Millions of people have already received their $600 federal stimulus payment. But some Americans will have to wait a bit longer — and may have to file their tax return to collect it.
By law, the I.R.S. said, it must issue the stimulus payments by Jan. 15. After that, those who are entitled to a payment but haven’t received one must instead claim it as a credit on their 2020 returns.
And some payments that have been sent are bouncing back to the U.S. Treasury because they were directed to inactive or temporary accounts that taxpayers can’t access.
It’s still not clear how many people are missing their money, but the tax preparation company Jackson Hewitt said the Internal Revenue Service had sent payments to more than 13 million bank accounts that were no longer open or valid.
The bulk of the payments have already been sent out. More than 147 million payments, totaling $142 billion, have been scheduled: 113 million were issued through direct deposit (which presumably include the bounced payments), while 34 million will be delivered through paper checks and debit cards, according to I.R.S. figures provided to the House Ways and Means Committee…Read more>>