The IRS enables you to check when your 2021 Economic Impact Payment is available. The…
The Internal Revenue Service went live with its “Get My Payment” portal Wednesday, April 15th. This is the much-anticipated tool where you can get information on the status of your federal stimulus payment as well as provide direct deposit information so that you can receive your portion of the stimulus payment quicker rather than wait months for a paper check.
The “Get My Payment” tool will let you:
The tool will be updated once daily, typically overnight. As a result, the IRS is urging people to only use the tool once per day, since there are millions of people expecting a payment who will want to use the tool.
In order to use Get My Payment, users will be asked to provide the following:
Get My Payment will display one of the following payment statuses:
If the account number in the confirmation they gave you does not match your banking info (even if it’s the last four digits of your SSN) then you will be receiving a paper check. There is no way to go in and change the bank information they have on file.
If the bank account is closed, the bank will reject the deposit and you will be issued your payment to the address the IRS has on file for you. If the Get My Payment application indicates your payment has been processed, you cannot change your bank account information.
If your payment status is showing a scheduled payment date there is no way to update this information on the IRS website because it has already processed. Once the deposit is rejected by the bank the funds will be released back to IRS/Treasury. It does not matter what account the funds were transferred to a tax preparer, your old account, an unknown account, etc. the deposit will be rejected and sent back to the IRS. In 4-6 weeks once the IRS receives the funds they will issue you a paper check. You will receive a check in the mail to the most recent address on file with the IRS. If for some reason your mailing address has changed you will need to contact the IRS to change your address or you can complete Form 8822.
Around 2 weeks after you receive your stimulus payment, the IRS will issue a letter to the address on file informing you of your stimulus payment delivery including what account it was sent to and/or address the check was mailed to.
If your stimulus payment has not been processed yet, then you can expect to see the following payment statuses:
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Once the IRS has your payment date, they will update your payment status. This message means that you are eligible, but a payment has not been sent and a payment date is not available yet.
You are eligible for a payment, but the IRS does not have your direct deposit information on file. You will be given the opportunity to provide your bank information once you have properly verified your identity.
Direct Deposit is the fastest way to get your Economic Income Payment.
You will see this message once you have successfully submitted and update your direct deposit information with the IRS records.
You can also add prepaid cards direct deposit information, credit union accounts, Cash App, Chime and all others cards.
This message is shown if the IRS has not processed your tax return yet. In most cases, this is happening if you have not filed your 2018 or 2019 tax return or have filed a 2019 return recently.
If you verified your identity and received “Payment Status Not Available,” this means the IRS cannot determine your eligibility for a payment at this time. This may occur for a variety of reasons, for example, if you didn’t file either a 2018 or 2019 tax return or you recently filed and the return has not been fully processed. In certain cases, the Get My Payment app will be unable to tell you the status of your payment.
You may receive this message for one of the following reasons:
You can check the app again to see whether there has been an update to your information. Get My Payment data is updated once per day, so there’s no need to check back more frequently.
Your account has been locked. You will be able to access the application after 24 hours have passed. To use Get My Payment, you must first verify your identity by answering security questions. If the information you enter does not match the IRS records multiple times, you will be locked out of Get My Payment for 24 hours for security reasons. If you are unable to verify your identity, you will not be able to use Get My Payment.
People who haven’t provided their direct-deposit information to the IRS previously will likely face a longer wait, with paper checks slated to start being issued the week of April 24.
Printed checks will be issued at a rate of about 5 million per week, which means it could take up to 20 weeks to get all printed checks out. This means that some checks could be delayed until August or September.
Printed Checks will be prioritized and mailed by income level, with the lowest-income Americans receiving their checks the earliest
The process and procedures for stimulus payment delivery will be consistent with how tax refund payments are made and the anticipated timeline is as follows:
The IRS plans to make additional rounds of payments by direct deposit and paper checks weekly until all payments are distributed. Initially, these additional rounds of payments will be made by direct deposit to taxpayers who provide direct deposit information to the IRS and who were not already paid in the first round.
Your stimulus check could be delayed if you got an advance on your tax refund. Consumers who used certain tax-prep service and relied on a tax refund anticipation loan should enter their bank account information into the IRS “Get My Payment” site.
Please Feel Free to share this post and let us know what Get My Payment Status you are seeing when you try to track your stimulus payment.
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