PEORIA, Ill. (WMBD) — The third and latest round of stimulus payments already dropping into American bank accounts.
Some people already got their $1,400 checks over the weekend and more funds are scheduled to hit direct deposits this week.
However, even with the third set of emergency funds dropping, some are still unclear on how to check for it or even if they’ll get it at all.
Rockie Zeigler, a financial planner with RP Zeigler Investment Services, said one of the first things you should look for with the payment is accuracy.
“Make sure that the dollar amount that you got is what you should be getting,” Zeigler said. “It’s important to know exactly how much you should be getting.”
The Internal Revenue Service (IRS) announced most people would be getting $1,400 for themselves and an additional $1,400 for each of their qualifying dependents. So payments to a qualifying family of four would be $5,600.
This round of payments will be based on the taxpayer’s latest processed tax return from either 2019 or 2020.
“There are a lot of different tools out there that you can go on to that will help make sure the amount you got is accurate and also to estimate the amount that you should be getting as well,” Zeigler said.”
Zeigler also said it’s also a good idea to review previous payments that you may or may not have gotten.
“It’s also very important to look back and determine did you get what you were entitled to during the previous two rounds of stimulus payments,” Zeigler said.
“Either the tax software will prompt you or the tax professional will ask you ‘did you receive a stimulus payment in December or the Spring of last year’,” Zeigler said. “And if you say ‘no’ then the tax software or professional will hopefully be able to do some digging for you and help you figure out if you should have gotten one of the two previous payments or how much that should have been if you did not receive it.”
He said if you did not receive either of the first two stimulus payments, make sure to claim that on your 2020 tax returns to potentially get the money you missed out on. He also said to make sure you’re familiar with the terms that came with each stimulus payment.
The IRS will be distributing this round of payments throughout 2021. Those wanting to check the status of their payments can simply go to the IRS website, go over to Get My Payment and follow the prompt. The tool will ask for a social security number, date of birth, address, and zip code.