What’s the hold up on stimulus payments?

Your Money Matters

The IRS has issued nearly 160 million coronavirus stimulus payments since April– but for those who haven’t received a deposit, check or debit card yet, what’s the hold up?

Tax Experts say these stimulus payments were issued very quickly by the federal government in an effort to get Americans this financial boost fast, but that speed also means a lot of room for error.

“Its’ very common for people not to receive their stimulus checks at this time because the IRS did what was called one pass because they looked at people’s tax returns and what had been filed around the First of April. So if they had filed the 2019 return by then, if they hadn’t they used the 2018 information and they based the information on that,” Certified Public Accountant Chuck Nelson said.

That means, if you’ve had a change of address, change in a bank account, marital status or even had a child since your last tax return, your stimulus payment may likely be impacted.

Those who still haven’t received a stimulus payment could be in an income bracket that is either not eligible to receive a payment or is one of the last groups to be sent out.

If you didn’t file taxes in 2018 or 2019, the IRS may still need your information–you enter that into their coronavirus stimulus website by October.

Nelson says the final resolution for people who have not received a stimulus check won’t come until next year in April when people file their 2020 tax returns. That’s when any errors made in underpayments or no payments for the coronavirus stimulus package will be corrected.

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