Tackling some of these potential roadblocks now can potentially save you yoursooner – or give your , if and when .
Here are some things you should take care of so that your incentive discount or potential future payment comes through faster. We also have more information about it, and later this year.
File your taxes early if you are going to claim that 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 recommend that you file your taxes as early as possible, andwhen 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 instant deposit when you file your taxes
that links directly to your bank account when you file your 2020 tax return will benefit you in two ways. First, you will get your tax return (with your Recovery Rebate Credit added for your missing incentive money) faster. The IRS 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 up to three different bank accounts if you want to split your tax refund among 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 refund 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 has your current address
If you moved to a new address 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 should do this even if your new location is temporary – you can always update your information when you move again. Even if your first or second check came(meaning a possible third-party check likely would too), you still want to make sure your address is up to date so you . If the letter arrives, but your money doesn’t, then you probably know you need to solve a problem . (Like you it contains.)
Confirm that your bank details are 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 it before it ever reaches you.
The IRS said it has a number of ways to find your bank information, including from your 2019 tax return (and likely your 2020 return when you file it), from theor if you used it last year, or from another federal agency that uses your bank information to provide benefits, such as the Social Security Administration (such as when you ). But if that information is out of date, the bank will return that 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.
Make sure you actually qualify for a stimulus check
, like some of the changed after the first round. It is possible that the rules 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 third stimulus check go to my debt?
You can use most of your incentive money however you want. But there are.
Below the(that’s the first stimulus check), if you spend more than $ 150 in it (called arrears), your state may have reserved the right based on how much you owe. However, the second stimulus check could not be taken for child benefit arrears. This change was well known in federal and state agencies. Read more about .
The first stimulus 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 and against private creditors and collection agencies according to the text of the law. However, individual banks could choose to use that money to cover overdrafts. Again, we don’t know yet if this would change with a third check.
For more information, read what your stimulus check might look like, , or .