Congress is working to pass the, and the for that would come with it, into law by mid-March. That means you're running out of time to make sure you're on course to receive the . Once approved, it'll go straight to the Senate for a vote, then passed along to President Joe Biden to sign into law. So what do you need to do to prepare? Use this to tie up any loose ends.
If you're missing stimulus money from the first two payments, you'll need to request awhen you in order to get your payment. To ensure a speedier delivery of payment, with the IRS and . We'll explain more below.
Keep reading for our recommendations of what you can do to clear any hurdles you may encounter before a third stimulus check is sent out. Also keep in mind that awhich means you could ( ) for your family. This story is frequently updated.
Set up direct deposit when filing your taxes
the best and quickest way to get your tax refund is to have it electronically deposited for free into your bank account. You can set up direct deposit to up to three different bank accounts if you'd like to split your tax refund between them.that links directly to your bank account when you file your 2020 tax return will benefit you in two ways. You'll get your tax refund (with your Recovery Rebate Credit for your missing stimulus money added in) faster. The IRS has said
If you set up a direct deposit and file your return electronically with nine out of 10 taxpayers to receive their refund within 21 days of when they file electronically with direct deposit, if there are no issues with their tax return., you can also expect a faster refund than if you printed your return out and mailed it in. The IRS said it expects
Including your direct deposit information on your tax return has another benefit: When a, people with direct deposit set up through the IRS are typically , as opposed to those who are or an . Here's how much .
Make sure the IRS and USPS have your correct address on file
If you moved after filing your 2019 tax return (or any time during the), you need to do two things to make sure your stimulus check and other important information about the payment can reach you: .
You need to tell them your new address even if your new location is temporary -- you can always update your details if you move again. Even if your first or second payment came(which means a third payment likely would, too), you still want to make sure your address is current so that you . If the letter arrives, but your funds do not, you won't know you have an issue to resolve, which you'll likely do by . (If you it contains.)
Make sure your bank account details are correct
If your banking status changes, or if you closed the bank account the IRS has on file for you, it could-- possibly returning the payment before it ever reaches you.
The IRS said it has a number of ways to find your banking information. That includes obtaining it from your 2019 tax return (and likely your 2020 return when you submit it), from the or if you used it last year or from another federal agency that uses your banking details to issue benefits, such as the Social Security Administration (if you ). But if that information is out of date, the bank will return the payment to the government, leading you to have to file for a to get that money back with your tax refund.
If you don't have a bank account, would like one and aren't sure where to get started, several large banks, including Bank of America, JPMorgan Chase and Wells Fargo, now offer more affordable checkless bank accounts as part of a government-backed effort to help people enter the banking system.
File your taxes now if you need to claim missing stimulus money
If you're one of the millions of people who didn't receive the stimulus moneyin the first or second round of payments, you can claim that money on your as a (estimate how much you might be owed by using CNET's and ). The IRS , and many people as early as Feb. 19. The deadline to file your federal income tax is currently April 15, but could be again.
We recommend, and when you do. Not only will doing both of those things help you get your tax refund with that missing stimulus money faster, but it will also make you more likely to receive your sooner, especially since it's . after you file.
For the first and second payment, make sure you're actually qualified to receive the money
This applies to the second stimulus check at the moment., as some of the changed after the first round. It's likely the rules will change again if a .
Here's who qualified for the second round,on your 2018 or 2019 taxes:
- If you're a single filer and earn less than $87,000
- If you file as the head of a household and earn under $124,500
- If you file jointly with your spouse and earn less than $174,000
However, there were a lot of exceptions and rules depending on your situation, and the same is true for a future third check (you can find a more detailed list of).
Can the IRS garnish my stimulus check for any debt I owe?
For the most part, your stimulus money is yours to use as you please. But there are, especially for anyone claiming money as a tax credit.
With the first stimulus check, private banks and creditors were able to seize a payment to cover any outstanding debt. However, some states, such as California, issued orders forbidding banks and creditors from garnishing your stimulus check. With the second stimulus check, your payment was protected from bank garnishment and from private creditors and debt collectors, according to the text of the law. However, individual banks could choose to take that money to cover overdraft fees, and these protections do not apply to the .
A proposal (PDF) is adopted into law.would follow the same protocol, if this current
For more, find out what your stimulus check could look like, , or .