Stimulus check: Why are some taxpayers still waiting for the payment?
As the IRS announced that they have sent over 150 million stimulus payments during the coronavirus pandemic, millions of taxpayers are still waiting for that money.
The Internal Revenue Service (IRS) has roughly sent 159 million stimulus payments as of Wednesday as part of the $2.2 trillion CARES Act that was approved and signed by President Donald Trump to aid Americans amid the Covid-19 pandemic. At the same time, the Treasury Department said that there are millions of Americans who have not received the stimulus payment.
The IRS started sending the $1,200 to individuals who paid their taxes in 2018 and 2019 via direct deposit as of mid-April. The IRS has sent more than $267 billion as of Wednesday but 9 million Americans are still waiting for that money.
The people who are not required to file taxes are seniors who rely on Social Security and those people are in need of the stimulus payment. The CARES Act pays $1,200 to single taxpayers who earn less than $75,000 and married couples who earn less than $150,000 would get $2,400, while children under 17 would receive $500 each.
People who are still waiting for the stimulus payment
As mentioned before there are millions of senior citizens that rely on Social Security and low-income Americans should use the IRS’ Non-filers tool to track their money. Once logged in people can send information to the IRS and update any bank account or mailing address. Americans have until 15 October and once people update their information the IRS has guaranteed to send the stimulus payment by the end of 2020.
There are about 4 million Americans who do not have bank information so the Treasury started issuing prepaid debit cards. In other cases the U.S. The Post Office was unable to deliver the check and in that case they returned it to the IRS. If that is the case, then you need to access the ‘Get My Payment’ and then click on “Need More Information.” That will allow you to enter your bank account information for direct deposit.
Also some people that qualify to get the stimulus payment but have not received the money for their dependents, they can claim the $500 next year when they file their 2020 taxes. The stimulus payments are an advance on a 2020 tax credit and the IRS will be checking each taxpayer’s information.