Millions of Americans will have to wait months to claim $600 stimulus on their tax refund as IRS deadline passes
MILLIONS of Americans will have to wait months to claim a $600 stimulus check on their tax refund as the IRS deadline passes on Friday.
The IRS was given until January 15 to send Americans the $600 payment – but after today, people will have to file for the payment on their taxes.
As the $900billion emergency coronavirus package was passed in late December, the IRS had just around three weeks to send out payments.
While millions of Americans received $600 checks within days of the package being signed, others who had different bank accounts on file than on their 2019 tax return may have yet to get a check.
This gave people a limited window to correct the bank account info that’s on file with the IRS.
A glitch that caused money to be sent to closed or inactive bank accounts already caused a holdup for many.
The IRS also faced a limited window to print paper checks and send out personalized debit cards in the mail to Americans.
January 15 is the last day for the IRS to send out the payments – but many have still yet to receive their money.
It may now take months for some Americans to receive their payment, as people will have to claim a Recovery Rebate Credit on their 2020 tax return.
The credit can be claimed for both the $1,200 checks in the first stimulus package, along with the second round of $600 checks from late 2020.
“People who need money now may have to wait months until they can file a tax return and get their refund, unless the tax prep companies are able to forward the funds,” Lauren Saunders of the National Consumer Law Center told The New York Times.
It’s unclear how many Americans have yet to receive a check – but Turbo Tax, H&R Block, and tax prep company Jackson Hewitt have all had reported issues with money going into Americans’ accounts.
As millions wait on their $600 checks, President-elect Joe Biden on Thursday unveiled a $1.9trillion coronavirus stimulus with a round of $1,400 checks.
When Biden is sworn in on January 20, Democrats will control both the House and the Senate – meaning a package could be passed and more checks could be sent out quickly.
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With some Dems demanding full $2,000 checks, however, the package could be held up by members of Biden’s own party.
The plan was blasted by some, who said Biden “screwed” Americans out of a promise of $2,000 payments.
For those wanting to check on the status of their check, they can use the IRS’ Get My Payment tool to track their funds.