If you have Social Security or Supplementary Insurance (SSI) income and don’t need to file a tax return, you will almost certainly qualify for the third stimulus test. But there’s a good chance you’re still waiting for that money.
The third round of stimulus checks began two weeks ago on bank accounts. However, according to a March 24, around 30 million Social Security and SSI recipients are yet to receive those $ 1,400 payments Letter to Social Security Commissioner Andrew M. Saul by the democratically led House Ways and Means Committee. Why are so many of the people in need of the most stimulus checks waiting?
Why didn’t SSI recipients receive 30 million social security checks?
In the past two weeks, the IRS has sent out around 127 million stimulus checks. However, the payments already made were based on tax returns for 2019 or 2020. If you received Social Security or SSI and you also file a tax return, you may have already received yours third stimulus check.
However, millions of people who receive Social Security, SSI, Railroad Retirement System, or VA benefits are not required to file a tax return. The IRS receives the information it needs to process stimulus payments from the appropriate agency, including direct deposit information, without any action on the part of the recipient.
The IRS asked Social Security for updated bank account and address information for recipients in late February, two weeks before the US $ 1.9 bailout plan went into effect. However, Social Security didn’t release this information until March 25, following a 24-hour ultimatum from the House Ways and Means Committee. The VA and the Railroad Retirement System provided the same information earlier this week.
In short, the IRS now has the information they need to make your payment when you receive federal benefits. However, as of March 29, it was not known when you could expect to receive your check.
A FAQ on Payments for Economic Impact According to IRS.gov, “More information on when these payments will be made will be made available on IRS.gov when the schedule is finalized.”
5 things to know if you haven’t received your check
If you’re a Social Security or SSI employee and haven’t yet received your Stimulus Check, here’s what we get: It’s hard to sit back and be patient when you need that money for bills. Here’s what we know so far about the status of your stimulus check.
1. You will likely receive your stimulus check in the same way you will receive your federal benefits. This means that most recipients receive their payments via Direct Deposit or Direct Express Debit Mastercard. If you recently closed the bank account on file, your bank will refuse the deposit and you will receive your payment in the mail. There is no way you can update this information online.
2. You may need to file a tax return if you have dependents. Most Social Security and SSI recipients do not need to take any action to receive their payments. However, the IRS doesn’t automatically get information about your loved ones from Social Security or SSI – and this time around, you can get $ 1,400 for each loved one regardless of age.
This is likely not a problem if you filed a 2019 or 2020 tax return and claimed your dependent or if you used the non-filer tool from the first round of payments to file their information. Otherwise, you may have to submit a tax return to receive payment on their behalf, although it is usually not required. You may not receive dependent payments with your payment, but once the IRS updates the information, they will send you additional money they owe you after processing your return. Submitting a return can also help you qualify for the extended tax credit for children.
3. The IRS usually makes payments on Wednesdays. Although direct deposits are considered pending a few days in advance, they are usually available to you on Wednesdays.
4. You can track your check with Get My Payment. You can look up the status of your check using the function “Retrieve my payment” function on IRS.gov. If your payment has not yet been scheduled, it will be shown as Payment status not available. The information is only updated once a day, so there is no point in constantly monitoring the website. If you use it several times a day, you might get locked out.
5. Any problems with your payment must be resolved with the IRS. Unfortunately, there are no easy ways to resolve issues related to missing or lower payments than they should have been. Ultimately, however, you need to refer the matter to the IRS, not Social Security or the agency that is offering you benefits.
You can try calling the IRS at 800-919-9835 with questions about your stimulus check, but your chances of getting through at this point are slim. At this time, it is best to check “Get My Payment” and monitor the information once a day for up-to-date information FAQ on the IRS website.
Robin Hartill is a certified financial planner and senior writer at The Penny Hoarder. She writes the Dear Penny personal finance advisory column. Send your tricky money questions to [email protected].
This article originally appeared on www.thepennyhoarder.com