Trouble Getting Your Stimulus Check? Here Are Your Options

By Ben Geier, CEPF®

Since last month’s passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act — a $2 trillion package designed to help individuals and small businesses – most Americans have focused on one program in particular: the personal stimulus checks for the majority of Americans to help them get through the COVID-19 crisis. But many Americans are anxious and frustrated by the fact that they have yet to receive their money.

These checks — whose value is based on your adjusted gross income, with the maximum amount for singles set at $1,200 and for married couples at $2,400 — began to be deposited into citizens’ bank accounts on Wednesday, April 15, 2020. Almost immediately, some people began to wonder why they hadn’t received their stimulus check, and “payment status not available” immediately began trending on social media. Many are left wondering whether they actually qualify for a stimulus check and when they might expect to see their funds if they do. If you want to make the most of your stimulus money and your income more generally, consider working with a financial advisor to put your money to work for you.

If you haven’t gotten your stimulus check and you’re wondering why, the first step is to see if you are in fact eligible for a check. While most Americans will get one, there are some requirements you need to make sure you tick before you move on to figuring out why you haven’t seen your cash yet.

First, you need to be either a U.S. citizen or a resident alien. Non-resident aliens, such as those who are new arrivals on student visas, won’t be eligible for these stimulus checks. Undocumented citizens also won’t be eligible for these checks. You also must have a valid Social Security number.

Second, you can’t be someone else’s dependent. This includes children and students. Essentially, if someone else, such as a parent, claims you as a dependent on his or her tax return, you won’t be eligible for this stimulus check.

Third, people who filed their taxes with certain forms won’t be eligible. If you used any of the following tax forms in 2019, you shouldn’t expect a stimulus check:

• Form 1040-NR
• Form 1040NR-EZ
• Form 1040-PR
• Form 1040-SS

Finally, there is the money requirement. The program is means-tested, meaning that how much money you get depends on how much income you claimed on your last tax return. This includes cutoffs, income levels above which you get no check at all. For a single person, this is $99,000. For someone filing taxes as the head of household, it is $136,500, and for married couples it is $198,000. If you earned more in income than that total in whichever category applies to you for the last year for which you’ve filed taxes (2018 or 2019), you won’t be getting a stimulus check.

Note that there is also a $500 payment to each household for every child you have, which is not dependent on income. Use SmartAsset’s stimulus check calculator to see how much money you can expect to receive.

If you’ve gone through all the above requirements and made sure you qualify but still haven’t gotten your check, there are a few things you can do to check on your status and make sure the money is being directed to the right place.

First, the IRS has a tool you can use to check on the status of your payment. Some people who believe they should be getting checks but haven’t yet are getting the message “Payment Status Not Available.” The IRS provides a few next-step tactics to take:

Double check that there isn’t any reason you wouldn’t qualify for this stimulus payment. After that, make sure you have filed taxes in recent years. If for any reason you didn’t file a return in 2018 or 2019, you will not have gotten your money yet. If you didn’t file a tax return but believe you are still eligible for this stimulus, you can fill out your payment information here. The IRS will process it, and you will eventually get your payment if you qualify.

If you filed your taxes but still haven’t gotten a check, look back at your last tax return. If you owed money or if you got a refund  but opted not to use direct deposit, the IRS won’t have your bank information on file. In this instance, rather than getting a deposit in your bank account, you’ll be receiving a check in the mail. These checks obviously take longer to arrive than a simple wire transfer, so give it some time. Furthermore, the checks aren’t expected to go out all at once and will be sent over the next few weeks.

If you did give your direct deposit information to the IRS but still haven’t seen your deposit, make sure the deposit information is correct. If you’ve switched banks or otherwise shut down the account you used for your tax return in 2018 or 2019, the IRS will get a notice of that and instead send your stimulus to the address you have on file.

If you filed your tac return with a preparer like TurboTax or H&R Block, there may be a problem because of how theses companies charge fees. You should use this portal to enter your bank information if this applies to you.

No system is perfect, and there’s always a chance you’ll get your check and think you’ve gotten too much or too little based on your income or family status.

If you think you received too much, don’t worry. Even if your income now is much higher than it was the last time you paid your taxes — say you got a new job at the beginning of 2020 that bumped your income from $60,000 to $100,000, putting you out of eligibility for the checks — you won’t be expected to pay the check back. Enjoy your money, or consider donating it to a charity helping vulnerable people deal with this crisis.

On the flip side, if you believe you got too little — say you lost your job in January and your income for 2020 is much lower than it was when you filed your last tax return, or if you’ve had a child since you filed — there will be a provision for you to get the money you deserve based on your current income. This will involve next year’s tax return, and the mechanism hasn’t been disclosed yet. That may not be much solace right now, but know there is a chance you’ll be able to claim more money down the line.

If you qualify for a stimulus check and you used direct deposit for your last tax return, you should have already gotten your stimulus money in your bank account. If you haven’t, check to make sure you are eligible and that all the direct deposit information you’ve entered is still accurate. If you qualify for a check but haven’t gotten the deposit, there’s a chance the IRS doesn’t have information for a bank account to deposit your money in, and you’ll be getting a physical check in the coming weeks.

• A financial advisor can help you make the most of your stimulus check and your money more generally. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
• If you are looking for more help with this crisis, take a look at SmartAsset’s list of programs to help individuals.
• Find out what your check will be for before you even get it with our calculator.

Photo credit: ©iStock.com/Pgiam, ©iStock.com/filo, ©iStock.com/spxChrome

The post Trouble Getting Your Stimulus Check? Here Are Your Options appeared first on SmartAsset Blog.

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