It took the IRS just two days last week to begin processing $ 1,400 stimulus checks after President Joe Biden signed his $ 1.9 billion aid package into law. The third direct payments of the pandemic began to appear in bank accounts over the weekend.
This means that many Americans have more and more money to take care of bills, pay debts, save or invest.
But if you keep your online banking services refreshed and still do not see the cash, what happened? Here are seven good reasons why you may not have received your money yet.
1. The IRS sends out the stimulus checks in ‘batches’
The IRS has a juggling because it distributes these stimulus checks at the peak of the tax season. IRS commissioner Chuck Rettig promised in a news release that multitasking would not delay the delivery of emergency relief needed by millions of Americans to deal with this historic pandemic.
But even if IRS employees work 24 hours a day, it’s a big task for the tax agency to pick out the stimulus. It divides the aid payments into groups.
The first group of direct deposits started arriving last weekend. Another group would go out this week, with more to follow in the coming weeks, the IRS says.
2. Your bank has not yet processed your stimulus test
You may have received the money, but just do not know. This is because two major banks are not giving their customers access to their $ 1400 until March 17th.
While some smaller banks have decided to make the funds available to consumers immediately, JPMorgan Chase and Wells Fargo said they would not charge the money before the Treasury’s “effective date” for the payments. Some customers threatened to exclude their protesters from protesting.
It is already speculated whether there is a fourth stimulus test, but should not count on it. So use your $ 1,400 wisely – perhaps by putting it to work using one of today’s popular investment programs.
3. You have moved or changed your bank account
If you have recently switched from a bank account, the IRS probably does not have your new account information on file, which means that it cannot send you a direct deposit. You will have to wait until the tax agency sends you a paper check or debit card, which will take weeks.
A similar problem applies if you have recently moved and normally receive tax refunds by mail. If the IRS successfully tries to send your payment to your old address, the check must be reissued and you will have to wait extra long.
You can check the status of your stimulus test using the IRS ‘Get My Payment Tool’. And while you may not be able to update your information there, you may be able to identify why your payment was delayed.
4. The money was deposited by a debt collector
You may not see your stimulus test because the money has been intercepted. Debt collectors could not decorate the two earlier relief payments, but a loophole in the legislation gave them access to this round.
Because the bill was quickly followed by Congress through an insane budget process, the cash can be seized to pay off many kinds of debt, but not tax debt or child support.
If your stimulus payment is at risk because you are overwhelmed by debt, a loan with a lower interest rate debt consolidation can help you deal with debt and pay it off faster.
5. You will receive a paper check or debit card
The IRS prefers direct deposit payments, so if you receive a paper stimulus check or debit card, you can wait a while for your $ 1,400.
It can take up to a few weeks before paper and plastic reach their intended recipients.
When the first $ 1,200 stimulus checks went out last year, some people mistakenly considered their junk checks or debit cards as junk mail. So if you know that you will receive your money via the Postal Service, you need to be vigilant when you go to check your mailbox for the next few weeks.
6. You have not filed a tax for the past two years
Not every American has to file federal income taxes annually. For example, if you earn less than $ 12,400 a year, have no self-employed income, are single, and are under 65, you do not have to file a tax return for 2020.
But if you did not receive Social Security or railroad pension benefits and did not file taxes for 2019 or 2020, the IRS will have no record of you being eligible for a stimulus test.
To ensure that you receive your payment, you need to set up a reliable tax software and get it in the books of the tax agency.
7. You no longer qualify for a stimulus test
After much back and forth, the Democrats in charge of Congress agreed to a more purposeful approach to these round stimulus controls.
People earning more than $ 80,000 and couples earning more than $ 160,000 receive no money this time.
Previously, the thresholds were $ 100,000 for single taxpayers and $ 200,000 for couples who filed jointly.
What if you are short of money – and you need it now?
If your stimulus test appears to be delayed, or if the new income guidelines mean there is no cash for you, there are different options if you need money like yesterday.
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Cut off your insurance accounts. Car insurance companies have given discounts to drivers who are less affected by the pandemic. Not yours? It sounds like it’s time to buy a better price from a more flexible supplier. And while you’re looking for, why not save hundreds on homeowners insurance by comparing rates to find a lower price?
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Reduce your mortgage lending by refinancing. Mortgage rates have historically remained low, and refinancing your existing mortgage can yield huge savings. Mortgage technology and data provider Black Knight reported in early March that 12.9 million mortgage holders were good candidates to refinance, meaning they could cut their monthly payments by hundreds of dollars with a new loan.
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Cut your budget and do ‘your own’ stimulus test. By finding some creative ways to cut back, you can rearrange your budget to get another $ 1400. Use cloth instead of paper napkins, refill water bottles instead of buying bottled water, and use your own coffee mug to get discounts at your local cafe. Do you have a hobby or special talent? Turn it into a side income. And download a free browser extension that will automatically search for better prices and coupons when you shop online.