A Bonus Stimulus Check: Track Your Payment And Weigh Your Chances!

Third Stimulus Check
Third Stimulus Check

The IRS is still sending out the stimulus checks, mostly through the US postal service, though some are getting it through direct deposits. If you haven’t got your check, you can start by logging in to the Get My Payment tracker of the IRS. You also need to ascertain if you qualify for a bonus plus-up payment.

Many Americans have already received the follow-up payments under the American Rescue Plan. This is to be followed by the Child Tax Rebate advance payments starting July 2021. There are also the extended federal unemployment benefits of $300 per week, to be continued till September 6, 2021.

Qualifying For The Third Stimulus Check And The Plus-Up Payments

The IRS is regularly sending out the stimulus checks and $1.7B went out last week. This included $949M in checks sent through the mail and another $809M as direct transfer into accounts. There are fresh payments based on 2020 tax returns filed recently.

The payments include many plus-up checks, additional payments to people who have already received an initial stimulus check.

The second check was sent out primarily because the initial check was based on the 2019 tax returns. As the tax season clashed with the stimulus payments, a fresh return for 2020 triggered recalculation based on revised figures.

Most Americans earned less in 2020 as the pandemic caused widespread unemployment and fewer working hours. This made the difference in stimulus payments as the checks were based on the adjusted gross income. Many Americans were within the threshold limits for the third stimulus check set for individuals and families.

The birth of a baby or the addition of fresh dependents also led to revised payments. The plus-up payment is the pending amount based on such revised calculations.

Tracking Your Stimulus Check

While the plus-up payments have gone out to many Americans, millions are yet to receive their initial stimulus check. While some might be in the mail, others have not received due to incomplete details or other issues.

The IRS tracker is the first step to ensure that you get your stimulus check. While the online tool will not tell you the amount you will receive, you can know if you have qualified for the check and the mode of payment. The details are updated at the end of each day. If your check is in the mail, you can use the US postal service tool to accurately track it.

The IRS Stimulus Payment Schedule

Stimulus check
Stimulus check

The initial checks were sent out based on what the IRS had at that time. This was done to avoid a logjam later. More than half a million payments were done on 2020 tax returns filed just before the extended deadline.

The IRS has until the end of December, 2021for sending out all the stimulus checks. This gives ample time to revise the pending payments and send out follow-up payments wherever necessary.

You still have time till the 2022 tax season to claim any pending amount as a refund against the 2021 tax returns.

It is in line with the Recovery Rebate Credit used by 2020 tax filers to claim any pending amount from the first and second stimulus checks.

Importance Of Notice 1444-C Sent By The IRS

This letter, known popularly as the letter signed by President Biden, is the only official document of the third stimulus payment sent to you. It comes in a couple of weeks after the payment. It contains details of the payment sent to you and will be useful as a reference for future pending claims. It will also be necessary while filing your 2021 tax returns.

Claiming Your Pending Stimulus Payment

Once you have ascertained the status of your stimulus check, you can determine if waiting would be the best option. This would be sensible if your check is in the mail. The US postal service may take up to a month to deliver your check. And you can refer to the US postal service free tool which will accurately give the status of your payment.

Probable Reasons For The Delay Of Your Stimulus Check

stimulus check
stimulus check

Given the sheer volume of the payments, calculation errors continue to be the main cause of the delay in payment.

Checks coming in through the postal service will be delayed as it takes close to a month for a stimulus check to come in.

Social Security beneficiaries and veterans had their checks delayed as the IRS received the files much later from the respective departments.

Non-filers were required to file returns for the first time to claim their check. This delayed the payment for many not familiar with the process.

Wrong mailing addresses and temporary or closed bank accounts accounted for a large number of checks being returned. 

There is also the possibility of your stimulus check being garnished by private debt collectors.

Getting The Correct Amount In Your Stimulus Check

Only the letter that follows the stimulus check will officially confirm the amount sent, the reason that you need to keep it. If you feel that there is more to come, recheck your calculations. If you received your check before you filed your returns, you can expect a follow-up payment based on the fresh details submitted.

Updates For Social Security Beneficiaries And Veterans

Social security beneficiaries and veterans generally receive their regular payments through Direct Express cards and this is how the stimulus checks are expected to come in. if not such beneficiaries should expect to get their payment through the postal services.

Previous articleNASDAQ:EA CEO Has Sold Close To $2 Million
Next articleStephanie Murphy Steps Back From The 2022 Senate Race: Doesn’t Want A Complicated Primary