Where the Heck is My Stimulus Check? If you haven’t gotten it yet, this may be why. – Brigade Bookkeeping

As the COVID-19 emergency created a massive economic crisis, the federal government passed the CARES Act. Key features of the act include stimulus money to help both impacted businesses and individual Americans. For individuals, funds are arriving. However, you may be among those who have not received what you were expecting and aren’t sure why.

Allow me to clear up some of the common confusion and offer ideas for what to do next.

Why Didn’t I Get Any Individual Stimulus Funds Yet?

The possible reasons why you haven’t received funds, or haven’t received the amount you expected, include the following:

1. You Make “Too Much” Money
   The stimulus benefit can be as much as $1,200 per adult or $2,400 for married couples filing jointly, and an additional $500 per child. However, there are income thresholds associated with those funds. If you earn more than $75,000 as an individual or $150,000 for joint returns, the amount of your stimulus payment will be less. And yes, depending on just how much more, it could be $0.

How far above the threshold your income is determines how much less you receive. This calculation is called a phaseout. Your benefit goes down in increments as your income goes up in increments. It works like this: For every $100 of income above one of the thresholds (individual, joint, etc), your stimulus check drops by $5. Example: Mary, a single filer, earns $75,200. She will receive $1,190 ($1,200-$10).

2. The IRS Doesn’t Have Everything They Need From You Because You Don’t File Personal Income Taxes

First, you need a Social Security number (SSN). That means you, your spouse, and your kids all need one.

Second, the IRS needs your direct deposit information. They will deposit your funds into the same account you used for your last filed return. If the IRS does not have your direct deposit information, you will need to register that information with them. You may be able to do that using this IRS tool: Non-Filers: Enter Payment Info Here.

The Non-Filers tool will not help you if you:

• Were required to file but did not
• Are a student or dependent and someone else claimed you

The tool will help you if you have a valid SSN and were not required to file a 2018 or 2019 return because you:

• Are under the normal income limits for filing a tax return
• Receive veterans’ disability compensation, pension, or survivor benefits from the Department of Veterans Affairs, and you did not file for those tax years
• Are a Social Security, SSDI, or Railroad Retirement beneficiary with qualifying dependents

If you haven’t filed for 2018 and 2019 and were supposed to, you should do it soon, even if you have a simple, zero return.

None of the Above Applies to Me
Let’s say, you reviewed the above, you believe you are still entitled to stimulus money, but you haven’t received it yet. The Get My Payment tool may help. It provides payment updates, including the date your payment is scheduled to be deposited or mailed. It also serves as a portal for eligible filers to input their direct deposit information if necessary.

Free Access to Our Small Business Support & Resource Library
Small business owners that need guidance on federal coronavirus aid have free access to our resource library. It provides all the tools you need to identify, apply for, and utilize the best possible financial aid available. To get the support you need now, click here or feel free to reach out to me with your questions.

Additional Sources
All You Wanted To Know About Those Tax Stimulus Checks But Were Afraid To Ask