It took the IRS just two days last week to start processing $ 1,400 stimulus checks after President Joe Biden sanctioned his $ 1.9 trillion aid package. Third pandemic direct payments started appearing in bank accounts over the weekend.
This means that many Americans already have more money to take care of their bills, pay debts, save or invest.
But if you continue to update your online bank and still don’t see the money, What happened? Here are seven good reasons why you haven’t received your money yet.
1. The IRS is sending stimulus checks in ‘batches’
The IRS has a juggling act when distributing these stimulus checks at the height of the tax season. IRS commissioner Chuck Rettig promised in a press release that multitasking would not delay the delivery of aid payments that he said were needed by millions of Americans “to deal with this historic pandemic”.
But even with IRS employees working 24 hours a day, getting stimulus checks is a huge task for the tax agency. Therefore, it is dividing aid payments into lots.
The first batch of direct deposits started arriving last weekend. Another batch should come out this week, with more to follow in the coming weeks, says the IRS.
2. Your bank has not yet processed your stimulus check
You may have received the money, but you just don’t know it. That’s because two major banks are not giving their customers access to the $ 1,400 before March 17.
While some smaller banks decided to go ahead and make the funds available to consumers immediately, JPMorgan Chase and Wells Fargo said they would not put the money in accounts until the Treasury’s “effective date” for payments. Some customers have threatened to close their accounts in protest.
There is already speculation about whether there will be a fourth stimulus check, but don’t count on it. So use your $ 1,400 wisely – perhaps putting it to work using one of today’s popular investment apps.
3. You moved or changed your bank account
If you recently switched accounts, the IRS probably does not have your new account information on file – meaning you cannot send a direct deposit. You will have to wait for the tax agency to mail you a check or debit card, and it will take weeks.
A similar problem applies if you have recently moved and usually receive tax refunds in the mail. If the IRS tries unsuccessfully to send your payment to your old address, the check will need to be reissued and you will face a very long wait.
You can check the status of your stimulus check using the IRS Get My Payment tool. And while you may not be able to update your information there, you can potentially identify why your payment was delayed.
4. The money was embezzled by a debt collector
You may not see your stimulus check yet because the money has been intercepted. Debt collectors were unable to grace the previous two relief payments, but a legislative loophole gave them access to this round.
Because the bill passed Congress through a mysterious budget process, money can be confiscated to pay off many types of debts, although they are not tax debts or child support.
If your stimulus payment is at risk because you are overwhelmed by debt, a lower interest debt consolidation loan can help you control what you owe – and pay it off faster.
5. You are receiving a check or debit card
The IRS is prioritizing direct deposit payments, so if you are going to receive a paper stimulus check or a debit card, you may be waiting a bit for your $ 1,400.
It may take a few weeks for the paper and plastic to reach the intended recipients.
When last year’s first $ 1,200 stimulus checks were sent, some people mistook their checks or debit cards for junk mail. So, if you know that you will receive your money through the Post Office, be alert when checking your mailbox in the coming weeks.
6. You haven’t paid taxes in the past two years
Not every American needs to file a federal income tax every year. For example, if you earn less than $ 12,400 a year, you have no self-employment income, you are single and you are under 65, you do not need to file an income tax return for 2020.
But if you are not receiving social security or railroad retirement benefits and have not declared taxes for 2019 or 2020, the IRS will have no record of your eligibility for a stimulus check.
To ensure that you receive your payment, run a reliable tax software program and put yourself in the books of the tax agency.
7. You are no longer eligible for a stimulus check
After much coming and going, the Democrats who control Congress agreed to a more targeted approach to this round of stimulus checks.
Individuals who earn more than $ 80,000 and couples who earn more than $ 160,000 do not receive money this time.
Previously, the cutoffs were $ 100,000 for single contributors and $ 200,000 for couples filing joint actions.
What if your money is missing – and you need it now?
If it looks like your stimulus check will be delayed or if the new income guidelines mean there is no money for you, there are several options if you need money like yesterday.
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Reduce your insurance bills. Car insurers have been offering discounts to drivers who are less on the road due to the pandemic. Isn’t it yours? It looks like it’s time to look for a better deal from a more flexible supplier. And while you’re looking, why not save hundreds on home insurance by comparing rates to find a lower price?
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Reduce your mortgage payment through refinancing. Mortgage rates remain historically low and refinancing your existing mortgage can yield big savings. Mortgage data and technology provider Black Knight reported in early March that 12.9 million mortgage holders were good candidates for refinancing, meaning they could cut their monthly payments by hundreds of dollars with a new loan.
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Reduce your budget and “make your own” stimulus check. By finding some creative ways to cut back, you can reorganize your budget to find another $ 1,400. Use a cloth instead of paper napkins, refill water bottles instead of buying bottled water, and use your own cup of coffee to get a discount at the local cafe. Do you have a hobby or special talent? Turn it into a secondary income. And download a free browser extension that will automatically search for better prices and coupons when you shop online.