Still waiting for your stimulus? The IRS may have sent it to the wrong account
The Internal Revenue Service, which is distributing the second round of 2020 stimulus money to Americans, says some people won’t be receiving a payment until they file their 2020 tax return.
Some Americans who’ve yet to receive funds will be receiving a paper check within 2-3 weeks.
However, Americans who’ve yet to receive money automatically in their bank accounts will not be issued a check.
If you haven’t received your stimulus money, check the status of your stimulus payment at IRS.gov.
This will let you know how you should be receiving your money.
If you see the status: Payment Status #2 – Not Available, according to the IRS:
“…then you will not receive a second Economic Impact Payment and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return.”
The IRS explained in a press release late Tuesday that some payments had been sent to the wrong accounts.
“Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed or, is or no longer active, or unfamiliar,” the release stated. “By law, the financial institution must return the payment to the IRS; they cannot hold and issue the payment to an individual when the account is no longer active. If Get My Payment shows “Payment Status #2 – Not Available” you will not receive a second EIP.”