GREENSBORO, N.C. — This third stimulus payment comes at a weird time. Some folks have filed their 2020 taxes, some haven't. The IRS could have used your 2019 income instead of 2020 because your return was in transition. If that’s the case, you might not receive any or all of the stimulus money due you right away.
“Lets’ say in 2019 income was $200,000 and you don't qualify but when you file your 2020 tax return and your income is now $125,000 and you do qualify for the third stimulus. So, if you do file your 2020 taxes by July 15, 2021, they will send out your third stimulus this year,” said Ryan Dodson, Liberty Tax Services.
How will the IRS do that? When will they do that? We're still working on those answers but as a fail-safe, you can always claim the credit on your 2021 taxes.
Over the next few weeks, the IRS will send out more direct deposits, checks, and debit cards as well.
The easiest way to see when your stimulus is coming to you and how is by checking the ‘Get My Payment’ portal. It is updated overnight so don't waste your time checking it several times a day.
When you check the “Get My Payment” button you'll get a status:
Payment Status (1): your payment is processed & you're told how and when you'll get it
Payment Status (2): you are eligible, but the IRS hasn't processed all the info yet.
Payment Not Available: it may mean you're not eligible for a payment or they haven't processed your payment yet.
Needs More Information: not everyone is going to get this message, but if you do, the IRS will give you a way to update your bank account info and address info.
WHEN YOUR PAYMENT GOES TO AN OLD BANK ACCOUNT
If the IRS direct deposits your payment into an old bank account chances are the payment will bounce back to the IRS and it will eventually come to you by mail, either a check or debit card.
HOW YOU CAN GIVE THE IRS YOUR NEW ADDRESS
If you have physically moved, one of the easiest ways to get the new address to the IRS is to do your 2020 tax return.
Here's what isn't easy: calling the IRS. Really, it's not an option at this point. Just like last time, it seems we learned more each week, remember this is the first week of stimulus payments.