In the following article, Optima Tax Relief reviews common questions about the Economic Impact Payment program.
Although the majority of qualifying taxpayers will have received their Economic Impact Payment by the end of April, a significant percentage of the population is still waiting for a check or direct deposit. If you haven’t yet received your payment, make sure you check for updates posted on the IRS.gov website and use the Get My Payment tool for information about your specific payment status.
Here are answers to questions most frequently asked by people who haven’t gotten their Economic Impact Payments:
When I checked Get My Payment, it said that the money was transferred to an account that I don’t know. What happened?
It’s likely that when you filed your tax return for the previous tax year, you selected an option that is frequently used by many tax software products and preparers that helps taxpayers get refunds more quickly. This feature – called a refund settlement product – loads the refund into a debit card or another banking product called a Refund Anticipation Check.
If you used a refund settlement product that is still active, the funds might have been routed to that account and are therefore available to you. If the product is inactive, the funds will have been rejected and returned to the Internal Revenue Service (IRS). Once the IRS receives the funds and has completed the requisite processing, the Get My Payment status for your payment will reflect the update. A check will then be processed and mailed to your address.
What does the error message mean when I enter my information into Get My Payment?
Make sure you are entering your tax information or personal information into the Get My Payment tool according to the guidelines provided on the app. Sometimes the error message is triggered by an inconsistency when entering a street address. For example, if the address on your tax return is 555 S. 1st St. and you enter 555 South 1st St., you may get an error message.
When entering your details into the Get My Payment tool, make sure you have your previous tax return information handy so that you can copy the details exactly. If you enter incorrect information three times within a 24-hour period, you will be locked out of the app for 24 hours.
For more information about the Economic Impact Payment, please visit the IRS.gov Economic Impact page.