One reason your stimulus check might still be MIA: someone is claiming you as a dependent.
That’s good news for everyone who’s received the payments and now has $1,200 in hand to use as they see fit during a coronavirus outbreak with massive health and financial consequences.There are answers for the delays, but first, here’s where things stand so far on those checks: The IRS had distributed 88.1 million stimulus checks as of April 17 and paid out $157.96 billion, according to statistics released April 24.
The IRS doesn’t have your bank account information on file Approximately 14 million Americans don’t have bank accounts, according to a Federal Deposit Insurance Corporation survey from 2017. That’s about 6.5% of American households.After opening a bank account, consumers can submit their banking information to the IRS. If they don’t file taxes , they’ll need to submit the information to an IRS website for people who don’t file taxes.
You make too much money Some people might not be getting a $1,200 stimulus payment right now because they make too much money. So if someone made too much money on tax returns they are filing now for their 2019 income, they could still get the money based on tax returns they file in 2021 for their income this year.
The IRS also supplied some hope for young adults. It said someone graduating high school this year will not receive a $1,200 stimulus payment if they are claimed as a dependent this year and claimed as a dependent next year either. But, if nobody can claim the student during the next tax season, the student might be eligible for a $1,200 check at that point.Glitches could be slowing delivery Some national tax preparers offer advances on a client’s refund, with the money loaded onto a debit card.
“Serve customers who would like to receive their stimulus payment to their Serve Account should confirm their direct deposit information with the IRS and update it if necessary,” Jackson Hewitt said. The company said other information on the process is available here.
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