What to do if you wait for the money

Even now that the US government has put in place about $ 90 million in stimulus vouchers, you may still be asking, “Where’s my money?”

The IRS and the Treasury Department announced last week that it had sent the first set of incentive checks totaling more than $ 242 billion.

The $ 1,400 stimulus payments were approved by Congress and President Joe Biden earlier this month. This time, payments are a whopping $ 1,400 per person, as well as $ 1,400 per dependent child or adult.

As with the first two sets of stimulus checks, you must meet certain income thresholds to qualify. Generally, individuals with adjusted gross income of up to $ 75,000 receive full payment. That goes up to $ 112,500 for heads of household or $ 150,000 for married couples filing jointly.

This time, however, payments are being phased out faster. The checks are limited to $ 80,000 for individuals, $ 120,000 for heads of household, and $ 160,000 for married couples.

Other admission rules also apply.

Millions more payments will be made in the coming weeks via automatic deposit, paper check or debit card.

If you don’t receive a payment or a smaller deposit than you expected, you may be concerned that you are missing out. If so, here’s what you can do.

The $ 1,400 stimulus checks are generally calculated based on the 2019 or 2020 tax returns, depending on what you last filed.

If the IRS has received and processed your application for 2020, your third stimulus check will be based on that.

This is important to know, because if your income falls in 2020, your stimulus check may increase as a result, provided you meet the income requirements and other qualifications.

If the government sends your payment based on your 2019 return, it will evaluate whether it should have been higher after your 2020 return has been processed and possibly supplement it with a follow-up payment.

Submitting your 2020 tax return on time has several advantages.

More from Personal Finance:
New stimulus checks could be imposed for unpaid debts
Who is eligible for $ 1,400 incentive vouchers
What to look for if you’re expecting a $ 1,400 stimulus check in the mail

First, you can update your direct deposit information if needed.

Second, submitting as soon as possible can prove that you were eligible for additional incentive funds from the previous two rounds of payment.

Third, there may be other incentive benefits that you qualify for. This includes the payroll tax credit, the child tax credit or other tax benefits.

The IRS has no plans to reopen the no-filers tool that was available last year. Instead, people who have not yet registered their information with the government are encouraged to file a tax return to receive their money.

The IRS has more information about free filing tools on its website.

The IRS Get My Payment website displays the status of the payments.

That site is regularly updated while payments are processed.

Unfortunately, it is not equipped to let you submit new or different bank account information.

It may take a while for your money to arrive.

For most taxpayers, no action is required to get payment, according to the IRS.

The money is automatically sent to eligible individuals and families registered by the government.

That includes people who typically don’t file a tax return who used the non-filer tool last year or who filed a special simplified tax return.

It also includes federal beneficiaries who receive Social Security, supplemental security income, railroad retirement, or veteran affairs.