When will you get your stimulus payout? On Dec. 21, 2020, Congress passed COVID-19 relief legislation, promising $600 checks to eligible recipients. To get the money into bank accounts quickly, Congress gave the IRS until 15th January 2021, to distribute the funds.
But what if you are still waiting on your funds? What can you do to speed up your payment?
We have some top tips on what you can do during this difficult time:
Check the Criteria
If you have not yet received your stimulus check yet, check that you meet the criteria.
You may be eligible to receive your funds if:
- You’ve reported an adjusted gross income (AGI) of $75,000 or less on your 2019 tax return.
- You are a couple filing jointly with an AGI of $150,000 or less.
- You’re a taxpayer filing as head of household with an AGI of $112,500 or less.
- You have dependent children aged 16 and younger.
After You Check
If you meet the above criteria, but have not received the money, you should:
Give it time.
Keep checking your bank account over the next few days to see if your money has arrived. If the IRS mailed your first check, you could expect to wait up to two weeks for the second to arrive.
Claim it on your tax return.
The IRS recently announced that it would begin processing 2020 tax returns on the 12th of February. If you have not received your stimulus funds by the rime you file, claim it on your return.
When you are due a refund, the IRS will add the stimulus money to the amount you receive. If you owe money on taxes, the IRS will subtract the stimulus money from the amount you need to pay.
More Information About Filing Your Taxes.
Thanks to Biden’s push to hand out more money, there could be a third round of funds in the next few months. At this moment, we do not know exactly how much. However, you should keep a third round of funds in mind when you decide when to file your 2020 return.
Why?
The IRS is likely to use the most recent tax return to determine your eligibility. If you earned less in 2019 than you did in 2020, you might want to hold off filing your 2020 taxes until the third funds are distributed. However, if you earned less in 2020 than you did in 2019, you may want to file your taxes sooner.
The Bottom Line
If you have not received your funds, do not worry. The money will get to you, even if you have to claim it on your 2020 taxes. Until then, coronavirus resources can help get you through until you’re on your feet.
We hope you find this post useful. Our job is to help in any way we can. We understand that this is difficult time for many people and business. That is why we are committed to delivering the latest help and advice available to you.
We will be back soon with more information and useful advice. Do not forget to keep checking our blog for regular updates.
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