Recovery Rebate Funds Are Finally Flowing

Learn about Economic Impact Payments, aka “recovery rebates.”
Find out what rebates are based upon.
Learn how non-filers can receive their recovery rebate.
Discover the “Get My Payment” feature on the IRS website.
Find out if auto-deposit and address changes can be made through “Get My Payment.”
Learn how family makeup & income may affect your recovery rebate.
Learn more about the IRS Q&A page and how it can help you.

The IRS has started making those much-anticipated Economic Impact Payments, aka “recovery rebates.” However, not everyone who was expecting one has received theirs. And some may not be the amount expected. Wondering why? Fiducial has the answers you need!

Have you received a check yet? Here’s why…

The Treasury first looked for a filed 2019 return when they began making the payments. If you did not file a 2019 return in time to catch the payment dates, then the Treasury used the family makeup and income from the 2018 return (if filed). If you failed to file either, then they paid recovery rebates to recipients of Social Security, SSI disability, survivors, Railroad Retirement and veterans’ benefits.

A “non-filer” generally does not fall into one of those categories. And these folks will not receive a recovery rebate until they file a return or use the Non-Filer Tool on the IRS website.

“Get My Payment”

You can check on the status of your recovery rebate using the “Get My Payment” feature at the same IRS webpage as the non-filer tool. That same page also provides the ability for some taxpayers to enter their direct deposit information. If the IRS doesn’t have your direct deposit information in their records, you can use “Get My Payment” to submit it. First, you’ll need to properly verify your identity and make sure your recovery rebate hasn’t already been scheduled for processing. To protect against potential fraud, “Get My Payment” won’t allow direct deposit bank information already on file to be changed. Sorry! However, direct deposit information can be updated. If your direct deposit information on the last return filed was incorrect and resulted in a paper check being issued for your refund, you may change it. Unfortunately, you cannot make address changes through “Get My Payment.”

Have you received your recovery rebate yet? — Photographer: Jp Valery | Source: Unsplash

Why isn’t your recovery rebate what you expected?

Also, realize births, deaths, under age 17 dependent children, marriages, separations, divorces, emancipations, and income changes may have occurred that can cause the recovery rebate amounts to differ from expectations. In some cases, the amounts may even be incorrect. On top of all that, the rebates are reduced (phased out) for higher income taxpayers. So, based on your reported adjusted gross income on your 2019 return (or 2018 if 2019 hasn’t been filed yet), you may only qualify for a reduced recovery rebate or no rebate at all.

The IRS provides an extensive Q&A related to recovery rebate issues. It can answer many questions you may have related to your rebate.

Have more questions related to recovery rebates? Call Fiducial at 1-866-FIDUCIAL or make an appointment at one of our office locations. Ready to book an appointment now? Click here. Know someone who might need our services? We love referrals!

For more small business COVID-19 resources, visit Fiducial’s Coronavirus Update Center to find information on SBA loans, tax updates, the Paycheck Protection Program, paid sick and family leave, and more.