YQYA: Stimulus check delays and how soon you could see your money
HIAWATHA, Iowa - (Iowa's News Now) — Karla Francis says she's not in the dire need a lot of others are in waiting for her second stimulus check, but she could use the cash.
"I'm currently unemployed. My company laid everybody, well the majority of people off a couple months ago," she says.
She's one of several people who, as of Friday, were still waiting on that money and had no clue why it was delayed.
"The $1,200 one we got earlier I believe came in a normal amount of time so I just assumed this one would as well," Francis says,.
Friday the IRS issued a new statement regarding the delay of millions of stimulus payments.
IRS and Treasury continue to work closely with our partners in the tax and financial industry to do everything possible to get the second round of Economic Impact Payments to the American people as quickly as possible.
At this point, over 100 million EIPs have been direct deposited into eligible recipients' accounts. Some recipients may have had their payment directed to the temporary bank account established when their 2019 tax return was filed. The IRS and tax industry partners are taking immediate steps to redirect stimulus payments to the correct account for those affected. The IRS anticipates many additional taxpayers will receive payments following this effort.
If the words "temporary bank account" are confusing or strike fear of fraud, don't worry.
Sometimes when you file your taxes with a service like H&R Block or TurboTax, they set up a temporary account to deduct any fees owed from your tax return before putting the money in your bank account.
Iowa's News Now reached out to H&R Block and TurboTax, the two major companies whose customers have been impacted by the delay.
H&R Block released this statement:
We resolved the matter for our clients earlier this week. H&R Block has processed all stimulus payments, with customers receiving their stimulus money via direct deposit, check or onto our Emerald Prepaid Mastercard. If customers have any questions or have not received their stimulus money, we encourage them to call us at 800-HRBLOCK or on Twitter @HRBlockAnswers. We have automated tools and live expert help ready to assist.
TurboTax customers started seeing deposits Friday, as the company continued to work to fix the error.
Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment.
Stimulus payments for millions of TurboTax customers affected by the IRS error will be deposited starting today, January 8th. We have been working tirelessly with the Treasury and IRS to get stimulus payments to our customers. We know how important these funds are for so many Americans and we regret that an IRS error caused a delay.
Unfortunately for Francis, tax preparation services weren't behind her delay.
"I'm not sure, looking through the comment section there were a lot of people talking about different ways to do taxes. I do mine on my own," she says.
Francis turned to the IRS website for more information; the "Get My Payment" feature allows you to track where your payment is. She learned her payment had been mailed instead of deposited into her account.
Not everyone is eligible for this second payment, the IRS says.
Who is eligible for the second Economic Impact Payment?
Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
Your payment could come in the form of direct deposit, by mail, or you may have to claim a Recovery Rebate Credit when you file your 2020 taxes if you don't get a payment or don't receive the full amount.
"I'd love to have it," Francis says. "It would pay my rent. And that would be great but I can afford to wait a couple weeks if that's what it's going to take."
For now, she'll have to keep checking the mailbox.
