To date, the IRS has sent out approximately 159 million stimulus payments, but an estimated 30 to 35 million Americans are still waiting to receive their money, according to an estimate from the House Ways and Means Committee.
Under the CARES Act, stimulus payments are intended to alleviate economic distress amid the coronavirus pandemic. They are considered an advance on your 2020 tax credit.
Why have so many qualifying Americans not yet received their stimulus payments? According to CNET, it’s possible the IRS scheduled the payment to arrive later this year, or the agency needs to submit a tax form. It’s also possible that there’s a “bank-account issue” that is keeping your check from being deposited.
Which individuals fall into the above categories?
According to the House Way and Means Committee, approximately 13 to 18 million taxpayers who file returns and qualify for a check have not yet received a payment. Additionally, 7.5 million Social Security and Railroad Retirement recipients have not received their money, and about 10.7 million taxpayers who do not need to file taxes and do not receive government benefits may not have received their payments, according to CBS News.
Who Is Eligible for a Stimulus Check?
According to the IRS website, the following individuals are eligible to receive a stimulus check:
– Single U.S. residents who have an adjusted gross income less than $99,000
– Those who file as the head of household and earn less than $146,500
– Those who file jointly with no children and earn less than $198,000
– Those who are the parent of a child age 16 and younger
The CARES Act, according to the U.S. Department of the Treasury, provides up to $1,200 per adult and $500 per child under 17.
Those who filed tax returns for either 2019 or 2018 will automatically receive an impact payment.
Contact the IRS About a Missing Payment
While it’s possible your money is still on its way, some people will need to take action to ensure they receive their stimulus check.
The first step is to use the Get My Payment tool to track your payment.
You should contact the IRS if you fall into one of the following categories, according to CNET.
– If the Get My Payment tool shows the IRS has already made your payment but you have not received it
– If you accidentally threw away your prepaid credit card or check in the trash
– If you received confirmation that your check was sent but you did not get it
– If you believe your check may have been stolen
A number of stories have surfaced of individuals who have thrown away their stimulus payments, which have come in the form of prepaid debit cards called Economic Impact Payment (EIP) cards. These cards arrive in plain envelopes from Money Network Cardholder Services, according to Market Watch, and many citizens have mistaken their payments for junk mail or a scam.
More information on economic impact payments and tax relief can be found on the IRS website.