In March 2021, the majority of eligible Americans got their third and last (so far) economic stimulus check. At the time, the Biden administration had approved $1.9 trillion in legislation. The bill provided a $1,400 payout for any American who fell below a specified income level. The IRS online tracker tool may always be used to check on the progress of such checks.
However, over a year later, some people are still waiting for their money. If you’ve been waiting for your stimulus check for months, wanting to use the cash to pay bills or pay off debt, but haven’t yet gotten it, here’s why.
Some common reasons you haven’t received a stimulus check, yet
You didn’t qualify for the final round of stimuli, which is the most typical cause for skipping a check. Previously, single filers with income up to $100,000 and joint filers with income up to $200,000 could get checks. The third payment decreased the minimum and maximum payments to $80,000 and $160,000, respectively. As a result, although you may have qualified for the first two rounds, you did not qualify for the third.
A lack of a tax return is another cause for missing a check. Even if you lived below the poverty line the prior year — considerably below the payment level — the IRS didn’t consider you for stimulus if you didn’t submit a return. Americans under the age of 65 who earned less than $12,400 in 2020 were theoretically exempt from filing a tax return. Even if you submit a late return, you may still resolve this issue.
Internal communication issues between the SS administration and the IRS also caused delays in the processing of stimulus cheques for Social Security applicants. If you’re retired and receiving Social Security but haven’t gotten your payment, it’s worth looking into.
A change of residence or bank account is the fourth most prevalent cause of processing delays. The IRS can only work with the information that is provided to them. By going online and creating an account in the IRS’s user portal, you can ensure that the IRS has all of your important information. You can view all they see and double-check your information there.
In a similar vein to the previous explanation, taxpayers who do not have any direct deposit banking information may not have gotten a check because it was misplaced in the mail. Paper checks and preloaded debit cards are often misplaced or abandoned. Check with the IRS to see where you stand.
Less common, but still-possible reasons for the delay
Processing problems inside banks are the sixth cause of delays. JPMorgan Chase and Wells Fargo, for example, future-dated their checks to match the IRS’s official payment date. As a result, monies were artificially held back and, in some situations, may never have been delivered.
The money was initially claimed by a debt collector on the seventh day. The third payment was available for debt collectors to obtain if the courts were monitoring a significant debt load. Collectors were not permitted to claim the first two payments.
Finally, it’s possible that the IRS hasn’t yet sent the cheque. The government agency has not yet certified that distribution is complete. As a result, your stimulation check may still be in progress.