Since Economic Income Payments were announced, most everyone has been anxious to get their hands on the money. Payments can be as much as $1,200 for individuals and $2,400 for married couples filing jointly. Additionally, you can receive $500 per qualifying child. So far, approximately 140 million payments have been issued, but millions of people are still waiting for their cash. Here are some reasons why you may not have received yours.
You earned too much money to qualify
Getting a stimulus check isn’t guaranteed for everyone. To qualify for the full payment, your adjusted gross income cannot be more than $75,000 for singles and $150,000 for married couples filing a joint return. If your income exceeds this amount, your payment will be reduced by $5 for every $100 you’re over the threshold. Once your income reaches $99,000 (single filers) or $198,000 (married filing jointly), you’re automatically disqualified from receiving a payment.
The IRS doesn’t have your direct deposit information
Direct deposit is the fastest way to get your stimulus payment. Unfortunately, if it’s been years since you’ve done your taxes or you usually receive your refund via paper check, the IRS probably doesn’t have your bank information on file. Those who have no intention of filing a 2019 tax return, can submit their information on the IRS website to receive their Economic Impact Payment. Everyone else will need to sit tight and wait for their check to come in the mail.
The money went to a closed bank account
Taxpayers who filed a tax return for 2018 or 2019 and requested their refund via direct deposit will automatically receive their stimulus payment the same way. If you’ve recently changed banks, there’s a possibility that your stimulus payment went to your old account. The good news is that if the account is closed, your bank will reject the deposit. In turn, the IRS will issue a paper check to the address listed on your last tax return. It will take some time, but you will get your money.
Someone claimed you as a dependent
Taxpayers with a dependent under the age of 17 can receive an additional $500 per qualifying child. Unfortunately, when the CARES Act was created, older dependents were left out of the mix. So, if you’re a college student, senior citizen or disabled person who is being claimed as a dependent on someone else’s tax return, you will not qualify for a stimulus check.
You’re behind on child support payments
If you’ve fallen behind on your child support payments, the Treasury Department can seize your stimulus check to pay what you owe. Typically, you’ll receive a notice in the mail providing further details. Some married couples prefer to file a joint tax return versus filing separate. If you file together and your spouse owes past due child support, your stimulus payment may be reduced as well. The only way to get the amount for which you qualify is to file an injured spouse form with the IRS, but it may take a while to resolve the issue.