Where’s My Refund? Where’s my EIP?

I am one of several Iowa State University Extension and Outreach Field Specialists that assist families with tax preparation and e-filing. This past week, I have been receiving at least one phone call a day from individuals wanting to know where their refund is. Many tell me they have already been to the website to check their status. The only place individuals should be checking their refund status is at the IRS.gov web site. Likewise, if you are wondering about the status of your Third Economic Impact Payment (generally $1400/person), the IRS web site is your source.

IRS.gov is the only safe place to check your refund or your stimulus payment

Refund Status. There are ONLY THREE QUESTIONS that need to be answered when using the Get Your Refund Status link on the IRS.gov website: 1) The Social Security number of the person listed on the return as the FIRST NAME on the return (not the spouse); 2) Your FILING STATUS (single, married filing jointly, head of household, married filing separately, or qualifying widow(er)); and 3) the amount of your refund, which is found on line 35A of page 2 of your federal tax return.

Stimulus Payment Status. Here again, the IRS has THREE QUESTIONS, although they are different. The needed information is: 1) Your Social Security number; 2) Your date of birth; and 3) Your mailing address. The mailing address can be tricky if you have moved recently. Generally, you should enter the mailing address on the most recent tax return the IRS has processed from you. However, if you have not filed a tax return in recent years, use the mailing address on file at Social Security or the Veterans Administration. Note: The tool to check your stimulus payment only relates to the third economic impact payment, authorized in the American Rescue Plan signed in mid-March. If you have not received either of the first two payments, your only option is to file a 2020 tax return, even if you have no income to report. The tax return allows you to claim the first two stimulus payments, and also sets the wheels in motion to process your third payment.

If you “google” where’s my refund and are taken to a website that asks for additional information, such as your salary, mother’s maiden name, or any other personal information, you are in the wrong place; you may be giving your personal information to someone who is stealing your identity.

~ Brenda Schmitt

Brenda Schmitt

A Iowa State University Extension and Outreach Family Finance Field Specialist helping North Central Iowans make the most of their money.

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$1400 Stimulus: The Same, Yet Different

People are excited about the extra $1400 stimulus payments that are coming. Last Saturday, just ONE day after the bill was signed, I heard by the grapevine that some folks already received their payment! More received it this past week, and more will be receiving it in the next several weeks. Even though Americans knew this was coming, and even though it is the third in a series of payments promoting economic recovery from the impact of the pandemic, it does involve some differences worth noting.

  • All dependents qualify. Under the earlier stimulus payments, households received extra payment only for dependents who were eligible for the Child Tax Credit (i.e. under age 17). However, the new round of payments will include dependents who are older children, parents or others. Caveat: it may not be safe to assume that this includes dependents who are not relatives or other atypical dependents – we will need to watch how the law is applied.
    This is the BIGGEST change, and will affect MANY families!
  • The payments are protected from being held back to pay federal debts, such as back student loans, back taxes or back child support. However, as of now, these funds are not protected against private debt collectors after they arrive in your bank account; they could be seized (garnished) for repayment of credit card debt or other private debt.
  • The payments are available to people below certain income limits, just as before, but this time the phaseout is steeper. The phaseouts are as follows: Single Filers and Married Filing Separate phase out from $75,000 – $80,000; Head of Household phases out from $112,500 – $120,000; Married Filing Joint, from $150,000 – $160,000.
  • The steep phaseout means that for some households, the difference in income from one year to the next may be important. The income guidelines may be applied to your income for either of two or three tax years, and if you meet the rule for any of the years, then you will be eligible. For starters, they will check your most recently-filed return, which may be either 2019 or 2020. If you were below the threshold for 2019 but above it for 2020, it may be worthwhile to delay filing your 2020 return until you receive your payment. If your 2020 income is within the limits, then your 2020 return will be used, as long as it is filled within 90 days of the tax-filing deadline of May 17, 2020. And if you didn’t qualify based on 2020, you can still receive the payment as part of your 2021 tax return.
    One key implication: if your income in a normal year would put you above the limits, but you had lower income in 2020, then get your 2020 tax return filed before that deadline of 90 days after May 17!
  • If the payment is made based on your 2019 or 2020 income, and then your 2021 income proves to be above the limit, you will not need to pay anything back.

Source: Kitces.com

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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