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Status of your Economic Impact Payment & Payment Deadlines

Per the IRS: “Federal benefit recipients who don’t normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, Oct. 15 to register for their Economic Impact Payment.”

The last day to apply for an Economic Impact Payment this year is October 15th, 2020. If you do miss any of the above deadlines then you will need to wait until next year then claim the payment as a credit on your 2020 tax return.

Eligible Individuals can visit the following site to find out more information about the status of their Economic Impact Payment:

https://www.irs.gov/coronavirus/get-my-payment

The tool on this site will show if your payment has been issued and whether it was direct deposited or mailed. There are also certain situations where the site will allow you to give the IRS your bank account information in order to get your payment via direct deposit. The IRS also wants to remind people that the site is updated once per day so there is no need to check it multiple times each day.

The tool will ask you a series of questions to confirm your identity and if your answers do not match the IRS you will get locked out of the site for 24 hours.

Another common issue for this site is that some people will get the message “Payment status not available”, which means the IRS can’t determine your eligibility at the current time. This may occur because of a few different reasons:
• A 2018 or 2019 return may not be on file with the IRS.
• The individual could be claimed as a dependent on someone else’s return.
• If you filed your 2019 tax return the IRS just may not have processed it yet. (The IRS will issue the payment, if you are eligible, after your 2019 return gets processed).

Please consult your tax advisor on all the above information.

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