If You Did Not Receive Your IRS Economic Impact Payment
As Economic Impact Payments (sometimes referred to as “stimulus payments”) continue to be delivered to U.S. taxpayers, many questions have come to light and the IRS (www.irs.gov) has made efforts to answer the most frequent questions on their website as well as through other public forums. Following is a summary of the latest information available.
If you did not receive a payment, but believe you should have, one reason may be that the payment was sent out by the IRS to an erroneous address or bank account. You can get the status of your payment by checking the IRS “Get My Payment” tool.
If the IRS shows the status of your payment having been direct deposited to an account that you do not recognize you should start by checking with your tax professional since some tax preparation offices use “Refund Anticipation Loan” or “Pay by Refund” type products and in partnership with banks, temporary bank accounts are established for processing tax refunds. Our latest information is that not all financial firms are handling the situation uniformly compared to others. Some firms may process your Economic Impact Payment and remit it to you in the form of a check while others will simply reject the payment in which case the IRS will update their system. There will be a window of time where you can enter updated direct deposit information to the IRS website. After that time, the IRS will send your payment to you by mail to your last known address either by check or prepaid card.
If the IRS received your payment returned to them by the USPS, they will hold the payment for you until they receive an updated mailing address. Mailing addresses are generally updated by the IRS in two ways. First, when you file a tax return, if the address is different from your previous address, they will update it a that time. Second, you can file a change of address form with the IRS on their “Change of Address” Form (Form 8822).
Is there a Time Limit for Claiming My Payment?
The IRS has advised that the payments will be sent out for the remainder of 2020. Also, if you should have gotten a payment and never did, for whatever reason, you will be able to claim the payment on your 2020 tax return. The details of claiming the payment have not yet been released by the IRS.