Top stimulus payment questions answered!

What happens if my stimulus payment goes into an old account that I no longer have access to or a closed account? 

If the bank account is closed, the bank will reject the deposit, and the IRS will later issue the payment to the address on file. Please note, if your “Get My Payment” application indicates the payment has been processed, you will not be able to change the banking information at that time.

Can you get the stimulus payment and also collect unemployment? 

Yes, you can get the stimulus payment and collect unemployment from your state.

What happens if my tax preparer utilized a refund anticipation loan (RAL) so that I can obtain my refund? Where will my stimulus payment go? 

When a customer utilizes a refund anticipation loan (RAL) a virtual bank account is established.  This account is utilized for transmitting the refund and allowing the tax preparer to deduct their fees.  In this case, the economic stimulus payment may be delayed where the taxpayer’s bank account information is not made available.  For these individuals, they can expect their payment by mail.  It just may take a little while longer, but the taxpayers can expect it.

Does the IRS have your banking info on file if you provided it to the state? 

No, the IRS will not have your banking information on file if you only provided it to the state. In this case, make sure to go to the IRS – “Get My Payment” information and update your bank account information. Keep in mind, if your payment is completed, you will not be able to change the information.

What happens if one spouse receives SSI payment, and the other doesn’t, but both filed jointly? 

If you filed a tax return and qualify for the stimulus payment (meeting the thresholds), you will still receive your stimulus payment.

I usually owe the IRS and pay my tax balances. However, the IRS does not have my banking information on file; what should I do? 

If you usually owe the IRS and have not previously provided your bank information to the IRS, you should go to IRS – “Get My Payment” link and update your bank information. Keep in mind that you will only be able to change your banking information if the payment has not been processed.

If I receive a stimulus payment for my deceased spouse, should I return to the IRS?

No, there has been a report that a great number of Americans are receiving payments on behalf of deceased loved ones.  This is the case because the IRS is utilizing prior-year tax returns, which in fact they are eligible.  However, spouses do not have to return the money or repay the money back.

What if I owe back child support, will I be able to receive the stimulus payment? 

If you owe back child support, you will not be able to receive the stimulus payment.

What if I have not filed my 2018 or 2019 tax return, what should I do? 

If you are required to file a tax return, see requirements here, you should submit your tax return. If you are generally not required to file because you make under the filing requirements, you should utilize the non-filer link on the IRS website to enter your information.

Will I have to repay this money back on my 2020 tax return? 

You will not have to repay this money back on your 2020 tax return.  It is NOT considered a loan and does not require repayment.

I am required to file a tax return but unable to prepare my taxes at this time, what should I do? 

First, seek out resources that may be available to you for free.  You can go to IRS.gov and select on Free file.  Next, if you are unable to do that – note that the IRS will continue to process payments throughout the year.  In addition, if you do not qualify this year, you may be able to qualify on your 2020 tax return. 

Do I have to file a tax return if I receive Social Security benefits only? 

No, you do not have to file. You will receive your payments automatically.

If I did not claim my child on my tax return, will I be able to receive a stimulus payment on his behalf? 

No, you will not be able to (unless you are a nonfiler and have recently entered your information there). Keep in mind; you will only be able to receive a stimulus payment for your child ($500) if when you filed the tax return, he or she was under the age of 17. Please also note, if the IRS utilizes the 2018 tax return to derive at the stimulus payment, it will use the child’s age of that particular tax return.

I tried to update my banking information but was unable to do so at the time.

Get My Payment” option is only available to enter your banking information when your payment is in being process. If it is not available for you to enter your data, please continue to try again later.

What happens if I get a message indicating – “Payment status is not available?” 

Continue to check back daily if you receive this message. The IRS has indicated this status may be unavailable if you are not eligible, you have not filed your tax returns, you are considered a non-filer, you are an SSA or RRB recipient or another reason.  However, this does not disqualify you completely.  Be patient and hold on, and continue to check the portal!!

– KW

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