On the one hand, the IRS bundles this upcoming tax season with disbursing missing stimulus check money as a. On the other hand is the timeline to one as far as gets underway after Congress has held that it for quick approval, even .
Knowing what to expect and tackling potential future hurdles can help you get both faster – our recommendations are below. We also have more information on oneand . (We can also help if you need to find out for millions of individuals and families, including or .) This story is regularly updated.
File your taxes as soon as possible if you claim you are missing out on incentive money
If you are one of the millions of people who have not received the incentive moneythis is possible in the first or second payment round on your as a Recovery Rebate Credit (estimate how much you might owe using CNETs and ). The IRS said it will , and estimate that the the first week of March. The deadline for filing your federal income tax return is April 15.
We advise, and when you do (more on that below). Doing both of these things will not only help you get your tax refund faster with that missing incentive money, but it will also increase the chances of getting your especially earlier .
Set up or correct direct deposit information when you file your tax return
that links directly to your bank account when you file your 2020 tax return will benefit you in two ways. You’ll get your tax return (with your Recovery Rebate Credit added for your missing incentive money) faster. The IRS has said the best and fastest way to get your tax refund is to have it deposited electronically into your bank account for free. You can set up a direct deposit in up to three different bank accounts if you want to split your tax refund between them.
If you set up a direct deposit and submit your declaration electronically to, you can also expect a faster declaration than when you print and send your declaration. The IRS said it expects nine out of ten taxpayers to receive their refunds within 21 days of filing electronically with direct deposit, if there are no issues with their tax returns.
Including information about your direct deposit on your tax return has another benefit: if and when one, direct deposit people who set up through the IRS usually are , unlike those who are or a . Here’s how much .
Make sure the IRS knows your current address (also the USPS)
If you’ve moved after filing your 2019 tax return (or at any time during the), you need to do two things to ensure that your stimulus check and other important payment information can reach you: .
You must tell them your new address, even if your new location is temporary – you can always update your information when you move again. Even if your first or second payment has arrived(meaning a potential third party payment would likely do that too), you still want to make sure your address is up to date so you can . If the letter arrives, but your money doesn’t, you don’t know you need to solve a problem, which you probably will . (Like you it contains.)
Make sure your bank account information is up to date
If your bank status changes, or if you’ve closed the bank account the IRS has registered for you, you can– possibly return the payment before it ever reaches you.
The IRS said it has a number of ways to find your bank information. That includes getting your 2019 tax return (and probably your 2020 return when you file it), from theor if you used it last year or from another federal agency that uses your bank details to provide benefits, such as the Social Security Administration (if you ). But if that information is out of date, the bank will return the payment to the government, giving you a to get that money back with your tax refund.
If you don’t have a bank account, want one, and aren’t sure where to start, several major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, are now offering more affordable check-free bank accounts as part of a government-backed effort to help people enter the banking system.
For the first and second checks, confirm that you are eligible to receive payment
This currently applies to the second stimulus check., like some of the changed after the first round. It’s likely that the rules will change again as one .
This is who qualified for the second round,on your taxes for 2018 or 2019:
- If you are a single filer making less than $ 87,000
- If you register as the head of a household and earn less than $ 124,500
- If you file with your spouse and earn less than $ 174,000
However, there were many exceptions and rules depending on your situation, and the same will likely be true for a future third party check (you can find a more detailed list of).
Will my stimulus check be topped off for debts I owe?
You can use most of your incentive money however you want. But there are, especially for anyone claiming money as a tax credit.
Below the(that’s what the first stimulus check set up in March), if you put in more than $ 150 (called arrears), your state may have reserved the right based on how much you owe. However, the second stimulus check, which was approved in December, could not be accepted for overdue child benefits. This change was well known in federal and state agencies. Read more about .
The first incentive check allowed private banks and creditors to seize a payment to cover an outstanding debt. However, some states, such as California, have issued orders prohibiting banks and creditors from decorating your stimulus check. With the second incentive check, your payment was protected against bank seizure, private creditors and debt collection agencies according to the text of the law. However, individual banks could choose to use that money to cover overdrafts, and this protection does not apply to the.
Again, we don’t know yet if this would change with one.
For more information, read what your stimulus check might look like, , or .