Economic Stimulus Payments are late?
Q. I looked at the Stimulus payment schedule and mine was due almost 2 weeks ago. What do I do?
A. The answer to this lies somewhere deep within the bowels of the IRS. While most people are getting direct deposits and checks according to schedule, it was a huge undertaking to get that much money to that many people in that short of a time frame. That being the case, there have been some well-publicized cases where those who where due money did not get it. There have also been some cases where those who shouldn’t have received money did. Whatever the case, look at the payout schedule one more time before doing anything. By this time, pretty much everyone should have received their payment. Hopefully everyone is putting it to good use to help the economy get back on track. (I say that with tongue firmly planted in cheek)
If you are past the time when you were scheduled to receive the payment, you can use this tool to determine the status before calling the IRS. If you received a letter from the IRS stating what you would receive, then that would be a signal for you that it is coming.
One large item to remember is that not everyone is eligible for a stimulus payment. The IRS has specified these as follows:
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You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
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You are married and your net income tax liability is less than $1,200.
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You are single and your Adjusted Gross Income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
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You are married filing a joint return and your AGI is more than $150,000.
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You owe back taxes that reduced your payment.
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You have non-tax federal debts such as unpaid student loans or child-support obligations that reduced your payment.
On a side note, watch out for those scam artists trying to get you to provide personal information to them while using the stimulus payment as a cover. You can read more about this scam here.
Tags: economic stimulus, IRS, tax refund, taxes
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By Kanani, July 14, 2008 @ 12:34 am
Hi Sam,
Mine was due July 11. But then they say to give them an additional six weeks. From my point of view, as business owner, when a client doesn’t pay for six weeks, the chances of getting payments diminishes each day! I can understand that it takes a long time to get that much money out. However, since I wasn’t expecting it, I’d of been happier to just be sent the check, without the gov spending millions to send these letters out telling taxpayers the payments might be late!
Thank you for all the links!
By Sam Kerch, CPA, July 14, 2008 @ 5:10 pm
This has been a confusing and frustrating time for many individuals who were counting on that money to get them out of some financial predicaments. Good luck on your waiting. Hopefully, you used the link provided and are actually eligible for the payment. The 2nd wave of payments should be arriving soon.
By Alice Kerch, October 24, 2008 @ 11:07 am
Your web site is great! Congratulations on your success in this endeavor. So far I agree with everything you’ve said.