RALEIGH, N.C. (WNCN) – The stimulus money continues to roll out but there are still millions who haven’t seen a payment yet.
Many of those waiting will receive a paper check from the federal government.
And receiving that check depends on two things: Your income level listed on your 2018 taxes and whether or not you filed taxes jointly last year.
Here’s the timeline according to the IRS:
- Between now and June 26, checks for those making between $30,000 and $99,000 will be mailed
- From July 3 to Sept. 4, joint filers with incomes between $110,000 and $198,000 will receive paper checks
- From Sept. 11 on, eligible individuals who didn’t receive a check previously will be sent one
The IRS says it can only process 5 million transactions a week whether they are direct deposit or paper checks and because the IRS closed all its field offices and truncated its call center operations.
To help you out, here are answers to a couple of frequently asked questions by CBS 17 viewers.
1. What do I do if I received more money than expected?
If you ended up with too much, the IRS says it’s yours. The agency says there’s no provision in the law requiring refunds of money and you won’t have to repay it on your 2020 taxes.
2. What if I didn’t get all the money I was owed?
After you receive your money, you will receive a letter within 15 days from the IRS confirming payment.
That letter will also tell you how to report any problems. If for example, you didn’t receive your $500 dependent credit, you may have to wait till the 2020 tax year to file for it.
Remember, the IRS will never call, text, email or reach out to you via social media to say it needs more information to process your payment.
If you get notified that way – it’s a scam so don’t respond.
Also, banks and other financial institutions won’t ask you to verify your bank account info – they already know it.