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Monday, May 17, 2021

Tracking The $1,400 Stimulus Check And Getting The Right Amount: Is There A Strong Chance Of A Fourth Payment?

Getting your stimulus check and receiving the right amount are two of the major issues that you could be facing at present. Both depend on several factors, some totally beyond your control. But there are also several ways by which you can both track your stimulus payment and also ensure that you finally get the right amount.

Plus, we also need to clear up if there is a fourth stimulus check coming up.

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The authorities are in the process of sending out the fifth round of stimulus payments. And many paper checks and preloaded debit cards, sent earlier through the US postal service are yet to reach their destination. So under these fluid circumstances, we need to know exactly when to wait and watch, and when to take up the matter with the authorities.

The IRS is sending out stimulus payments based on the information they have. So the amount you receive may not be the amount that you have calculated. So you could expect additional payment if nothing gets through in the past week. Another reason for the difference is that for the first time, the stimulus checks are being distributed right in the middle of tax season.

A second issue is getting the right amount in your stimulus check. As the final amount is the total of several factors and inputs, you need to compare the amount you received with the one that you should be getting finally. So be sure to submit all information to the IRS. You will finally get the rest through a plus-up payment.

Tracking Your Stimulus Check

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There is a certain time frame by which you should expect your stimulus check. You should get your payment within 5 days if it has been a direct deposit into your bank account. A mail sent through the US postal services takes close to 4 weeks. 6 weeks if it is sent to your forwarded address and 9 weeks for an offshore address.

This schedule was followed for the previous two stimulus check. And if you have missed out on any of those two, you need to file a payment trace. the Get My Payment app has no info on the first and second stimulus check. So you can find these amounts only by other means.

You Did Not Receive The Payment Sent

Close to 160 million stimulus checks have been sent out, some as late as this week. So there is a high chance that your stimulus payment may be on the way. But be sure to keep track of your check. All you should do is enter your SS number (or ITIN), date of birth, and address, including your ZIP code.

You will get confirmation of the payment being sent, the mode of payment, and the date of payment. You could also receive an error message.

You can also use the free tool of the US postal service if you are scheduled to receive your payment through a paper check or a pre-loaded debit card.

If your check was sent but you haven’t received it inside a reasonable time frame, you should file a payment trace.

What If The Follow Up Letter Confirms The Payment That You Never Received

The letter sent by the IRS confirms the payment and contains details on the payment. also called the Notice 1444, this is an extremely important letter as it is useful if you miss out on your stimulus payment. The information in it will help you to make your claim.

Requesting A Trace

Stimulus check
Stimulus check

You can make a payment trace either by calling up the IRS or submitting the PDF Form 3911 (Taxpayer Statement Regarding Refund), online or by fax. . The support number is 800-919-9835.

EIP3 should be written at the top. Submit all the information required.

Type of Return should be marked as ‘Individual’ in Section 1, Item 7. The tax period should be 2021. Leave the date box blank. Sign the form and submit it. If you are filing along with your spouse, you both need to sign.

This phone number or form is not for checking the eligibility for a stimulus payment or confirmation of the amount due.

How Is Your Request For A Payment Trace Processed?

The IRS issues a duplicate check if it discovers that the original was not cashed. You should return the original check once you receive it.

The Bureau of Fiscal Service will send a mail that includes instructions that will help them guard against check fraud.

Time Taken After A Payment Trace?

The IRS has promised a response within 6 weeks after the authorities receive a payment trace. but expect a delay.

Factors That Could Make A Difference To The Amount You Receive

Other than the maximum AGI allowed for calculating a stimulus check, some factors could influence the amount in your check.

One of the reasons could be the IRS has calculated your stimulus check based on your 2019 returns. So you could miss out on the birth of a baby in 2020, or your income might have dropped in 2020. This could potentially increase the amount you should receive in your stimulus check.

You might not have submitted a list of all dependents. Even older relatives and adult children with disabilities are eligible for the $1,400 check.

If your income exceeds the upper limit, you will also miss out on the stimulus payments for dependents.

Is A Fourth Stimulus Check For Real?

Many lawmakers are concerned that the third stimulus check will not be enough for the people to tide over the economic crisis brought about by the pandemic. They are seriously considering the idea of continuing the stimulus support through a fourth stimulus check.

The idea has been mooted by a group of Democratic lawmakers including influential senators like Bernie Sanders and Elizabeth Warren. They have urged President Biden to make long-term economic plans including unemployment insurance and recurring direct payment.

This request was followed by another request by a group of 21 Democratic Senators.

The Form A Fourth Stimulus Package May Take

Stimulus Check

The future stimulus payments could be targeted at specific groups, such as parents with income below a certain level or people who are still unemployed.

The bill on March 21 contains three different modes of direct payments. The up to $1,400 stimulus check for each qualifying individual, the Child Tax Credit that brings as much as $3,600 for each child member of a family, and the continued Federal unemployment bonus of up to $300 each month, that is set to continue till September 6.

Other Ways The Government Could Support You

The current minimum wage could be increased from the present $7.25 an hour. It could be between $11 and $15.

The Child Tax Credit could be made permanent for lower and middle-income families. It could lift millions of children out of persisting poverty.

The 10 Democratic senators have also requested for extending the unemployment payments beyond September 6.

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