Five Reasons why your 2nd stimulus check may be late

[Music] hi everyone this is harisha from hnb premier techs and accounting llc i'm a cpa here in long island new york if you haven't met me before uh my name is harisha boykodake um today i'm going to talk about a very important topic that you know most people are wondering um about uh their second stimulus check you know i know most people have gotten the money from the irs but if you happen to be one of them that you know who did not get the money so you're thinking you know what happened to my you know second stimulus check you know six hundred dollars a per individual or two hundred dollars uh for a family um that you did not get yet right so um there are five you know various reasons you know uh that could be why you did not get that um and you know main you know there are five main reasons you know that might be the reason why you did not get your payment that's what i'm going to answer in this video today now just to before we get started just to give you a little bit about this channel uh this channel i'm going to cover a lot of the tax you know related topics personal finances uh investments and then also uh how to become financially independent uh build wealth you know things like that if you know some of those things are you know of any interest to you please consider subscribing to the channel um and smashing that like button so more other people will get to um know about the channel and they know uh get get a chance to you know see the videos all right let's get to the topic if you have already received your stimulus uh check right you don't have to worry about this you could skip um and you know to the next video so uh if you haven't um so the main reason you know why you might not have received your stimulus um check it could be uh you did not file a 2019 tax return so um the second stimulus check you know is based on you know 2019 tax returns so if you did not file a 2019 tax return or if you're not receiving social security benefits you know uh disability uh income benefits you know things like that so there's no way for irs to know whether you are eligible for this payment or not so so then you know you will not get this you know uh stimulus check and also uh if you um know anything about the first round of stimulus checks irs had a tool um uh none filer you know tools so if you are not required to file a tax return irs had um set up you know special tool that you could go and then file a you know um like a zero tax return and then they will uh and update your bank information and then they will send you payment now they said they're not going to open that you know tool again so what are what are the options that you have if you did not file 2019 tax return so then what you will have to do is you know you have to file a tax return for 2020 uh tax year which is you could do right now and then um claim a recovery rebate credit so then you know you have to show your income if your income you know within the limits you know that you you for you to qualify for this uh stimulus check so then irs you know will will get your payment you know as a recovery debate credit uh the other reason why you might not get your payment yet um you filed your 2019 tax return already but irs has not processed your return right so how do you you know check if irs has processed your return or not irs has a tool um called um where's my refund right so you could go to that tool and then put your information and then they will tell you if your return has been processed or not so if it's not processed they will say still processing right so if your return has been already processed they will say like your return is processed your refund status is you know this you they made you a check on such and such date so then you know that your your return is you know already processed so then you could expect your stimulus check to you know come soon by law irs you know has to um release all the stimulus in our payments by january 15th right so you know look for that uh if you fall into the category two now the third category is you know if you're someone that use the bank account directly proceeds to receive your refund in 2019 tax year but between then and now you change your bank accounts right or else you could be someone that use a you know um temporary bank account receive your refund if you go to a place like you know turbo tax or or um a channel block you know any kind of you know tax you know preparer that use um your refund to you know collect their payments right you know the tax preparation fees then what they do is you know they use a temporary bank account you know get get get the tax refund and then they split that tax return between your bank account and uh and their fees what happens is you know in in that case irs you know does not have your bank account you know with the irs irs will have a separate you know kind of bank account that's temporary right or all the bank accounts that belongs to um that tax service so in that case uh irs cannot send you the stimulus check you know directly to your bank account so um what do you do if you know you happen to be one of them right so two things could happen um one uh if the bank account is not active you know irs could you know get the money back you know you know if irs sends money to the bank account that's not active the money will bounce back to irs right so as soon as irs knows that you know money bounce back they will probably mail you a check or a debit card um and also you could get in touch with your um previous tax you know prepare or tax service company to see if they have received your refund you know on behalf of you so then you know at that point you know they could uh uh turn around and you know give their money to you um i saw a new york times article they said almost like 13 million you know um tax payers got their stimulus checked to wrong bank accounts you know or inactive bank accounts surprising um right so um that's the third category let's go to the fourth category so you know port one um could be your check is in the mail right so if you didn't use direct deposit um in the in the last year uh irs has to you know issue a check um for your stimulus payments or a debit card so if it is a debit card it could take you know a little longer but if it is a check you know it literally could be in the mail so you keep checking your mails um you you should get it you know any day soon like i mentioned before irs has to release them all the all the payments before um january 15th um right so you know today um january 10 so you should get that in the mail you know um pretty soon so um the fifth reason why you might not get your stimulus um check yet um because you don't qualify for it you know sorry you know um you know if you make you know too much money or or your income is you know more than the threshold limits right so either you will get a partial payment or you might not get a payment at all so it starts pacing out you know from 75 000 and up uh for a single filer uh for merit filing joint couple you know from 150 000 and up and then you know head of household having 12 000 uh dollars and 500 and up you know uh starts spacing out and then if your income goes above those numbers after you know certain you know number uh you will not be totally uh eligible for uh stimulus checks so i did a separate video actually explaining uh who will get the stimulus checked or not i'm going to leave a link to that video so make sure you go you know check that out so that way you know uh if you are going to be eligible uh or not eligible based on your income or not all right so the next category that you know might not be eligible for the stimulus check is uh someone that was a dependent on you know somebody else's tax return let's say uh you you happen to be a college student um that uh didn't earn you know enough income but your parents you know claim you as a dependent on their tax return right so then um by nature or by law um you're not going to get get a stimulus uh check uh and then um the other category could be someone that who did not have a social security number uh you who use a tax id to file their tax return so this this is not an exclusive list you know these are like you know these five uh uh like the majority you know or or main reasons that you know why someone you know could not get their you know stimulus check you know soon um and also i'm going to leave the link to get my payment um get my payment you know a tool from the irs so if you want to check you know about your stimulus check status as irs has this special tool you could you know go and plug in your number uh your your information your social security number your date of birth um and your address so they will tell you if you're going to get a payment or if they have already processed your payment or not uh go check that out all right so until i see you in the next video um have a good week and take care of one another stay safe

Channel: H&B Premier Accountant for Everyone

Views: 462

Rating: 5 out of 5

Keywords: tax, tax tips, cpa, accountant, EIDL, PPP, Personal Finance, Financial Independence, wealth, wealthy, Stimulus check, Refund, IRA, Taxhack, Millionaire, Self employment, 1099 contractors, SE tax, Tax, Taxsavings, Savemoney, financialplanning, reducetaxbill, IRS, Taxtips, protips, yourmoney, money, financialindependence, 2ndstimulus check, stimulus payments

Id: zqdbosLerIk

Length: 9min 41sec (581 seconds)

Published: Wed Jan 13 2021