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Taxes, stimulus, and your money: 2 Wants to Know

Financial experts answer viewer questions about the 2021 tax season as the IRS deals with an influx of changes

GREENSBORO, N.C. — For those of you still waiting for your stimulus payment, your money could be on its way. 

The IRS just released a third batch of stimulus checks from the American Rescue Plan. 

Part of that plan includes a tax break to Americans who filed unemployment in 2020 but received less than $10,200 in unemployment benefits. 

AARP, NC's Mark Hensley and Kevin Robinson with Robinson Tax and Accounting Services answered viewer questions about taxes and stimulus payments. 

When is the deadline to file taxes? 

The IRS extended the tax deadline to May 17. 

I'm a Social Security Recipient and I haven't received my check yet. 

The Internal Revenue Service and Treasury Department announced Tuesday that stimulus checks for Social Security recipients and other federal beneficiaries will be issued this weekend. 

While these payments will be distributed in the coming days, the agencies said the majority of the checks will be sent electronically and received on Wednesday, April 7.

STATE UNEMPLOYMENT TAXES

As for the unemployment taxes, the NC DOR confirms the state is NOT waiving unemployment taxes. To do that, the General Assembly would have to change the laws and at this point, that doesn't seem to be happening. 

If you haven't already filed your taxes, the state requires you to use a D-400 form to calculate your correct AGI and taxes since the federal return will be different from the waived taxes.  

IRS2GO App

It's free to download.
As soon as you open it up, it's on Check Your Refund Status.
You'll need your Social Security number, your filing status, and the refund amount you're supposed to get back.

A couple of key points to this, you want to do this on secured and locked WiFi. I mean, you are putting in your Social Security number.

The information is only changed overnight. So, if you checked at 9 AM it's not going to be any different at 5 PM the same day.

There are three status options:

Received: The IRS has your tax return and is working to process it.

Approved: The IRS has processed your return and confirms the amount you're owed.

Sent:  Your refund is now on its way to you, whether that's direct deposit or mail.

RELATED: The IRS could be sending you a second tax refund this summer.

GET MY PAYMENT STATUS 

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.

ARE YOU GETTING ALL THE MONEY YOU SHOULD?

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.

RELATED: TODAY: IRS begins releasing Stimulus #3 payments for Social Security, SSI, SSDI recipients