According to the IRS, those who filed 2019 tax returns and provided information on direct deposits should automatically receive payments into their bank accounts as of December 29th. Those who have successfully registered for the first payment on IRS.gov should also receive automatic payments. But that may not be the case for everyone.
Here’s what you need to know about stimulus checking issues, as Monday, January 4 marks the official payment date:
What does “Payment Status Not Available” mean?
The Get My Payment at IRS.gov tool is designed to show the statuses of the first and second stimulus payments.
However, some people who have received the first round of checks by direct deposit receive a statement that says “Payment status not available.”
“We are unable to provide your payment status at this time because we do not yet have sufficient information (we are working on it) or it is not eligible for payment,” the message states.
However, the website’s FAQ page is unclear whether this status is temporary or indicates that the IRS cannot issue a second stimulus payment. It looks like the IRS is updating its guidelines.
Those who meet the requirements and do not obtain a second COVID-19 relief control you may be able to claim it when you file your 2020 taxes this year. Technically, the second stimulus check is an advance payment of that tax credit.
Taxpayers will see the unclaimed stimulus funds called Recovery bonus credit on Form 1040 or Form 1040-SR of your taxes. Individuals and married couples who submit jointly may also apply for the recovery bonus credit if they have not received the full amount of the first stimulus payment.
Click here for more information on recovery bonus credit.
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What about people who have switched bank accounts between the first and second round of payments?
According to the IRS website, the agency only uses data that is already on its systems.
Payment information cannot be changed, so these people will need to claim payment as a tax recovery bonus credit.
What about changes in the address of those who received checks by mail?
If you did not file your 2019 tax return, enter your new address on the return when you file it. The IRS also has forms that will notify you of a change of address. Click here for more information.
Other problems related to the second stimulus
For those with more issues and problems with the second round of stimulus payments, the IRS is currently working on updating its guidelines. This means the agency may have clearer solutions to people’s problems in the coming days.
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