Here’s Why You Haven’t Received Your Stimulus Check Yet

As the coronavirus pandemic continues to wreak financial havoc, causing businesses to shut down and workers to lose income, Americans have been anxiously waiting on checks from Uncle Sam.

The $2 trillion coronavirus stimulus package includes a one-time payment to qualifying Americans, either by direct deposit or mailed check. Many have received their funds over the past couple of days, while others are still waiting.

If you’re expecting stimulus money and it hasn’t hit your bank account yet, it could be due to one of several reasons:

1. You don’t qualify for a payment.

Though millions of people are set to receive stimulus checks, not everyone qualifies for one. The payments are awarded based on income ― if you haven’t received a check, it might be because you earn too much.

Here’s how the payments break down:

  • Those with an adjusted gross income of $75,000 or less get a stimulus payment of $1,200. That amount is reduced by $5 for each $100 earned above the $75,000 threshold and caps at $99,000.

  • Married couples who file taxes jointly and have an AGI of $150,000 or less get a payment of $2,400, with that amount phasing out between $150,000 and $198,000.

  • Those who file as head of household and have an AGI of $112,500 or less will receive a payment of $1,200, with that amount phasing out between $112,500 and $146,500.

Stimulus check recipients should also receive an additional $500 for each qualifying dependent who is 16 years old or younger.

In addition to people who have AGIs above the limits outlined above, others who are excluded from receiving payments include nonresident foreigners, taxpayers who can be claimed on someone else’s return as a dependent, and estates and trusts.

2. You haven’t filed your taxes.

The IRS is relying on tax returns from 2018 and 2019 to determine eligibility for stimulus payments and where to send them. However, you don’t actually have to file taxes in order to qualify for stimulus money.

Those with low enough incomes, including the homeless, aren’t required to file taxes each year. They are still eligible to receive stimulus funds, but the IRS needs to have bank account information on file in order to deposit the money in a timely manner. Without this information, checks have to be mailed, which could take up to 20 weeks.

So if you haven’t filed taxes for 2018 or 2019, visit the IRS website and enter your information in its new non-filer tool to ensure you get a direct deposit as soon as possible.

3. You filed taxes using a major tax prep service.

Even if you did recently file taxes, the IRS still may not have your banking information on file. Customers of major tax preparation services, including TurboTax, H&R Block and Jackson Hewitt, have complained that they did not receive their stimulus payments as expected.

This issue affects taxpayers who received an advance on their refunds or who had tax preparation fees taken out of their refunds. In these cases, the companies actually received the refunds first; after the companies deducted the necessary fees, the rest of the funds were then distributed to customers. That means the IRS had temporary bank accounts on file for 2019 that were created by the tax preparation companies.

It’s estimated that up to 21 million people could be affected by this issue. If you think you may be one of them, visit the IRS’s Get My Payment portal to enter your correct bank account details.

4. You receive supplemental security income.

When the stimulus package was first revealed, there was some confusion as to whether Supplemental Security Income recipients qualified to receive any money. The good news is that they do, and those payments are scheduled to go out no later than early May. So if you receive SSI and haven’t gotten your check yet, it should be on the way soon.

However, it’s important to note that while SSI recipients who don’t have any qualifying children will receive their $1,200 payment automatically, those who do have qualifying children under age 17 will need to visit the non-filer tool and enter their information. If you don’t do this soon, you’ll have to wait longer to get your extra $500 per child.

How To Check The Status Of Your Stimulus Payment For 2020

If you aren’t sure whether you qualify for a stimulus check or want to know the status of your payment, you can visit the Get My Payment tool on the IRS website to find out.

You’ll need to enter your Social Security number or individual tax ID, date of birth, street address and ZIP or postal code to get your payment status. If you haven’t set up your direct deposit information yet (about 20% of taxpayers haven’t), the tool may walk you through that process. You can also go straight to the non-filer tool to enter your information.

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