If you're still expecting a second stimulus check, you might have to be patient.
After months of waiting for Congress to agree on $600 direct payments to individuals (and up to $2,400 for families of four), millions of Americans might be stuck waiting even longer due to at least three administrative hang-ups detailed on the IRS website.
Taxpayers who've already checked the status of their stimulus check with the IRS Get My Payment tool and received the "Payment Status #2 – Not Available" message will not automatically receive a second check. Instead, they must wait until they file their 2020 tax returns to get the payment.
According to the IRS, this status could apply to you if:
Your check may have also been sent to the wrong bank, according to the IRS:
Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed, or is [closed], or [is] no longer active or unfamiliar.
The IRS also states that "due to the compressed timeline, the IRS is unable to reissue and mail checks" in the event that your check was one of the millions sent to the wrong bank account.
Last, those who aren't required to file a tax return may run into some additional issues. The IRS' Non-Filer tool is no longer available as of November 22, 2020. If you did not enter your information into the tool before then, at the moment you are out of luck.
The IRS has created a specific tax credit for eligible taxpayers who didn't get the stimulus money that was owed to them according to legislation that passed in 2020 (both the $1,200 and $600 payments). It's called the Recovery Rebate Credit. You'll find it on line 30 of your 2020 tax return.
For the fastest processing, the IRS encourages citizens to file 2020 tax returns electronically. The agency has not yet announced when you can start filing 2020 tax returns. As the situation unfolds, more information may become available.
While many Americans might have to wait until the spring to get their tax refunds including the stimulus rebate, there could be additional federal help on the horizon.
President-elect Joe Biden made campaign promises to enact sweeping coronavirus relief measures, and Democrats have spoken optimistically about the possibility of $2,000 direct payments now that they've regained control of the Senate.
But some people need money immediately to help with everyday expenses. While it might seem like overly simplistic advice, it's really important to review what resources you have at your immediate disposal to shore up your finances. That might include asking a friend or family member for support, doing research into forbearance programs for any loans, credit cards or mortgages, and/or seeking out ways to make some extra cash quickly.
For consumers with good credit, consider opening a 0% APR credit card so you can pay for essentials while not racking up interest charges. Depending on your expenses, you might be able to pay off the balance with your tax refunds before the intro period ends.
The U.S. Bank Visa® Platinum Card offers an introductory 0% interest for the first 20 billing cycles on both balance transfers and new purchases (after, 13.99% to 23.99% variable APR). That's a long grace period for making the purchases you need now then paying them back later.
0% for the first 20 billing cycles on balance transfers and purchases
13.99% to 23.99% variable
3%, minimum $5
2% to 3%
If you have steady income, you might also consider using a personal loan to make ends meet if your finances are tight or you have an unexpected bill.
LightStream, the online lending arm of SunTrust Bank, offers low-interest loans with flexible terms for people with good credit or higher. You could get a LightStream personal loan to cover daily expenses, as long as you are in a good enough financial situation to start making payments within 30 days of receiving the money.
Interested in a loan? Ask these 10 questions before you apply
Loans and credit cards are not always available to all consumers, and you should be careful to review all terms and conditions in order to avoid sub-prime products with steep interest rates.