Here are four reasons why you may not have received your stimulus just yet
- You did not enter your banking information on the IRS.gov website.
The IRS has indicated that the last day to update your banking information was today at noon. If the IRS does not have your banking information, you will receive your stimulus (if you qualify) but by paper check. You can expect that your payment will arrive sometime within the next month or two.
- You owe back child support.
While the IRS will not hold back economic stimulus payments due to amounts owed to the federal government for student loans or taxes owed, it has taken the position to withhold amounts due for back child support. As a result, if you owe back child support, your payment will be reduced or eliminated.
- You were claimed as a dependent on someone’s taxes.
The IRS has indicated individuals with a dependent under age 17 will receive an additional $500. If a person is dependent – he or she will not receive an economic stimulus payment. However, if your dependent can’t be claimed as a dependent for 2020, she may be eligible to claim a credit on the 2020 tax return when he or she files next year.
- You have not taken action where it may be needed.
In most cases, you are not required to take any action to receive your economic stimulus payment. However, if you are considered a nonfiler, you need to enter your information onto the IRS – Nonfiler portal to initiate your economic stimulus payment. Also, if you are required to file a tax return, you want to make sure the IRS has your 2019 tax return on file; if not, the IRS will utilize your 2018 tax return.
If you have not received your payment, please be patient. The IRS has had a few glitches along the way, but as long as you qualify, you will receive your payment.