Second stimulus checks will be STOPPED by IRS THIS WEEK when $600 payment deadline hits
THE second round of stimulus checks worth $600 will be stopped by the IRS this week when the relief payment deadline hits.
On Friday, January 15, the Internal Revenue Service will stop sending automatic relief payments to Americans.
Americans who were eligible to receive the $600 payments – either in their banks accounts or in the mail – will have to wait until tax season to see their awaited checks.
The checks were sent to Americans about a month after Congress passed a $900 billion Covid-19 relief package.
People affected may have recently closed a bank account – causing their money to be returned by the bank to the IRS – and the money can't be reissued again to a new bank account.
Or there may be technical problems which mean the IRS can't send the money before the deadline.
Despite the problems tax payers may be facing, there are still ways to obtain the stimulus money if it isn't received by January 14.
The money is also being sent to some people by a check in the mail or via an EIP Card, which is a debit card with the stimulus balance already on it.
Americans can check with the IRS if the payment has been sent or not and whether it's being sent via direct deposit or by mail.
This can be done on the IRS website and tax payers can also take a look at how much it's worth.
Anyone who doesn't get their payment by January 14 will have to file a tax return to get the money and claim what's called a Recovery Rebate Credit.
This can also be done for those who haven't received the first stimulus payment.
Tax payers can also follow through with the recovery rebate credit if they didn't receive the full amount for either the first or second payment.
According to the IRS, money will then be either added to any tax refund you get, or it will reduce the amount of tax you pay.
Liberty Tax expert Christopher Landis recently told FOX8 Americans claim their lost money as a tax credit when they file taxes for 2020.
He explained: "By the 15th of this month if you haven’t received the second stimulus or don’t believe you’re going to receive it, the IRS has actually added a line number for the IRS 1040 where you can report to say I have not received my first or second stimulus.
"Some good things to know about that as well, if you owe taxes or you have a prior obligation to the IRS, they’re not going to hold that money when you file your tax return."
Meanwhile, President-elect Joe Biden has reiterated his desire to get Americans more than $600.
Biden tweeted on Sunday: "$600 is simply not enough when you have to choose between paying rent or putting food on the table.
"We need $2,000 stimulus checks."
The looming January 15 deadline comes as millions of second stimulus check payments were sent to wrong banks accounts after 13million incorrect payments were reported last week.
The issue, that began on January 8, has only just started to be fixed, TurboTax confirmed on Monday.
"We have successfully gotten stimulus payments to millions of TurboTax customers affected by the IRS error," the company wrote.
However, checks have not been sent to all of those who were effected by the error.
"Unfortunately, for some tax filers affected by the IRS error, stimulus payments are still at the IRS," TurboTax wrote.
"Without the IRS releasing these funds to us, we do not have a way to get your payment to you. The IRS will need to re-issue your stimulus payment."
Last week it was reported that companies, such as Jackson Hewitt, Turbo Tax, H&R Block, had set up the now-invalid accounts for a temporary time to deposit tax refunds to their customers, according to the report.
Customers received money through the temporary account after opting to have tax preparation fees removed from their refund.
The IRS has been blamed for mistakenly putting the money into millions of accounts because the accounts have remained in the government agency's system.
Source: Read Full Article