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Wednesday, January 19, 2022

A Missing Stimulus Check? You Should Try These Options To Retrieve The $1,400 And More

The stimulus check has started going out to the beneficiaries starting the second week of March 2021. More than 164 million payments have already gone out in batches. And if you are yet to get your payment, it is time to sit up and track down your check if it is already on the way. And if the IRS has not sent the check, try to take stock of the reasons for it and update your information through a tax return in 2020.

A lot of the checks are plus-up payments, a follow-up of the original. These checks became necessary after the IRS discovered that they owe more than the original amount sent out in the initial stages.

Reasons You Could Miss Out On Your Stimulus Check

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 These are the obvious reasons that could prevent you from getting your stimulus check-in time: delay by the postal service, issues with the direct transfer, the wrong address in the records of the IRS, etc. but there are other reasons for the delay that you need to keep track of and rectify whenever possible.

You might even have received less than what you had calculated, or haven’t received money from a previous payment.

A letter is sent along with the payment and reaches a couple of weeks after the payment is due to reach you. If that reaches you and you are still awaiting your check, it is time to sit up and act.

Make Use Of The IRS Tool To Track Your Stimulus Check

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The IRS has an online portal that gives out vital information on the stimulus payment. It tells you the date your check was processed and the mode of payment; a direct transfer, a check, a prepaid debit card, or an EIP card.

The Get My Payment Tracker Displays The Following Messages:

Stimulus Check

Payment Status:

It indicates that your payment is being processed and gives you the date and the mode of payment.

Payment Status Not Available:

It could indicate any one of the two things, either you are not eligible for a payment or your payment is yet to be processed.

Need More Information:

This message indicates that your check could not be delivered because of the wrong address. You can get the payment reissued as a direct transfer to your bank. You will have to provide either a routing and account number for a direct transfer, details of a reloadable prepaid debit card, or any other financial products where you can send an amount through a routing and account number.

If you do not receive your check after a reasonable time after it has been transferred, you need to file a payment trace with the authorities.

Did You Miss Out On The First And Second Stimulus Check?

The IRS tracker is no longer useful for tracking your previous stimulus payment. To recover this you should file a Recovery Rebate Credit along with the returns for 2020 before the May 17 deadline.

What If The Social Security Beneficiaries And Veterans Do Not Get Their Payment?

Veterans and Social security beneficiaries, including SSDI and SSI recipients started getting their stimulus payment days after the IRS started sending out the first batch for them after April 7. These groups do not usually file tax returns. Contacting the Social Security Administration is not helpful as they do not have any information about your payment.

Solving Direct Deposit Issues With Your Bank

You can insert any information in the tracker only if the IRS fails to deliver your stimulus check.

If the IRS tries to deposit money into a temporary debit card, suspended bank account, the amount is sure to go back to its source account. The IRS will then reissue the stimulus check through the US postal service. If the paper check gets returned too, the IRS permits you to enter your bank details.

Can Your Stimulus Check Be Used To Cover Outstanding Debts?

The first check was garnished if you owed child support. But this time around, only private debts can be paid directly from your stimulus check.

It is advisable to get confirmation from your bank whether there has been a request for garnishment from any private entity. You could seek advice on the time you have to file a case with the court to prevent the garnishment.

When Should You Take Action For A Missing Stimulus Check?

If you do not receive your stimulus check even after a reasonable tie after it has been sent by the IRS, it is time for you to act upon the information.

The hotline that was available for the first two stimulus payments has been suspended.

You need to take action if the IRS informs you through a letter or the IRS portal that they have sent a stimulus check, but you did not receive it.

If you haven’t received the first and second stimulus payment, you can claim the amount through the Recovery Rebate Credit. This has to be filed along with the tax returns before the May 17 deadline.

Filing A Payment Trace

If you have not received your stimulus check even after a reasonable period, you should file a trace to recover it. The letter issued by the IRS, also known as Notice 144-C, is a vital document for all communication with the IRS.

Claiming Payments From The First And Second Stimulus Checks

Stimulus Check
Stimulus Check

You have until the May 17 deadline for recovering payments from the previous two rounds of stimulus checks. You will have to use Form 1040 (Form 1040-SR for senior citizens) to claim the plus-up payment with your tax returns.

Claiming Any Pending Amount From The Third Stimulus Payment

Make sure to check if you feel that the IRS owes you more than you have received. You may have missed out on the full payment for several reasons. The IRS calculates its payment based on the last return submitted. If you have not submitted your 2020 tax returns, the calculation might be way off the mark.

The IRS could have missed out on the addition of a baby in 2020. You might even have earned a lot less last year that should enable you to a bigger check. An increase in the number of qualified dependents could also increase the amount of your stimulus check.

The authorities are regularly sending out plus-up checks to cover this deficit.

Giving All Information To The IRS

The IRS had put up the non-filer tool for the initial stimulus check issued in 2020. This helped non-filers to send in the relevant information.

But for the third stimulus payment, you have to file your returns for 2020 to update information with the IRS. This will give all the relevant information to the IRS. You will be able to give your right address, name, and bank details. You can also give personal details of dependents and finally your AGI, the adjusted gross income on which the IRS will calculate your payment.

Missing EIP Card Or Paper Check

The Economic Impact Payment Card is a prepaid debit card sent by the US treasury department. It has the name of MetaBank, N.A., and Visa written on it. This is the standard mode of payment for around 5 million stimulus payment beneficiaries. You can call up 800-240-8100 if your check has been stolen or mislaid.

You can also report a missing or stolen stimulus check on a website; identitytheft.gov.

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