All your friends and coworkers are talking about getting their stimulus checks after President Joe Biden signed the $1.9 Trillion coronavirus stimulus law. The IRS directed banks to issue payments starting March 17, 2021 but some banks released the payments as early as March 12.
However, you did not receive your stimulus check yet and you’re wondering why. What could be the possible reason why you have not received money in your bank account? We’ve listed down 11 possibilities that could be the reason why there’s no stimulus payment in your account.
1. You’re not Eligible to Get a Check in the Third Round.
Even if you received a stimulus check in the first two rounds, you may not be eligible to get one this time around. So who gets a stimulus check under Biden’s coronavirus law? In the third round of stimulus payments, one of the biggest changes is that the amount for eligible dependents increased from $500 to $1,400. Plus, even adult dependents are now eligible to get $1,400 each. However, there is also a change in the salary limits that could disqualify you from receiving a check.
In the third round of stimulus payments, you are not eligible for a check if you fall under the following categories:
- You are a single filer who earned more than $80,000.
- You are a head of household who earned more than $120,000.
- You are a couple who filed jointly and earned more than $160,000.
2. The IRS has no record of your eligibility for a stimulus check.
When was the last time you filed a tax return? If you haven’t filed a tax return for the last two years, this could mean that the IRS does not have updated records whether you are eligible for a stimulus payment.
3. The IRS is not aware of your reduced income for 2020.
As discussed earlier, the salary limits for Biden’s stimulus check payments have changed. If you earned more than $80,000 on your last tax return (2018 or 2019), but have lost your job in 2020 or your salary was reduced, you will have to file a 2020 tax return for the IRS to have a record of that.
4. You filed a paper tax return
The IRS is facing a backlog of processing tax returns. The bad news is that if you filed a paper tax return, the delay will potentially be longer. How does this impact your stimulus check payment? If the IRS has not yet processed your tax returns, then they may not yet have your latest financial information- enough to issue a stimulus payment.
5. You’re Getting a Paper Check
Why is my stimulus payment not in my bank account yet? If you’re asking this question, a simple answer could be because you’re due to get a paper check through the mail. Not everyone will get their stimulus payments through direct deposit so you have to watch out for the stimulus check envelope that may be landing in your mailbox very soon.
6. You’re getting an EIP prepaid debit card
Another method that the IRS is using to pay off stimulus payments is through the issuance of debit cards. These debit cards, called Economic Impact Payment debit cards or EIP cards, will also be sent via mail. If you received a debit card during the second round of payment, it does not necessarily mean that you’ll also receive a debit card this time. You may get a direct deposit or a paper check. Your old prepaid debit card from the second round will also not be reloaded again, instead you will get a new debit card if you are to receive the stimulus payment in this method.
7. You Changed Your Bank Account
If you’ve recently switched to another bank then the IRS may not have your latest bank information yet. In this case, you may be getting your stimulus payment via mail – either a paper check or a prepaid debit card.
8. You moved houses
The coronavirus pandemic caused a lot of people to lose their jobs and face financial difficulties. Because of this, many people had to move back to their home state or find a cheaper place to live. If you’ve recently moved houses, the reason why you have not received your stimulus check yet is because the IRS may not have a record of your new address.
9. Your stimulus payment has been intercepted by a debt collector
If you have any debts, your stimulus payment may have been intercepted by a debt collector. The third-round of stimulus payments are protected from federal debts like back taxes, federal student loans, and child support payments. However, there is a loophole in the law that could allow private lending companies to garnish or seize the money. Check with your bank if this is the case.
10. Your stimulus payment is scheduled in the next batches.
If you’re anxious because there’s no stimulus check yet in your hands, the reason could be because you are scheduled to receive your payment in the next batch. Because this round of stimulus payments coincided with the tax season, the IRS said that the stimulus payments will be sent out in batches. This means it could take some weeks for you to receive your payment especially if you’re getting a paper check or a debit card.
11. You mistook your stimulus check for junk mail
In the first two rounds of stimulus payments, many Americans mistook the stimulus check payments sent via mail. As the envelopes were unfamiliar and were not clearly marked, they threw the mail away. This time around, the white envelopes that will be sent out will be marked with the seal of the US Department of Treasury. If you are receiving a card, the EIP card will be issued by MetaBank N.A. and will have the Visa logo on one side. You have to watch out carefully for these envelopes to avoid lost or stolen stimulus check payments.
What To Do If You Have Not Received Biden’s Stimulus Check Yet?
Are you still waiting for the $1,400 to come in your bank account? or maybe you’ve checked your mail countless times a day but your mailbox is still missing that much-awaited white envelope. If you want to track the status of your stimulus payment, the good news is that the IRS has made it easier for you to see the status of your payment.
If you suspect that one of the reasons above is why there’s no stimulus check in your bank account, you can confirm this by using the Get My Payment Tool designed by the IRS.
When you login, you will have to enter your personal details like your Social security Number, Date of Birth, Address, etc. Once you are able to enter the system, you will be able to see the payment status of your stimulus check.
If the payment status indicates that the payment has been processed, then you will see a payment date and the method of delivery. This will let you know whether you should expect the payment in your bank account or by mail.
The payment status could also show that you’re eligible but the payment has not been processed yet and no payment date is available yet. In this case, you will need to check back to see if the payment has been processed already. As explained earlier, one reason could be because your tax return has not been processed yet.
Payment Status Not Available
If you see the message Payment Status Not Available, then there are three possible reasons according to the IRS:
- You are not eligible for a stimulus payment.
- The IRS does not have enough info to issue a payment
- Or the best case scenario is that your payment has not been processed yet.
The IRS states in their website that you will need to check back again for updates as they will continue to process and issue payments through 2021. What could hasten the process is filing your 2020 tax return electronically.
Need More Information
If you see this on your records while using the Get My Payment tool, this means that your payment was returned back to the IRS. To get the payment reissued, you can use the same tool to provide your routing and account number of either your bank account or prepaid debit card. Another method is to electronically file your 2020 tax return with your current address.
How To Claim Stimulus Payments Not Received
If you still have not received your stimulus payment (first, second, or third) and you are sure that you are eligible for a payment, you can claim this money from the IRS. You can do this by filing a 2020 tax return and applying for a Recovery Rebate Credit. You can also use the same method if the payment you received is less than what you are eligible for.
Tracking Your Stimulus Check Payment
There are many possible reasons why you did not receive your stimulus payment yet. Instead of just waiting blindly, be proactive and sign-up for the IRS Get My Payment Tool to see the real-time status of your stimulus payment.