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Wednesday, November 30, 2022

The Stimulus Check Timelines: Just How Far Behind Schedule Is The IRS

More than a hundred million stimulus checks have already gone out and millions more should be hitting bank accounts or are on the way through the mail. but there are more things to know about the continuing schedule of the checks. Many people are yet to get theirs, notably the veterans, and SSI/SSDI beneficiaries.

The number of checks dispatched stands at 127 million, but with the federal beneficiaries set to receive their payments, another 30 million payments are expected to go out shortly. The IRS is set to announce the dates by which it will send out payments to veterans and SSDI & SSI beneficiaries.  

Payment Schedules Set To Get Longer

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March 24 was the last date after which the IRS has stopped the direct transfer of stimulus checks into banks. A few more will trickle in but the rest of the payments are set to go out through the US postal service by debit cards and paper checks.

Beneficiaries under the Social Security scheme are set to receive their payment through direct electronic transfer to their existing benefit card. But the wait will be longer for other beneficiaries as the journey to your mailbox will naturally be delayed. The US postal service has been experiencing delays in its system due to the huge delivery schedule.

How To Track Stimulus Check Accurately?

Stimulus check
Stimulus check

It is advisable to track your stimulus payment if you haven’t received yours. There are several ways to track them, though calling up the IRS is not one of the options this time. It was available for the first stimulus check. You have the IRS tracking tool ‘Get My Payment’ and if your stimulus check is in the mail, you could always avail yourself the free tool of the US postal service which should give you an accurate idea of when you can expect it to drop into your mailbox.

Expectations From The Stimulus Check

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The IRS has based its calculation on the Adjusted Gross Income in your last tax return. So if you have not filed your returns for 2020, the IRS will use the details in your 2019 return and send you the stimulus check accordingly. So if you have not already filed your tax returns for 2020, you should do so immediately before the May 17 deadline and update your details with the IRS. You might also have to inform the authorities about a baby welcomed to your home in 2020 and your current list of dependents of all age groups.

Further, get the latest update on the Child Tax Credit payments for children below 18 at your home.

The Third Stimulus Check Delivery Schedule

The IRS has already sent out 127 million checks and is preparing to send out another 30 million. These payments will be through EIP debit cards or paper checks and not by direct bank transfers. The first batch of payments by March 17 was mostly through direct transfers, around 90 million in all.

The number of paper checks numbered only 150,000. But in the second round, the number of checks and direct transfers were almost equal. 17 million direct transfers worth $38 billion were sent out. But the numbers that went through the US postal services were slightly higher. 15 million paper checks and 5 million prepaid debit cards totaling $45 billion were sent out. 30 million payments through Direct Express cards are expected to be released covering federal payments including SSI and SSDI beneficiaries.

So brace yourself for some delay due to snail mail. The IRS has given out a date for SSDI & SSI recipients, especially for those who receive their federal benefits through Direct Express. Update both the IRS and the US postal service of any change in your residential address.

Tracking Your Stimulus Check

Be sure to follow the ‘Get My Payment’ tracker tool uploaded by the IRS for daily updates on your stimulus check if you haven’t received it. You will get information at the end of each date on the status of your payment or if you should be expecting a paper check. You will also be cautioned if there is any problem with your payment.

This will help you to immediately take it up with the authorities. But the tracker will not tell you the amount that you will receive in your stimulus check. The online tool of the US postal service will also help you keep track if you are set to receive your stimulus payment through a debit card or paper check.

Latest Updates For Veterans, SSDI, SSI, And Other Federal Beneficiaries

Stimulus Check
Stimulus Check

The IRS has finally given a clear picture of when the federal beneficiaries such as the veterans, the SSI & SSDI beneficiaries can expect their stimulus check. This group automatically qualified when President Biden announced the $1.9 trillion rescue and relief package. The IRS has finally said that the first payments for federal beneficiaries will go out on April 3, with the majority stimulus check expected to go out by April 7.

A majority can expect their stimulus check through their Direct Express card (PDF) if that is their normal method of receiving other regular federal payments.

But those who have used the non-filers tool before to claim stimulus benefits earlier will receive it through automatic transfer. That system of filing has been closed now.

What Could Happen To Delay The Stimulus Check?

Federal beneficiaries such as those under the SSI or SSDI will start receiving their stimulus check from the first week of April.

But for other the reasons could be many. Your check was deposited into a temporary or closed bank account. Follow up with the bank authorities and seek their help to file a complaint.

If you have failed to inform the IRS or the postal service of a change in your mailing address, your mail might get returned. Even under normal circumstances, the postal system has been desperately trying to cope with the additional rush.

There are other reasons too as your check might be garnished by private debt collectors. You could also lose out if you have not declared all your dependents. There might also be calculating errors and operational errors where checks were sent out but have not reached the beneficiaries.

As calling up the IRS will not help, you can file a payment trace with the IRS. This will help you detect if your payment was sent to the wrong account or has been delayed on the way for other reasons.

Claiming Missing Amount

Relying on your previous tax returns to calculate your stimulus check, or any addition to the list of dependents, like an addition to the family. The IRS will give details on filing for missing or fewer stimulus payments at a later date before the deadline on December 31. If you miss out on that, you could always claim the amount with your tax returns filed in 2022.

Receive Your Stimulus Check Even In December

The IRS has until the last day of this year to send out the last of the third stimulus check. This long deadline will hopefully give them the time to process all the payments pending. But it could also delay your payment.

Additional issues that could crop up are the confusion regarding the definition of dependent. Families with mixed-citizenship status are also set to get their stimulus check for the first time. This will happen if at least one member of the family possesses a Social Security number.

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