USA Coronavirus Stimulus Money not received? 6 possible reasons you should checkDaniel McCarthy (Author) Published Date : Apr 17, 2020 15:47 IST
6 reasons for not receiving the stimulus money:Treasury announcement on Monday, April 13, that 80 million Americans will receive their stimulus money this week made millions of Americans happy. But nearly 60 million of them are yet to receive their payments. The week ending today, many are tired of checking their bank accounts and the Get My App in the IRS site. Many reasons are cited for noncredit of payment into the accounts including
Filed paper tax returns in 2019
Those who filed paper tax returns in 2019 will have to wait only for the paper checks by providing the bank information and other details in the Get My Payment app in the IRS site. Also, those who filed electronically in 2018 and Through paper filings in 2019 have to wait for the paper checks.
Though filed tax return electronically but not availed tax refund
For those who filed their tax returns for 2018 or 2019 electronically but not received their refund in their bank accounts have to wait and provide details of the bank accounts to the app. Also, the IRS is not using the bank account they used to withdraw money owing to them.
Stimulus money sent to the old bank account
Those who have filed a 2018 tax return and not in 2019, and the bank mentioned in 2018 is not anymore active as you have changed bank, then the stimulus money must have gone to the old bank account. It is time to give the correct bank details in the app.
Low-income people who do not need to file taxes
Americans earning below $12,200 and couples below $ 24,400 cumulative income need not file taxes and hence will not have their bank details with the IRS. But they can now provide the bank details without filing the returns to get the paper checks in a few months.
Earning above $99,000
Individuals earning above $ 99,000 and couples above $198,000 do need to wait for the stimulus money as they will not receive it as per the CARES Act.
Refund loans obtained from tax preparers
Many Americans filing their tax through tax preparers like TurboTax, H and R Block, and others are alleged to have not received payments. It is because of them claiming quick refunds with extra charges paid to the tax preparers. Tax preparers to claim the charges is alleged to have received the tax refunds in temporary bank accounts, where the stimulus payment is now being sent is the reason cited for it. Providing the current bank details in the app will get their stimulus money.
Ashley McMahon, the TurboTax spokesperson, denied the refund issue as it is a problem for its customers. She confirmed that the IRS has all the appropriate information of TurboTax customers for them to distribute the stimulus payments. H and R Block and IRS have not issued any statement regarding the allegations of payments getting delayed due to the refund issue by these tax preparers.
Out of the 330 million Americans, 90 % are eligible for the stimulus money. The left-outs are only those who showed income above $ 99,000 individually and $198,000 jointly as couples. And as per the treasury secretary, Steven Mnuchin, 80 million are to get payment by now. But the ground situation is nearly 60 million of them are eagerly waiting for the accounts to be credited.
And the worst affected by the coronavirus being the low-income people who have not paid taxes have to wait few more months as the paper checks will be sent only from next week. It is because of sources confirming that only 5 million checks will be delivered every week, and it will surely take months for all of them to receive the stimulus money.
USA Coronavirus Stimulus Money not received? 6 possible reasons you should check