Millions are still waiting on 2nd round of relief checks
Didn’t get your second relief check yet? You aren’t alone.
While the IRS and Treasury have distributed the bulk of the anticipated $164 million in second round of relief payments for Americans faster than the first time, millions have not gotten payments yet or found hiccups in the distribution.
The latest payments of $600 per eligible adult and dependents are sorely needed among many who are struggling financially due to the pandemic.
Here’s what someone waiting on a payment should know.
First, make sure you are eligible. Under this latest round of relief, the $600 payments will go to individuals making less than $75,000 or $150,000 for couples who are married and filing jointly. Those who make more will get a reduced amount. There are no payments for individuals earning more than $99,000 a year.
If you are eligible, check the IRS Get My Payment tool on its website to find out the status of your payment.
As with the last round, most payments will be automatic and made via direct deposit to bank accounts. Some will be distributed by mail, either in the form of a paper check or a debit card.
It also appears there was a snafu this time for people who filed their taxes with an online tax preparation service such as TurboTax or H&R Block and paid for their tax preparation fees with their expected refund. In those cases, the IRS website may show that the money went to an account they do not recognize. That is because money may have been sent to a temporary bank account established by the tax preparer, which is no long active.
By law, the financial institution must return the money to the government if the account is closed or no longer active.
The IRS and Treasury began distributing payments last week. By law, they have until Jan. 15 to make payments.
Payments made by direct deposit could take a few days to process, but the funds were largely available early this week. The payments sent through the mail could take three to four weeks to reach people. The Treasury announced Thursday that it has started to send approximately 8 million Economic Impact Payments by prepaid debit card.
The Get My Payment tool is helpful but can be difficult to understand.
Don’t be alarmed if you get the “please wait” message, that is a normal part of the site’s operation. If you get the “Payment Status #2 - Not Available” message, then you will not receive the payment and instead need to claim it on your tax return.
It is updated only once daily so checking it multiple times could be fruitless. Also, it can lock users out if it is accessed too many times; this is designed to prevent fraud.