SPRINGFIELD, Mo. (KY3) -
The IRS is supposed to get its second round of stimulus payments out to the public by January 15 but some people are already experiencing problems such as money deposited in the wrong account or sent to the business that prepared their taxes instead of their own personal accounts.
Don’t be surprised if more glitches are on the way and don’t panic if you don’t get your money by mid-January.
The best way to find out where you stand is to get on the IRS website and go to https://www.irs.gov/coronavirus/get-my-payment.
“Under that section and the economic impact payments section there’s a whole list of stuff that tells you about where to go to see if you’re going to get your payment or not and how you’re going to get it,” explained Christina Griffitts, a Tax Accountant with Tax and Financial Advisors in Springfield. “Now the IRS has come out and said please don’t call us because people in the office don’t know any more than what’s on the website.”
The payout will arrive in one of three ways...direct deposit, a paper check or a credit card.
How much money you get depends on your adjusted gross income from your 2019 tax filing with single filers getting up to $600, married couples receiving up to $1,200, and families receiving an additional $600 per child under the age of 17. Single filers who make more than $75,000 will be on a sliding scale, receiving less money the more they make with those making $87,000 or more getting nothing. The joint filer set up has those making a combined $150,000 or less getting the $1,200 and the sliding scale cut off at $174,000 or more getting no payout.
A person who’s listed as a dependent on someone else’s tax form does not get a stimulus check.
You don’t have to pay taxes on either the first or second round of stimulus payouts but you can use them as a credit on your tax returns.
“The first round of economic payments were for 2020 tax forms,” Griffitts pointed out. “This last round that’s coming out in January is for 2021.”
One of the most important things to remember is to watch out for scams.
“Even though this is a business we’ve had people call here and try to scam us,” Griffitts said.
The most often used method of trickery?
“We have your stimulus payment but we can’t send it to you,” Griffitts answered. “We need your information because there’s information missing. And the IRS is not going to call you and ask for that kind of information. The other ones are telling you that you owe money and they’re going to come arrest you if you don’t pay it right now. Then they want it put on some kind of card with the number sent to them. The IRS is not going to do that. Ever.”
Remember that just because you got a stimulus check the first time around doesn’t mean you qualify for the latest round. And If you don’t receive your full second round of stimulus money by January 15, you will need to claim all or part of the missing amount when you file your federal tax returns as a Recovery Rebate Credit.
To report a correction or typo, please email digitalnews@ky3.com
Copyright 2021 KY3. All rights reserved.
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Some taxing questions about the second round of stimulus checks - KYTV
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