This means that people who have filed their 2019 or 2018 tax returns – and received a refund deposited directly into their current bank account – are the first to see the money.
While millions more payments are sent by check or by debit card, there are many reasons some still wait for their cash.
1. Check mail
Visa debit cards will come in a simple envelope from “Money Network Card Card Services.”;
Debit cards are sent to some people who do not have direct deposit information on file with the IRS. They will receive their stimulus money through a paper check, but the agency sends several debit cards to help speed up the process. It can only send about 5 million paper checks a week, and it starts with the lowest earning money.
2. File a 2018 or 2019 return letter
Anyone required to file a tax return must do so before they can be sent to the stimulus money.
There are also millions of low-income people who are not required to file tax returns, but must submit some information to the IRS online before they can get their money back.
Typically, these are individuals who did not earn more than $ 12,200 last year or who did not earn more than $ 24,400.
3. Wait for your paper to be processed
It is likely that those who filed a paperback have returned since the IRS sent most of its home workers still awaiting both their stimulus money and their potential tax refunds. It also affects the IRS auditors and requests a lot of documentation to be submitted by mail.
4. The hardest part: Try to get a PIN
But there are many people who may have mistakenly accessed the PIN or received one and need to get it online.
That is easier said than done. To confirm an individual’s identity, the process of getting online requires some information such as a credit card number (not counting a debit card) or account number. Some people have no account types and are stuck.
Then, they are left to file a return paper and wait for the IRS to reopen before processing their taxes and stimulus payments.
Some people are not eligible for stimulus payments.
Eligibility is based on income, and does not include individuals earning over $ 99,000, heads of household filers with a child earning over $ 136,500, and spouses without children earning over $ 198,000.
Families that earn a little more may qualify if they have children. The phase-out limit depends on how many children they have. For a typical family of four, the value is fully phased out for those with income exceeding $ 218,000.
Those who can be claimed as dependent on tax purposes, like many college students, are also ineligible for payments, as well as undocumented immigrants without Social Security numbers. This includes citizens marrying someone who filed a tax with the taxpayer’s identification number.
Payments total up to $ 1,200 per individual and up to $ 2,400 per couple, plus an additional $ 500 per dependent.