Waiting on Stimulus? Too Bad…IRS Makes Disappointing Announcement

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Stimulus checks covid relief bill

After weeks of saying Americans will not have to do anything to receive their second stimulus payment, the IRS released new information saying some people that have not received their second stimulus payment may be waiting until they file their 2020 tax returns this year.

Second COVID-19 relief bill passed

To see where your payment is, the IRS has a tool called “Get My Payment” that allows you to check. What’s new is the IRS issued new guidance Tuesday night that will show whether people will get their payments soon or whether they will have to request the money on their 2020 tax returns.

“If the second Economic Impact Payment was sent to an account that is closed or is no longer active the financial institution must , by law, return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active,” the IRS said.

Due to preparations for the 2021 tax season and working to issue the second stimulus payments, the IRS said it is not reissuing the second payments if it was sent to the wrong account.

“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 said.

The Recovery Rebate Credit will appear on Line 30 of the 1040 form used to file this year’s taxes.

IRS may be waiting for your tax return before stimulus payment

Lawmakers on both sides of the aisle slammed the COVID-19 relief bill for containing hundreds of billions of dollars worth of foreign aid and wasteful spending that has nothing to do with the virus at all. Politicians voted to send billions in tax payer dollars to foreign countries while sending out $600 checks to struggling Americans. A complete slap in the face.

Others pointed out that Washington can not continue spending at this rate. The country is bankrupt, running a massive deficit and at some point, this will all come to an end.

Senator Rand Paul (R-KY.) said, “If free money was the answer, if money really did grow on trees, why not give more free money? Why not give it out all the time? Why stop at $600 a person? Why not $1,000? Why not $2,000?”

Paul went on to say, “Maybe these new free-money Republicans should join the Everybody-Gets-A-Guaranteed-Income Caucus? Why not $20,000 a year for everybody, why not $30,000? If we can print out money with impunity, why not do it?”

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