The impact of COVID-19 on the planet as a whole has been huge with the U.S. hit particularly hard by the virus after it moved into the U.S. As part of the CARES Act introduced to Congress and passed with the support of both parties the majority of Americans were given a one-off payment of $1,200 for adults, the U.S. Treasury reports. The payment was made for most taxpayers and those with a social security number through a paper check mailed to their home or through a direct deposit into a bank account by the IRS. Despite some early teething troubles, the Internal Revenue Service now has a tracking system established to make sure all recipients can track the status of their payment.
Are you Eligible?
The first step towards tracking your stimulus payment is to make sure you are eligible to receive the check or direct deposit. Whether you are hoping to invest with Neon Funding or to use the payment for other reasons it is important to know if you should be receiving a stimulus payment.
Every person with a social security number over the age of 17 should be eligible for the payment, apart from a few exceptions. The first being any person of 17 years or older who was claimed as a dependent on the taxes of a parent or guardian will not be eligible for the stimulus payment. Instead, their parent or guardian will receive a payment of $500 for their dependent.
There are a few reasons why a person may not be able to receive their stimulus payment and use it to build their financial success with Neon Funding. One of these reasons is that they have not submitted a completed tax return during the last two years. The IRS used the payment information from the last two tax returns to push through the payments by check or by direct payment. Those who had not registered to pay their taxes had the opportunity to register with the IRS to receive their stimulus payment through an online portal, according to the Legal Council for Health Justice.
The other issues that have been known to hit those who have yet to receive their stimulus payments include the problem of missed child support payments. Although the IRS is not permitted to retain any of the payments made through the CARES Act for owed taxes, it is possible child support agencies and private debt collectors could garnish the payment when made directly to a bank account.
Registering for the Stimulus Payment
If a person has not submitted taxes for a number of years they will face the issue of their information not being available to the IRS. This means they will not be able to receive their stimulus payment at the same time as those who have submitted their taxes in the last two years.
The IRS opened a portal, Get My Payment that was designed to allow all people with a social security number to either submit their banking information or ask for a paper check. No matter which way the payment was asked for, the IRS should process the information and get the payment to the U.S> citizen or resident.
Using the Get My Payment app
In the early days of the use of the Get My Payment app from the IRS, there were a few problems that had to be ironed out. This is understandable because the taxation agency was quickly handed the job of sending out payments to the majority of U.S. residents in less than one month.
The early problems that had been seen when some users tried to track their payments using the IRS-developed app have largely been ironed out for users who still have not received their payment, CNET reports. The first step for those who are looking to track your payment is to get together the correct information that is needed to estimate the arrival of your stimulus funds.
Each recipient needs to have a few basic pieces of personal information available when they are preparing to track their stimulus payment. Among the information that must be used to track a payment is the social security number or taxpayer-identification number. Along with this information, each individual needs to make sure they have their street address and banking information ready to make sure they can track their payment.
There are a number of issues that can be seen when using the Get My Payment app, including the issue of the IRS sending out payments in batches. These batches are sent out in a large amount, which means the date given for the arrival of a paper check may not exactly match the payment arrival date. One of the most popular ways for checking the status of a paper check mailed to an address is to register with the United States Postal Service. This means the recipient will be given a warning of the arrival of their stimulus payment.