Here’s What to Do When Stimulus Check is Missing or Incorrect

The United States — as well as the rest of the world — is currently going through a very unorthodox time. In the wake of financial hardship, citizens of the United States recently were given some monetary help in order to combat potential unemployment.

The federal government is working tirelessly to get the stimulus checks out to those all across the country. However, some residents of the United States have noticed issues — whether the check was sent to the wrong location, or if the check total was incorrect. This piece will speak about the possibilities one may run into, as well as the solutions that should follow.

What Happens if Payment is Too Low?

Many people have been shocked to learn that their stimulus payment is lower than it was anticipated to be. The federal government was trying to get out as many payments as possible in a short amount of time. As a result, the IRS reportedly based many check amounts on 2018 tax returns. If this is the case for the individual, the amount supposedly owed this year will come on a larger refund for the tax return in 2021. The other potential situation is that the individual will reportedly owe less money when doing taxes for the 2020 fiscal year.

For other families, the government may not have accounted for the $500 amount as it pertains to multiple children. The IRS reportedly hasn’t completely updated the amount of children that taxpayers have. Many of the tax returns are from 2019. As such, updated numbers will reportedly come once tax returns are filed in 2021.

The Wrong Bank Account

For many people, the direct deposit of one’s stimulus check has been deposited into an old account. In some cases, it’s been deposited into an account that’s been closed. This will be known once the ‘Get My Payment’ tool is used. This tool will concretely tell the user where their check was deposited.

If the payment was sent to a closed bank account, don’t fret. Reportedly, the IRS is working with banks to get the money transferred back to the IRS. From here, the individual’s name will be placed in a grouping where the IRS will eventually send a paper check out (as opposed to direct deposit). By constantly checking the ‘Get My Payment’ tool, users can receive updates on the status of their money. Additionally, users should be able to add up to the date banking information as a means to not have this issue arise again.

If the IRS website specifically says that the payment has been deposited into one’s account — and the money isn’t there — it likely means that the current transaction is being processed.

Payment Not Available

Many people have been mortified to learn that their stimulus check might not be available. This can be determined by accessing the ‘Get My Payment’ tool on the official IRS website. Why is this the case?

Well for some, the tool itself isn’t yet updated. For some groups (recipients of Social Security, SSI, veteran’s benefits), payments just went out in late April/mid May. It takes time to process these checks, and this could be a reason for why they’ve yet to be deposited/sent.

Secondly, the IRS is working tirelessly to compile the necessary data needed to release checks. It would behoove individuals to constantly check the ‘Get My Payment’ tool as a means to keep track of potential updates.

Image Source: The Press-Enterprise