Financial assistance in connection with coronavirus: reasons why payment may be delayed
Most Americans will receive federal government aid payments for coronavirus automatically, reports Fox News with reference to the US Internal Revenue Service (IRS). But there are several reasons why payment may be delayed.
More than 80 million Americans have already received the long-awaited federal assistance in connection with the coronavirus in their bank accounts. If you are not among them, then below are a few possible reasons for the delay in payment.
US Treasury Department Head Stephen Mnuchin urges Americans to make sure that their direct money transfer information has been transferred to the Internal Revenue Service through a new tool Get my payment, which allows everyone to provide their banking information to receive funds.
If you filed a tax return of 2019 or 2018, which the IRS will use to calculate the right to federal assistance, but did not provide banking information to receive a direct money transfer, the tool can be used to enter the necessary data. You can also track payments online through separate portal created by the IRS.
Possible reasons why you have not received your money
You have not received a tax refund
If you filed tax returns for 2018 or 2019, you should also have received a tax refund for these years by direct transfer of funds to your account. If you still owe money, the IRS will not use the bank account information entered in the declaration to transfer financial assistance.
You received a tax refund on a temporary account
If you received a tax refund, but it was credited to a temporary account created by a tax refund organization, you will need to provide your information for direct money transfer to the IRS through the tool Get my payment.
You have requested a tax refund on the latest check return
Similarly, if you received a refund on the declaration for 2019 by check, and not to a bank account, then most likely financial assistance in connection with the coronavirus will also be sent to you in the form of a paper check. In this case, you can also provide information for direct money transfer through the online tool Get my paymentto receive money in your bank account and not wait for the check.
Error in account number
Another scenario: maybe your money gone to the wrong account. Many Americans have already approached the IRS with this problem. On the IRS portal Get my payment states that if you do not see the payment that was sent to your account, contact your bank to check its status. The portal also shows the last four digits of the bank account number associated with the payment. Check them with your account information to make sure that no mistake has been made.
If the mistake was made, then the money will be resent in the form of a check. They will not go anywhere, because if the funds were sent to a bank account that does not match the name of the indicated recipient, the transfer must be rejected by the bank and returned to the IRS.
In any case, you need to contact the IRS and report a problem.
The speed with which the money is distributed depends on how you file your tax returns and whether your government has banking information. Electronic payments can be made faster than sending cash receipts, so it is recommended that you submit your banking information to the IRS for direct payments.
As ForumDaily wrote earlier:
- Coronavirus Federal Payments will not be taxed.
- If the government does not have your direct bank account number, some will wait for mailed checks by September.
- According to the adopted package of financial assistance, there are categories of people who, despite the matching income level, will not receive assistance. Their list is here.
- The topic of government support is actively used by scammers. The schemes used by them and ways to protect themselves from them - link.
- April 15th IRS launches online tool, which will help you enter information about your account, track the payment and receive money as soon as possible. For details on how to use it, read here.
- After the start of payments, many reported that when checking the status of payment online, they found that the money was sent to Incorrect accounts, including dead.
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