The IRS began to send new checks of financial aid: how to track the payment
Since the IRS began sending out $ 1400 in aid checks this month, the due date has raised concerns among many as they struggle to make ends meet in a coronavirus-weakened economy. Writes about it CBS News.
The IRS said last week that it delivered 90 million payments totaling $ 242 billion in its first batch of checks, and another 150 checks, worth about $ 000 million, were mailed. On March 442, IRS and Treasury officials said about 15 million checks would be distributed within 100 days. Another batch of checks will be delivered on March 10 - some of them will be paper or prepaid debit cards.
How to track payment
The IRS has reopened its website "Get My Payment" after the adoption of the American Rescue Plan, allowing people to keep track of when they can get their financial aid checks. The IRS created this portal last year to check the status of financial assistance in the amount of $ 1200 under the CARES Act.
When checking the site for new checks for $ 1400, you can usually see one of several messages.
Some people will see that their payment has been processed, along with the payment date and information on whether it will be sent via direct deposit or by mail. If the check is mailed, it is either a paper check or a prepaid debit card.
Others may see a message that they are eligible for payments, but their payment has not been processed and therefore the date is not available.
A “Payment status not available” message may indicate that the tax agency either did not process your payment or you are not eligible for it.
A “More Information Required” message means that the payment was returned to the IRS because the US Postal Service was unable to deliver the check. In this case, you can use the Get My Payment site to provide the IRS with banking information, but only people who receive such a message will be able to add it to the site.
Why can't you get to the site?
The IRS said this could happen if people do not provide answers to security questions that match tax agency information within several login attempts. The IRS asks for personal information such as social security number, date of birth, and address.
"If you are unable to verify your identity, you will not be able to use Get My Payment," the IRS said in a statement. "Don't go to the IRS for help with unblocking, IRS assistants can't do it."
However, the site will let you try again after 24 hours.
Your address has changed - how will the IRS know about it?
Many people moved in 2020. Unfortunately, the IRS 'Get My Payment' website does not allow you to update addresses. Instead, the IRS is urging you to file your 2020 tax returns at your current address.
However, given that the 2020 tax filing deadline has been pushed back to May 17 from the normal April 15 deadline, there are probably millions of people who have not yet completed their tax forms and are unlikely to do so before the IRS circulates. most of their checks.
The IRS said payments that cannot be delivered to eligible persons will be returned to the agency. If this happens, the IRS 'Get My Payment' site will show you a “More Information Required” message, which will then allow you to enter your direct deposit information or ask for an amount to be sent to a prepaid debit card.
Will the IRS top up a debit card?
Some people who have received one or both of their first prepaid debit card payments may wonder if the IRS will top up that card with $ 1400 in the final round of payments. The answer is no, the IRS says.
If the IRS now has your bank account information, the money will be sent by direct transfer. Otherwise, you will receive either a check or a prepaid debit card, but the latter will be new.
It will appear as a white self-addressed “Economic Impact Payment Card” stamped by the US Treasury. The front side of the card says "Visa", and the back one shows the issuing bank MetaBank.
What if the IRS has your wrong account?
Unfortunately, the IRS advises that you cannot change the bank account that is registered for you, unless you receive a "More Information Required" message. Initially, the IRS relies on bank account information that people have provided in a variety of ways: tax returns for 2020 or 2019 (if not yet filed for 2020), information you provided to the IRS in Get My Payment last year, or information that you entered through the "Non-filer" portal last year.
The IRS will also contact federal agencies, such as the Social Security or Veterans Affairs Administration, for information on the bank accounts of people receiving benefits through those agencies.
What happens if your bank account changes after you provide this information to the IRS? You may receive funds with a delay, but you will still receive them, they assure the Tax Service. Payments sent to closed accounts will be refunded to the tax office. At this point, the IRS will send the payment by paper check or debit card to your mailing address.
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What if you haven't received the required amount?
Some people may quickly receive checks but find that the amount paid is incorrect — this could be due to their dependents or changes in income.
The law pays $ 1400 for each adult and dependent, provided that household income does not exceed the threshold for eligibility. Under the current bill, single people with adjusted gross incomes below $ 75 and married couples with incomes below $ 000 will receive their full benefits as well as their dependents. Payments are reduced for incomes above this, completely stopped for single people earning $ 150 and $ 000 for married couples.
But some may not get the right amount, especially if they have not yet filed their 2020 tax return. For example, if a family had a child last year but has not yet filed a 2020 return, the IRS will base its payments on their 2019 returns, which will not include that child. In this case, the family will receive $ 2800 for themselves, but not an additional $ 1400 for their child.
The IRS said people who are paid less than they should receive due to changes in their tax situation in 2020 will end up getting extra money anyway. When they file their 2020 tax return, the IRS will check to see if they owe them more money, for example, if a child is born in the reporting year. If that happens, the IRS will automatically issue an additional $ 1400 check to the family, officials said.
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