No Stimulus Check? Here’s Why
Any number of jokes contain the lines, “The check’s in the mail,” or “I’m from the government, I’m here to help you.” But they’re not funny if you’ve been waiting by the mailbox for your stimulus check. It’s been over a month since the federal government began sending out stimulus checks to individuals. If you haven’t received yours yet Rob West has a list of reasons why it could be delayed.
• The first reason is that you didn't receive a refund for either your 2018 or 2019 taxes. You must have gotten a refund and you had to authorize the IRS to give you that refund by direct deposit. So if your refund came by paper check the IRS is using the same system to send you a stimulus check and that causes delays.
• Second, your stimulus check may have been direct deposited into an old bank account that you've closed since filing your 2018 return. If you owed money in 2019, or you haven’t filed yet because the deadline was extended to July 15th, the IRS will use the bank account information it had on file for your 2018 return. If you’ve closed that account, the bank will probably return the funds to the IRS.
• Third, your check may have gone to a temporary bank account used by your tax preparer. You may not realize it, but sometimes a tax preparer will set up a temporary account to receive your refund. Their fees will then be deducted and the rest transferred into your bank account.
• Fourth, you filed a paper return in 2019. That’s potentially a huge snag, because with social distancing due to the coronavirus outbreak the IRS has had many of its employees working from home.
• Last, That would be if you don’t normally file a tax return. If your income is below $12,200 for an individual, or $24,400 for a married couple filing jointly, you don’t have to file a return. In that case, the IRS doesn’t have up-to-date records on you.
On today’s program we also answer your questions:
• I got into the stock market about 3 years ago. I am starting to get concerned. Advice on what to do?
• Is there any legal responsibilities for parents to help their children with student loans?
• I have a small loan with my daughter for her student loans. I have been getting calls about loan forgiveness. Are these scams?
• Can you put a 401k and retirement fund into one IRA?
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