So you still didn’t get your stimulus money? If you’re still wondering whether your Economic Impact Payment will arrive soon via check or…
So you still didn’t get your stimulus money?
If you’re still wondering whether your Economic Impact Payment will arrive soon via check or direct deposit and, maybe just when it will arrive, well, you’re not alone. Tens of millions of consumers remain in the same stimulus boat.
Last week, the Internal Revenue Service and the Treasury Department declared that more than 130 million Economic Impact Payments, totaling more than $207 billion, had already been sent as part of the coronavirus economic relief effort. The first wave of direct deposit payments hit accounts around April 15.
The Trump administration maintains that the first rounds of stimulus payments reached Americans in record time, maintaining that it took months to deliver the first 800,000 stimulus checks back during the financial crisis in 2008.
Even so, that would leave roughly 20 million people or more without their money, based on the IRS estimate that payments will be sent to more than 150 million Americans. Everyone does not qualify – including college students claimed as dependents on their parents’ tax return and many higher-income individuals.
And while it appears that some money was sent out, some people still have yet to receive it because of a few glitches along the way.
Here’s what you need to know:
Those receiving veterans disability or pension benefits would automatically receive a $1,200 stimulus check from government even if you don’t normally file a tax return. The same is true for those receiving Supplemental Security Income.
But people receiving those government benefits need to act by May 5, if they also have one or more dependent children ages 16 and younger and want to get more money now. You could qualify for an extra $500 per child.
If you didn’t file a tax return for 2018 or 2019, you’d want to update information via the “Non-filers” tool at IRS.
