1/12/2024 0 Comments Stimulus check envelope 2020For the third check, private debt collectors are able to confiscate your stimulus payment. The latter wasn't true for the second payment, except in cases where recipients didn't get a check and need to claim a Recovery Rebate Credit on their taxes. The problem: Could it be your money was garnished by private debt collectors? The first check was susceptible to seizure of many varieties, including if you owed past-due child support payments. If the IRS thinks it sent you your total, but you didn't get a check at all, you may need to file for a payment trace. Next, if there's a difference between the amount you think you should get and the total you did get, it might mean you'll be able to claim more stimulus money in 2021 or 2022. What next? First, keep the IRS letter for your tax records. These "plus-up" payments could include a situation where a person's income dropped in 2020 compared with 2019, or a person had a new child or dependent on their 2020 tax return, and other situations, the IRS said. The IRS said it's making supplemental payments to people who've received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. The IRS tracking tool doesn't provide that level of information, but the letter the IRS sends you does. What to do: Use our stimulus calculator to estimate how much money you might be owed. Maybe the agency didn't know about a new dependent, or there was a calculation error. Are you missing money? It might be that the IRS owes you more money based on your 2020 tax return (including your AGI) but paid you based on 2019 or the latest information it had. The problem: You received a stimulus check, but the math doesn't seem to work out. You're waiting for the rest of your third stimulus check money Unlike with the first check, the agency is not welcoming phone calls, but you have some moves, including filing a payment trace. What next? If your check doesn't arrive after a few weeks, you may want to brush up on your options alerting the IRS. Make sure you know what the paper check or EIP debit card looks like so you don't accidentally throw it away. This free service scans your mail and lets you track when each envelope or package is delivered. What to do: Your best bet is to track your payment online with the IRS and sign up for Informed Delivery with the USPS. But a delay in the postal service could cause some payments to lag. The problem: The IRS is currently sending the third round of payments through electronic transfer and in the mail. USPS delays are preventing your check from arriving Otherwise, you may need to file for a catch-up payment later in 2021 or even a year from now during tax season in 2022. If your check won't be processed right away, you may have enough time. What next? If you think you're getting a mailed payment, let the IRS and USPS know ASAP what your new mailing address is.
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