The third stimulus check entitles dependents to receive $1,400 each which includes children and adult dependents such as college students or elderly relatives.
JACKSONVILLE, Fla. — The Internal Revenue Service started processing and depositing stimulus checks into bank accounts Wednesday.
The payments are part of President Joe Biden’s $1.9 trillion coronavirus relief package.
However, while some people are seeing their full payments, others are reporting only partial payments and there are a few reasons for that.
The Issue: You’re missing money for dependents, even if you claimed them on your 2020 taxes.
Let’s VERIFY: Did you have a baby in 2020? Take on the responsibility of caring for an elderly relative? If you were expecting to receive additional funds for new dependents it’s likely that your personal tax information has not yet caught up with itself.
The third stimulus check entitles dependents to receive $1,400 each which includes adult dependents such as college students or elderly relatives.
A report from CBS’s Money Watch suggests that, for instance, if you had a baby in 2020 but haven’t filed your tax return, the IRS will rely on your 2019 return to determine how much your stimulus check will be.
But even if you did file your 2020 taxes, there could still be a delay in reporting.
The Washington Post reports that the IRS is behind in processing nearly 7 million tax returns due to the demands of issuing stimulus checks and implementing tax code changes from coronavirus relief packages.
But don’t panic. You’ll still see those funds.
When the IRS does process your latest 2020 tax information, it will check to see if individuals are owed more, reports CBS. If that happens, the IRS will automatically issue the additional $1,400 check to the individual.
At this time it’s unclear if it will be a paper check or a deposit.
Haven’t gotten your third stimulus check? Check out the IRS stimulus check tracker.