Haven’t Gotten Your Stimulus Check Yet? Here’s Why
If you are one of the millions of Americans who opted to have a paper check mailed to you for your Economic Impact Payment, you're probably anxiously heading out to check your mailbox every day. And if you still haven't received your check yet, you're not alone.
It's no secret that the IRS has had their challenges in the last year. Huge budget cuts and staffing challenges are still ongoing and are making things more difficult than they should be for citizens waiting for their $600 payment. And earlier this week the Internal Revenue Service updated their "Frequently Asked Questions" page to reflect some changes that concern the second stimulus check.
The page is updated frequently, and on January 15th they posted this statement "GMP reflects a date your payment was mailed, it may take up to three to four weeks for you to receive the payment." GMP stands for Get My Payment, and it's where you can check the status of your payment. So, in other words, if you check the site, and it says your payment was sent out on January 6th, it's still going to take at least three to four weeks minimum for you to get it. Gulp.
WWL in New Orleans states that Mark Hensley, who is from the North Carolina AARP Triad Region said “They are mailing out 8 million debit cards, checks, and things. It’s not automatic. We are going to have to wait for the mail process to finish out."
If you are planning to file your taxes early, the IRS won't start processing federal tax returns until February 12th this year. And if you haven't received your check by the time you file, ask your tax preparer to look into the Recovery Rebate Credit, which can be found on line 30 on each tax form. The IRS website states that this is "a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe."
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