Stimulus Update

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If you did not receive your stimulus check, there is a process for getting missed payments. Here is how you do it: If you did not receive the 1st or 2nd stimulus payments, the first thing you need to do is create an account on irs.gov. That will show you your tax records including the stimulus payments and the amounts. (If you are unable to create an account, call 800-829-1040 and request your tax transcript by mail).

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If it says $0 next to either of them, that means the payment was sent to you but was returned to the IRS as undeliverable. The address may have been incorrect, the bank may have returned a direct deposit and the IRS was unable to forward it to you. You will have to submit a 2020 tax return and claim the Recovery Rebate Credit in the amount you think you are eligible for. If you have sent in your tax return, you can file an amended return, form 1040X. Look for instructions on submitting the amended return on the IRS website. If you are eligible, the payment will be included with any tax refund you have coming. Any adjustments will be handled by the processing team, they will complete processing your return, send you your refund and an explanation for the adjustment will follow in the mail.

If your account shows the stimulus payments with a dollar amount next to it, it means the payment was sent to you and was not returned. As far as the IRS is concerned, you’ve been paid. No amount of declaring that you never got the money will help. You need to prove your claim. Make note of the date, then call the IRS stimulus info center at 800-919-9835 and tell them you need to do a payment trace. They will investigate where the payment went if it was sent to the wrong address or bank account. It takes 6 weeks, but they will let you know what happened to your payment. If they sent a check but it was not cashed, they will send a replacement. If it was cashed, you will receive a packet that includes a copy of the check and you will be able to file a claim. The IRS will determine if the payment can be reissued to you.

If for some reason, you never receive the third payment of $1400 by the end of the year, you will have to claim the Recovery Rebate Credit on your 2021 tax return.

It sounds like a lot, but it’s worth the effort. The 1st and 2nd payments are no longer being issued, so anyone who did not receive either or both has to use the appropriate avenue outlined above.

Get Your Tax and IRS-Related Questions Answered by Our CPA Firm in El Paso, TX

If you have any tax or IRS-related questions, consider calling us at Marcus, Fairall, Bristol + Co., PLLC! We are a reputable Accountants in El Paso. We offer our clients a variety of accounting services such as the following: