There are many people who have received their third stimulus check, while others still haven’t. If you see “Payment status not available,” alert on IRS website, and wondering why you didn’t get your stimulus check yet, here are the possible reasons:
The IRS didn’t process your payment yet
The IRS is sending out the stimulus payments in batches, so it will take some time to send out these payments to millions of taxpayers.
Your bank account information is changed
If your most recent stimulus payment was sent to a closed or inactive bank account, your bank must return that payment to the IRS. You cannot change the bank information that the IRS has on file. You will have to wait until the payment is returned to the IRS and then you will receive a paper check or debit card, and this process may take several weeks.
You moved or changed your address
If you moved or changed your mailing address, then the IRS may not have your latest address on file. You must notify the IRS by filing Form 8822, Change of Address or use your current address on your 2020 tax return.
Your tax process may have not been completed yet
If you already filed your 2020 return, it may have not been processed on the IRS system yet. If you mailed in your tax return rather than electronically filing it, paper return processing time takes way longer.
You don’t qualify for a stimulus check anymore
Your income went up in 2020 compared to 2019. The eligibility requirements have changed from the last two rounds of payments, so check the new eligibility requirements to make sure you actually qualify for the third round.
The money has been garnished by a debt collector
If you are in debt, debt collector may have been garnished your third stimulus check (not tax debt or back child support).
You haven’t filed taxes for the last two years
If you haven’t filed taxes for 2019 or 2020, then the IRS will have no record of your eligibility for a stimulus check.
References;
IRS Economic Impact Payment Information Center
https://www.irs.gov/coronavirus/economic-impact-payment-information-center
IRS Get My Payment
https://www.irs.gov/coronavirus/get-my-payment
IRS Economic impact payments: What you need to know
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
Disclaimer
This article is intended for informational purposes and should not be taken as legal or tax advice. You must consult with your tax, financial or legal adviser about your unique financial situation before acting on anything discussed in this article. TaxBasket LLC is providing informational content for general guidance to help small business owners become more aware of certain issues and topics and this article must never be considered as a substitute for advice provided by your tax, financial or legal advisers. TaxBasket LLC or its members cannot be held liable for any use or misuse of this content.
