Some people may file 2020 returns to receive stimulus checks, IRS says

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Tuesday, the IRS issued new measures that will help people determine whether they will get their payments soon or be required to request the money on their 2020 tax return.

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To see where your payment is, the IRS has a tool called “Get My Payment” which shows:

• The direct deposit date for your payment and partial account information.
• A date when a physical payment was mailed out. IRS says it may take three to four weeks to get the payment. “Watch your mail carefully for a check or debit card.”
• If the site says “Payment Status #2 – Not Available” then you will NOT receive a second payment ahead of filing your 2020 taxes. “Instead you will need to claim the Recovery Rebate Credit on your 2020 return.”

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Due to the urgency of this latest call to send out the second round of stimulus payments, the IRS also concedes that some payouts may have erroneously been sent to an account that is closed or no longer active.

“If the second Economic Impact Payment was sent to an account that is closed or is no longer active the financial institution must , by law, return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active,” explained the government agency. “Due to the compressed timeline, the IRS is unable to reissue and mail checks and instead encourages people to file their 2020 tax return electronically to claim and receive the Recovery Rebate Credit quickly as possible.”

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