In this blog, we have summaries common issues faced by taxpayers on the subject.
1. “Payment Status Not Available” / “We Cannot Determine Your Eligibility”?
If you have filed 2018 or 2019 tax return and getting above error when trying to update your bank details and/or track status of your payment at IRS portal, reason could be one of following:
a) IRS is yet to update your details in portal - As per professional resources available with us, not all taxpayers’ info has been updated in the IRS portal (created for stimulus payment). IRS is doing it in phased manner. You should keep checking the portal (only once) every day.
b) IRS may be sending check (instead of direct deposit) – Again, as per our professional resources, it is possible that IRS may have decided to mail check for you and status should be updated in couple of weeks.
We need to appreciate that the fact that due to the entire situation, IRS had to introduce this quickly and the data of millions of taxpayers has to be updated in the “Get My Payment” portal created only for this purpose.
2. Who are required to update bank details in IRS portal to get stimulus check?
a) Taxpayers who had tax balance due on their 2018 or 2019 tax returns – even though you paid your balance due through your bank account (auto debit option), you still need to update your bank details to get stimulus payment.
b) Taxpayers who had refund on their 2018 or 2019 tax returns but opted to receive refund checks to their mailing address.
3. I haven’t received my stimulus check, what are my options?
a) Wait for a couple of weeks, keep trying to access IRS portal to update your bank details.
b) IRS is not going to close payments of stimulus amounts anytime sooner. If you are eligible, you will be able to get it anytime throughout the year.
c) Get it as part of your 2020 tax return - For some reason if you are unable to receive it sooner, you will be able to receive it as refundable tax credit for the year 2020. Its true that we do not want to wait this long but this will be last option.
4. How do I check if my tax returns were filed?
a) Once the returns were efiled and accepted, your CPA/tax preparer should have shared efilng acknowledgement with you, check the same.
b) If your returns were accepted, your refund amount should have deposited in your bank account or tax balance due should have debited to your bank account. This is good even in case your returns were paper filed.
c) You can get transcripts of your tax returns online at IRS website. Go to IRS.gov and type "get transcript" in search bar to proceed.
5. How do I check if I am eligible to receive this check?
Please read our blog on this subject and other related questions at https://www.clickmytax.com/post/covid-19-irs-recovery-rebates