that they are coordinating with the Railroad Retirement Board and the Social Security Administration for data. The SSA has assured of a FAQ page soon.
But many others are in for a period of uncertainty. If the stimulus check hasn’t been added directly to your account, you can expect it by mail. The postal service in the US is facing delays. The delay could be as long as several months before they receive the stimulus check. This could happen if the authorities base their calculation on your 2019 returns and you could get more based on the 2020 tax returns filed this year. But you can track your stimulus check on the IRS tracker, and with the USPS if it has been sent through debit cards or paper checks.
The other possibility is that you might not have qualified for the third stimulus check based on your earnings. It could also be that you are qualified for a partial or full stimulus check, but the IRS requires some additional details before they send out the check. For instance, parents in a child-support situation, older adults, members of mixed-status citizenship, and income tax non-filers should face complications. So what do you do if your stimulus payment has been delayed? There is also the possibility of a fourth check.
The Latest On The Stimulus Check Release Schedule
If you have not received your stimulus check by March 24, that is today, should keep an eye out for the mailman. He could be bringing you the good news in the form of a paper check or an EIP debit card. This was revealed in a statement put out by the Treasury last week.
The total number of payments that are being sent out is around 37 million. That is over and above the 90 million payments that have already gone out, mostly through direct deposits. But this time the direct deposit will be around 20 million and the rest 17 million will be through the US Postal services.
You can’t be sure of the days it may take for the mailed checks to be delivered until you have the check-in on your hand. It could take even weeks. Other issues could delay your check further. Like if you have recently moved. In that case, you need to inform the US postal services and the IRS.
Track Your Stimulus Check Online
The ‘Get My Payment’ tool of the IRS is updated every day and you would do well to use it to keep track of your stimulus check. You will get regular updates on your payment status, including when you can expect your check. You will also be warned if there is a problem regarding your payment and this should help you to rectify it. But you do not get to know the amount that you can expect in your stimulus check. You can also use the postal department’s app to keep track of your stimulus check if it has been mailed.
The Reason Behind The Hold Up Of Your Stimulus Check
There are several reasons for the delay in payment to certain individuals and families. If you receive federal benefits under the SSI or SSDI scheme, your payment will be naturally delayed as the IRS has yet to send such payments. Your payment might also have been delivered to a temporary or closed account as you have not updated your details with the IRS.
You could also have moved and failed to update the IRS on your new mailing address. Or your check might have been late in the mail. In such a case you can always use the IRS tracker.
It could also be that your check has been garnished by debt collectors. The third stimulus check can be garnished to pay certain debts like those due to debt collectors or private creditors.
You might miss out on any baby welcomed into your household in 2020 if you have failed to file your 2020 returns. You also need to file for older dependants. There could also be a computation error and then you have to file for an adjustment.
What If You Have An Issue With Your Stimulus Payment?
Calling up the IRS will not help you there are any issues with the amount or the timeline of the stimulus check. But there are ways you can report your stimulus payment issues like payment going to the incorrect account or never arriving.
Your Tax Returns Could Prove To Be A Hurdle
The deadline for filing the 2020 tax returns has been extended to May 7. The IRS bases its calculation on the latest tax filings. So if you have filed early, your stimulus check will be calculated based on your Adjusted Gross Income in 2020. A disparity between the two years could disqualify you from your stimulus payment.
But if the IRS has used your 2019 returns and you should get more based on the 2020 returns, you can claim the variation later.
How Can I Claim If The IRS Owes Me Any Money?
If the authorities have sent you a check for an amount lesser than what you are owed, it could be for any of the following reasons. If the IRS based you check on the 2019 returns even though you have filed your 2020 returns, there could be a difference. Having a baby in 2020 could be another reason if you have not updated the information with the IRS. You can always claim any missing amount in 2022 with the 2021 returns.
Though the Treasury and the IRS have already sent a large number of checks, they have until the last day of 2021 to complete the distribution of the stimulus checks. This could keep people waiting for varied reasons.
Are There Any Other Issues That Could Affect The Stimulus Check?
Since various factors go into calculating the amount of the stimulus check, various issues might crop up. Households with dependents might miss out on the right amount. People availing of SSDI or SSI benefits have yet to get their payments. So have veterans and retired railroad employees. Families with child support issues and mixed citizenship could also face hurdles in receiving the exact amount. So you have to calculate the amount you could expect in your stimulus check, calculate the difference and claim the same. It could get delayed till the next year but you will get what is rightfully yours.
