Last week I posted an article about the Economic Impact (Stimulus) Payments. Many of my readers have been asking when they will see their money after hearing many already did. This is a hard question as the Treasury Department and IRS do not know for sure either. What we do know, is approximately 80 million direct deposits were made this last week (about half those who will get the stimulus). While there were troubles with these too (some went to the tax companies as this was the direct deposit information entered on their clients returns), many retired adults and others have still yet to receive checks because they did not have direct deposit information listed with the IRS. It is said that another round of direct deposits will go out this week working with the SSA. However, many that do not have direct deposit information will have to wait on a paper check. These will start being sent in early May and they will mail out approximately 5 million a week and estimate that this may take 20 weeks to complete.
So if you are in this situation and you do not want to wait up to five months for your checks, there is another option. The IRS released a website where you can check the status of your payment. You can access the Get My Payment website at the IRS here. It is said that once your information is loaded into the system, you will have an option to enter your bank information and have the money direct deposited instead of waiting for a check to be sent. The problem with this is since the site has become active, many many people have been having issue that when their information is entered they have a response that "PAYMENT STATUS IS NOT AVAILABLE." The IRS listed in the FAQ section what the causes of this message may be. However, they updated this section on April 17, 2020 with another two reasons:
The application doesn't yet have your data; we’re working on adding more data to allow more people to use it.
You receive an SSA or RRB Form 1099 or SSI or VA benefits; information has not been loaded onto our systems yet for people who don’t normally file a tax return.
Basically with an estimated 171 million payments to make to Americans, this is taking the IRS some more time and a mountain of paperwork. They will update the information on the Get My Payment website once a day, so there is no reason to check it more than once a day to see if your information is there as of yet. For sanity sake, I would suggest to just check it every few days. The good news is congress is already talking like the one stimulus payment was not enough; therefore, by the time some people receive payments, more money may be in store for them.
If you have not received your payment yet, and you qualify for it, it will indeed be coming one way or the other. I would try not to plan on it being there by any certain date. The important thing to do is stay safe and healthy during these trying times. My thoughts are with everyone!
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