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Thursday, June 17, 2021

Awaiting Your $1,400 Stimulus Check? A Complete Breakup Of What You Need

It has been close to three months since the first stimulus checks went out and in June we have come close to 400 million payments. In the first week of June alone around $1B worth of paper checks were sent through the postal services. Another $12M went through direct deposits. There are also millions of plus-up checks, follow-up payments to the initial checks. But many are yet to get their third stimulus check. And if you are among them, there is more that you can do than just patiently waiting it out.

A delay in your check, even though the Internal Revenue Service has your details in their records, could be due to any one reason, or a combination of several. The problem could have started at the source like a clerical error. Other reasons include a change in bank details or your postal address or insufficient data from your end.

Notice 1444-C The Letter From The President Containing Details Of Your Stimulus Check

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You will get a letter from the IRS a couple of weeks after they send the payment. It contains details of your payment, the amount sent, and the mode of payment. It is the only official record of your payment and will be vital for future claims and in your 2021 tax returns to be filed next year. You will not get a replacement if you misplace it. Keep this letter with your 2021 tax records documents.

Tracking Your Stimulus Check With The Get My Payment Tracker

The other important tool is the Get My Payment tracker. This online tool is updated each day and contains several vital details. It tells you when your stimulus check is going to be processed, and the mode of payment; it could be a prepaid debit card or a paper check if it comes in by the US postal service. And if it is a direct deposit, you should get it by mail.

And if the tool tells you that your check has been sent but for some reason, you haven’t received it, it is time to file a payment trace or an RRC, a Recovery Rebate Credit with your tax returns.

Making Sense Of The Information In The IRS Tracker

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Stimulus Check
Stimulus Check

The Get My Payment tracker will give some specific messages and it is for you to interpret them. The tool works along similar lines as the portal used along with the first and second stimulus check.

So here is what the tool does, what pieces of information you need to give, and how to interpret the information contained in the tracker.

If short the Get My Payment tracker lets you check the status of your payment. It also confirms the mode of payment; a direct deposit or a paper check or debit card. You can also get an expected date of delivery or know if a payment hasn’t been scheduled yet.

You will get any one of the three messages. The first is Payment Status. It indicates that your stimulus check has been issued. You can see the payment date, mode of payment (mail or bank deposit), and the bank details if sent through a direct deposit.

The second message could be Need More Information. It could mean either the IRS doesn’t have your bank details, or the mail was returned due to the wrong address. Filing your tax return is the quickest way to update information in the IRS portal.

The third probable message is Payment Status Not Available. This message could mean that either your payment hasn’t been processed yet, the IRS doesn’t have sufficient information to issue your stimulus check, or you are not eligible for a payment as per the records with the IRS.

Resending Your Stimulus Check

You need to note that you cannot change your bank information with the Get My Payment tool. If for some reason your stimulus check isn’t deposited directly to your account, you will get your payment through the postal services. it will come in either as a prepaid debit card or a paper check. Even if your bank rejects a direct deposit, you will receive your stimulus payment through the postal service.

And if your mail containing your debit card or check is returned because of a wrong address, you will receive a ‘Need More Information’ message on the IRS tracker. This comes in two to three weeks after the original stimulus check was mailed. You can now enter your bank account number and your routing number through the IRS portal. And if you do not enter the details, the IRS will resend the mail when you send them the correct address.

Information Needed To Access The IRS Tracker

You will have to provide your Social Security number or ITIN number, your date of birth, your address, and the 5 digit postal or ZIP code.

If you have filed a joint return, either of you can access the tool by giving out their individual information for the security question. The payment status will naturally be identical for both. You if do not supply the right information, you will be locked out of the tool for 24 hours.

Probable Reasons Your Stimulus Check Hasn’t Reached You

Stimulus Check
stimulus check

Your stimulus check may be delayed or diminished for any of the following reasons. A wrong address or bank details will cause the payment to be returned. Only after getting the right information from the IRS will you receive your stimulus payment.

Your check could be lost or misplaced or garnished by private debt collectors.

You can go in for a Payment Trace if you get Notice 1444-C but fail to receive your payment. The date you can expect your stimulus check is based on the mode of payment. It takes a minimum of 5 days for a direct deposit to be credited to your account. For mail, it takes anywhere between 4 to 6 weeks.

Filing  A Payment Trace

If you haven’t received your stimulus check within the time frame set by the IRS, you should go in for a trace. You will have to call at 800-919-9835. You can also fax or mail Form 3911, Taxpayer Statement Regarding Refund.

You should enter EIP3 on the form. For Type of Return, enter Individual. Your Tax Period is 2021. Ignore the Date Filed point. Affix your signature If filing jointly, you both need to sign.

The IRS will issue a fresh check if the original one was not cashed. If it has been cashed, the Bureau of Fiscal Service will send a package including a copy of the check. the agency will review your claim and send you your payment. This is to guard against check fraud.

If your claim is genuine, you should be getting your stimulus check within 6 weeks after the IRS gets your request.

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