Why Did I Not Receive a COVID-19 Stimulus Payment?

AUTHOR: ROGER BEEBOUT, CPA

I think I am eligible, so why didn’t I get a COVID-19 Stimulus payment? If you are wondering where your payment could be, please read below on what may be the case.

How Much is the Recovery Rebate “stimulus”?

·       $600 ($1,200 in the case of eligible individuals who file married filing jointly), plus

·       $600 multiplied by the number of qualifying children

Did I make too much money to receive the Recovery Rebate “stimulus”?

·       $150,000 income limit for Married Filing Jointly or a Surviving Spouse filing status

·       $112,500 income limit for Head of Household filing status

·       $75,000 income limit for Single filing status

I am eligible, but I never received the Recover Rebate “stimulus” payment!

The Treasury Department may issue advance payments based on the information on 2019 tax returns. We have received calls from clients saying they received a Recovery Rebate “stimulus” debit card. We have heard others say that they received the Recovery Rebate “stimulus” direct deposit. Lastly, we have had communication with concerned taxpayers who never received anything.

We understand the financial stress the COVID-19 Pandemic has caused, but don’t panic. If you have not received the stimulus payment yet, you will get the benefit when you file your taxes.

How do I get the Recovery Rebate “stimulus” when I file my taxes?

The Recovery Rebate “stimulus” is a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.

If you have any additional questions related to the COVID-19 stimulus payment or on your 2020 tax filing, please contact us.