After your payment is returned to the IRS, your payment status will update to “Need More Information.” You can then choose direct deposit to a bank account, a prepaid debit card (must be re-loadable contact the card issuer for information) or alternative financial products that have a routing and account number associated with them. To get your payment reissued, you will need to set up direct deposit with the Get My Payment tool. While for heads of households, the standard deduction will be 19,400, up 600. If your payment can’t be delivered to you for any reason, it will be returned to the IRS. The standard deduction is adjusted for inflation and for single taxpayers (and married individuals filing separately), increased 400 from the previous year and rose to 12,950 (25,900 for those married filing jointly). The IRS adds: "You cannot change your bank information which is already on file with the IRS for your first or second Economic Impact Payment". The IRS stress that this could happen if the bank information was invalid or the bank account has been closed although in some cases, even updated bank account details hasn't stopped payments not reaching their destination. While most of the $1,400 stimulus payments have been transferred to bank accounts without any problems, some have gone astray or been rejected. Some stimulus checks going to wrong bank accounts You can track the status of your payment using the IRS Get My Payment Tool The $1,400 stimulus checks will be sent to individuals earning up to $75,000 and married couples earning up to $150,000 ( read more) Nearly 160 million US households will receive $400 billion in direct payments of $1,400 per person Biden and VP Harris begin "Help is Here Tour" to mark passage of stimulus bill IRS confirmed that millions have already received new child tax credit Research suggests that 58% of stimulus check money will be spent on food President Biden pledges to reach 100 million stimulus check payments within 10 days ( read more) Stimulus funds released by major US banks like Wells Fargo and Chase on Wednesday FTC warns to beware of stimulus check phishing scams IRS announces that 90 million stimulus checks have already been distributed ( read more) On Friday, a group of 45 Senate Democrats sent a letter to the Treasury Department, IRS and Social Security Administration, urging the requirements to be changed so that recipients of those benefits would not have to file returns.- TurboTax and H&R Block users report stimulus check delays That still leaves out individuals who receive Supplemental Security Income, or SSI, or veterans benefits. Instead, the government will use their 1099 forms. Lawmakers have been pushing for some individuals who don't file tax returns, particularly those who receive government benefits, to skip filing in order to receive their stimulus money.Įarlier this week, it was announced that Social Security beneficiaries will not have to file tax returns. More from Personal Finance: Answers to your top questions on stimulus checks Paper stimulus checks could be delayed by up to 5 months Which bills to pay during the coronavirus pandemic This year, the IRS has said that it will issue nine out of 10 tax refunds within 21 days or less if you e-file with direct deposit, she said. Last year, about 72% of taxpayers received a refund of close to $3,000, Greene-Lewis said. "With the majority of taxpayers getting a tax refund, they should definitely file their 2019 tax returns," said Lisa Greene-Lewis, CPA and tax expert at TurboTax. government has delayed the federal tax filing deadline to July 15, submitting a return now can help ensure that your income and bank account information is up to date. Individuals who typically fill out returns can still update their information by submitting their 2019 filings. Consequently, the IRS recommends selecting direct deposit so that you get your money faster.
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