Frustrations continue when it comes to the second round of stimulus money.
If you checked the status of your stimulus payment with the IRS Get My Payment tool and the message says “Payment Status #2- Not Available,” the IRS says you will not receive a second Economic Impact Payment and instead, you need to claim the Recovery Rebate Credit on your 2020 Tax Return. This is upsetting many ABC11 viewers. One viewer said they had no problem getting the first stimulus check by direct deposit and don’t understand why the second payment isn’t being issued this way, noting that nothing changed with their account information. They desperately need this round of stimulus money and waiting to get the money after they file their taxes only adds to their financial hardships. The IRS originally said that those who filed 2019 tax returns and provided direct deposit information or those who successfully registered for the first payment on IRS.gov would get automatic payments. But preparing for tax season could have impacted this effort. “The IRS is working hard to deliver the second Economic Impact Payment quickly, as required by law, while still preparing for the upcoming 2021 tax filing season. Due to the compressed timeline, the IRS is unable to reissue and mail checks and instead encourages people to file their 2020 tax return electronically to claim and receive the Recovery Rebate Credit quickly as possible,” the IRS website reads.
PAYMENTS TO WRONG BANK ACCOUNTS
Another problem with this latest round of stimulus payments, the IRS deposited the money to bank accounts different from the first stimulus payment. We first reported on this issue that impacted H&R Block customers. Customers reported while their first stimulus payment went directly into their bank accounts, many experienced their second payment went to an account that didn’t belong to them. H&R Block said they were working to get the payments to their customers as quickly as possible. This problem also happened to other consumers who used a tax preparation service.
This IRS issued their latest statement Tuesday night which said because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed or, is or no longer active, or unfamiliar. By law, the financial institution must return the payment to the IRS; they cannot hold and issue the payment to an individual when the account is no longer active.
The IRS advises people that if they don’t receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.
For those who are waiting for your stimulus payment to arrive in the mail, the IRS says it may take up to three to four weeks to arrive. Also check your mail closely as, besides checks, the payment could arrive on a debit card. During the first round of stimulus payments, many consumers accidentally threw those debit cards away.
CAN THE IRS REISSUE THE SECOND ECONOMIC IMPACT PAYMENT?
According to the IRS, the answer is no.
They add, “The IRS is working hard to deliver the second Economic Impact Payment quickly, as required by law, while still preparing for the upcoming 2021 tax filing season. Due to the compressed timeline, the IRS is unable to reissue and mail checks and instead encourages people to file their 2020 tax return electronically to claim and receive the Recovery Rebate Credit as quickly as possible.”