Have you received your stimulus check yet?
Millions of Americans who make under the $75,000 salary cap have been receiving their stimulus checks over the last several days.
The IRS even re-launched a tool that was active in the spring for tracking CARES Act stimulus payments.
While many reported receiving their checks on December 29th – a number of others – including those who received the first round of funding and appeared eligible were listed as ineligible by the IRS.
The message that many Americans are getting reads, “We are unable to provide the status of your payment right now because we don’t have enough information yet (we’re working on this), or you’re not eligible for a payment.” It’s not clear at this point, according to the IRS, if this status is temporary or permanent.
The IRS indicates that it’s making updates to guidance for stimulus checks, which raises a number of question. They do note that those who are eligible and do not get a second COVID-19 relief check may be able to claim it when they file their 2020 taxes this year. Technically, the second stimulus check is an advanced payment of this tax credit.
Taxpayers will see unclaimed stimulus funds referred to as the Recovery Rebate Credit on Form 1040 or Form 1040-SR of their taxes, as was the case with CARES Act funding the first time around.
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