DENVER, Colorado — The U.S. Treasury Department says 80 million Americans should receive a stimulus check by the end of the week. But on the first week of checks hitting bank accounts, there have been hiccups.
Here are some frequently asked questions answered with the help of financial advisor Kyle O’Dell with EdgeRock Wealth Management. If you have an additional question, email us at email@example.com.
Where’s my money?
The short answer, it’s likely on the way. If you’ve filed taxes in the last two years and receive your return via direct deposit, you should get a check in the next two weeks.
But if you haven’t filed taxes recently or receive your return via mail, you may not receive a check until August or September.
One way to speed up payments is to go to the IRS’ ‘Go Get My Payment’ page to update your personal info, including banking information, to get that payment faster.
What should I do if I receive an error message on the IRS website?
Many Americans went to track their payments on the IRS website Tuesday only to receive a “payment status not available” message. Some say their personal information is not matching what’s on file with the IRS.
O’Dell says as frustrating as it might be, it's good to be patient as this is a brand new system handling the stress of millions of people. It might not work for you right away. You may consider waiting a few days while the kinks are worked out.
“They should have been thoughtful about this. That something like this might pop up down the road, but be patient be patient hop on there. Check it out,” said O’Dell of the IRS website. “See what's going on and make sure your information is correct. But yes, you are going to have to probably going to require some patience.”
I got my stimulus check but I didn’t receive the promised $500 per dependent. Why?
Not everyone is eligible for a credit for dependents. Individuals making $75,000 a year or more and those filing jointly making $150,000 or more will see less of a rebate as their incomes grow.
If you do believe you’re owed more, O’Dell says the IRS will likely work with you to correct the error, but don’t expect that to happen overnight. So, get in contact with the IRS about it now.
“It's probably going to take the IRS quite some time to fix that, to follow up on that because again, they're not just going to send out a check you're going to have to verify that info. They may require that you send in a copy of your tax return,” he said.
Also, dependent children have to be 16-years-old or younger. That brings us to the next FAQ.
What do I do if I am over 16 but not financially dependent?
Many college-aged Americans will not receive any federal stimulus because they’re over 16 and their parents still financially support them. They may be out of luck and their parents will certainly not see that $500 credit per child.
O’Dell said young people who can prove financial dependency should fill out their information on the IRS non-filer page.
I have a newborn. Will I receive credit since I did not claim my child as a dependent?
Not right now. But O’Dell says you should see a $500 credit after filing taxes next year.
Will this affect my taxes?
No. The stimulus check will not count as income and therefore will not be taxed.
I recently changed banks. Will my check still arrive in my new account?
I know, we sound like a broken record at this point, but O’Dell said the best bet is to try and get on that IRS website and update your information. The hope here is that you beat the IRS to hitting send. If there are complications down the line, they will at least have your new accurate information on file.
“You may have extra money in your bank account right now, but we don't know how long this is going to last,” he said. “Cash is king. Having cash gives you choices, gives you options. I would certainly save some of that money.”
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