What do you do if you haven’t received your $ 600 stimulus check yet? The IRS offers some tips – WPXI
The Internal Revenue Service continues to work to get the second COVID-19 pandemic relief payment for those who haven’t yet received it, but the agency says if you haven’t seen the direct payment yet of $ 600, you may need to claim payment on your tax return.
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The second stimulus payment provides up to $ 600 for individuals and $ 1,200 for couples filing jointly, plus $ 600 per eligible child. Payments were sent in three ways – by direct deposit automatically sent to bank accounts, via mailed check, or mailed prepaid debit card.
A number of people who have used a tax preparation service have said that their stimulus payment is not sent to their bank accounts, but to bank accounts with numbers they do not recognize.
The unknown account numbers were temporary bank accounts used by tax preparation companies to channel repayment loans or other banking products to customers.
The IRS issued a statement last month assure those waiting for checks that payments will be redirected to the correct account number and that the fact that they see an account number that is unfamiliar to them is not a sign of fraud.
“The IRS and tax industry partners are taking immediate action to redirect stimulus payments to the right account for the right people,” the IRS website read.
“If you do not recognize the bank account number displayed in the Get my payment tool, it does not mean that your deposits were made to the wrong account or that there is fraud. If you do not recognize the account number, it may be a problem with the way the information is displayed in the tool related to temporary accounts used for repayment loans / banking products. The IRS is working to resolve this problem.
“You do not need to complete Form 14039, Affidavit of Identity Theft,” according to the IRS statement.
“The IRS and tax industry partners are taking action to redirect stimulus payments to the right account for the right people. The IRS predicts that many additional taxpayers will receive payments as a result of this effort. You don’t have to do anything while this work is going on; you don’t need to call the IRS, your tax agency, or your financial institution.
What if you still haven’t seen the money?
The IRS had a Jan. 15 deadline to send payments to eligible Americans. If you haven’t seen the payment yet, you haven’t missed the money, it may take a little more effort to get it.
How do I claim the recovery discount credit?
From the IRS:
“Eligible individuals who have not received the full amount of the two Economic Impact Payments can claim the recovery reimbursement credit on their 2020 Form 1040 or 1040-SR. To determine if you are an eligible person or the amount of your recovery refund credit, complete the recovery refund credit worksheet in the instructions for Form 1040 and Form 1040-SR.
“Generally, you are eligible to claim the recovery refund credit if you were a US citizen or US resident alien in 2020, cannot be claimed as a dependent of another taxpayer for the 2020 tax year and have a valid social security number for employment that is issued before the due date of your 2020 tax return (including extensions).
“You must file Form 1040 or Form 1040-SR to claim the recovery refund credit even though you are not normally required to file an income tax return. Anyone with an income of $ 72,000 or less can file their federal income tax return electronically for free through the IRS Free file Program. Free File is a public-private partnership between the IRS and many tax filing and preparation software vendors who provide their branded products for free. The safest and fastest way to get a tax refund is to combine electronic filing with direct deposit. “
If you qualified for a stimulus check and the IRS sent that payment, you should have received a letter from the agency within 15 days confirming that the payment was issued. It will be sent to your last known address and it will detail your payment information. For the second stimulus payment, the letter is called Avis 1444-B.
The IRS advises you that if you are not sure if you are missing a payment, or if you are one of the people who owed money from the first stimulus payment, you can use the credit spreadsheet. IRS recovery refund to determine how much to claim in the credit. The worksheet is part of the instructions for Forms 1040 and 1040-SR. The recovery discount credit appears on line 30 of the form.
If you are using a tax preparation service, they will walk you through the process of depositing the money.
Cox Media Group