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Where’s my payment? What you need to know about the CARES Act

Arsenal News
Where’s my payment? What you need to know about the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and passed into law on March 27th, 2020.  Most Americans will receive an automatic payment of $1,200 for individuals, $2,400 for married couples and $500 for each child claimed as a dependent.

If you filed your 2019 or 2018 taxes and received your refund back through direct deposit, the federal government should have automatically deposited the economic impact payment into your associated account. Most of you reading this probably already received your money via direct deposit.

If you didn’t receive an automatic payment via direct deposit, you are supposed to receive a check with your economic impact payment. The IRS recently released its “Get My Payment” tool that lets you

  • Check the status of your stimulus payment.
  • Confirm your payment type (paper check or direct deposit).
  • Get a projected direct deposit or paper check delivery date (or find out if a payment hasn’t been scheduled).
  • Enter your bank account information for direct deposit if the IRS does not have it on file.

Payment Status Not Available

If you’ve already been to the Get My Payment tool and have seen this message, you already know…

Millions of Americans have attempted to use the tool and have received this message. The IRS states several reasons why you may see this:

You are required to file a tax return, but:

  • The IRS hasn’t finished processing your 2019 return.
  • The application doesn’t yet have your data. The IRS is working on adding more data to allow people to use the tool.

You don’t usually file a return, and:

  • You used Non-Filers: Enter Payment Info Here but the IRS hasn’t processed your entry yet.
  • You receive an SSA or RRB Form 1099 or SSI or VA benefits; information has not been loaded onto the IRS’ systems yet for people who don’t normally file a tax return.

You’re not eligible for a payment

  • For individuals, you must be earning less than $75,000 per year to receive the full $1,200 check.
  • For heads of household and married couples filing jointly, those limits are $112,500 per year and $150,000 per year, respectively.
  • If you earn more than this, your check will be reduced by $5 for every $100 you earn above the limit. So, if you earn $99,000 per year as an individual or $136,500 per year as a head of household or $198,000 as a married couple, you won’t receive a check.
  • See a list of eligibility requirements here. 

The IRS updates the Get My Payment tools once a day, so there is no need to check multiple times in a short period.

The Washington Post reports that people who used H&R Block, TurboTax and other popular payment services are also getting the “Payment Status Not Available” message. The IRS says that it is aware of the problems and working to fix the glitch.

For now, the only option you have if you haven’t received your stimulus payment is to be patient. Keep checking the site every day to see if the IRS has updated your information into its system. If the site still doesn’t work for you, you will probably receive a check in the mail. You can easily deposit this check into your Arsenal account using our Mobile Check Deposit tool.

Avoid scams related to the coronavirus

  • Avoid fake checks, emails or advertisements that use terms like STIMULUS CHECK or STIMULUS PAYMENT. The official term from the IRS is “economic impact payment.”
  • Don’t sign your check over to anyone who claims they will deposit or invest it for you.
  • Don’t give out any personal information over the phone, by text, social media or email to people asking for personal information who claim they have your check or that they can get it to you faster.

Remember that the IRS will never call, text, email or send you a message through social media. The IRS will contact you by mail and deliver your check by mail if you haven’t received it yet.

There have been many other scams related to coronavirus popping up all over the country. Make sure you don’t give someone else your money, personal information or account info.

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Spend your stimulus check wisely

Getting a one-time payment of $1,200 is awesome! Make sure you get the most out of your stimulus money and use it for the things you need.

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