Several weeks on, a lot of Americans are still wondering when they will receive their third stimulus payment. On Tuesday, the Treasury Department and IRS announced money is coming soon–Here’s what you need to know…
Why the hold-up on the third round of stimulus payments?
The third round of stimulus payments to America did not get out the door as quickly as initially indicated by officials. In fact, many Americans got notices that their payments would be coming within the next 7-10 days, but they still haven’t received anything. Scores of Americans are still wondering: Dude, Where’s my check?
On Tuesday, the Department of the Treasury and the IRS announced that payments will be coming soon. What was the hold up?
According to March 30 press release by the IRS, the delay has been due to some extended red tape that forced the agency to do a deeper dive into validation of recipients. The IRS needed to follow more stringent steps to validate payments for recipients who also receive Supplemental Security Income, Social Security Disability Insurance, Veterans Affairs and retired railroad workers, CNET reported.
When are the third stimulus checks coming?
The IRS said that stimulus payments will “be sent electronically and received on April 7” for all those who currently receive Supplemental Security Income, Social Security Disability Insurance, Veterans Affairs and retired railroad workers.
Payments could be sent in a variety of ways including direct deposit, via a direct express card, or through a paper check by standard USPS mail.
According to the Treasury, Americans who receive Social Security benefits can begin tracking their stimulus check status beginning on the weekend of April 3-4.
How to track the status of your stimulus payment
The IRS has established that special tracking tool called Get My Payment for checking the status of your third stimulus check.
Don’t check too soon
A bit of a warning: both the IRS and Treasury have said that the status of the stimulus payments will not be updated “until the weekend of April 3-4.” Therefore, don’t check your status before this date and hold off till Monday, April 5.
You can still get benefits if you were left out of the three stimulus payments
Americans who were left out of the earlier $1200 and $600 checks, or if you received less than you’re eligible for, there is still a way to claim the money, CNBC reported.
Recovery rebate credit is available with your tax returns for 2020. This rebate allows you to recover any unpaid stimulus payments you did not receive.
However, to get the rebate, you’ll need to file a 2020 tax return, even if you are not required to file a return, according to the IRS.
To help with calculations, a Recovery Credit Rebate Worksheet has been provided with forms 1040 and 1040-SR to help determine if you are eligible for additional payments and how much money you could receive.
In addition, on your tax return, you’ll need to specify exactly how much you were paid in stimulus payments.
If you cannot afford to hire a tax professional, you can file your federal tax return for free by using the IRS Free File Program. It’s available to anyone whose income is $72,000 or less.
