(WTNH) — It’s one of the oldest sayings, “the check is in the mail.” But many people in Connecticut say they haven’t gotten their government stimulus checks in their bank accounts after most received theirs Monday. We talked to an accountant for some answers.
It all starts and ends with your tax return, whether you dropped last year’s tax return in the mailbox, or filed electronically. This is how the government is paying you back through the stimulus checks.
So if the bank account or the address has changed or is wrong in your tax return. What do you do?
We sat down with accountant Tony Mandile of Champy Mandile & Co. in Rocky Hill Tuesday. He says, if your bank account or address has changed since your 2019 filing, you may have to update it with the IRS.
Tony Mandile explained, “It will just bounce back. So we have clients that sometimes when we do electronic filing they don’t give us the proper bank account and then it just bounces back and then the IRS will issue a paper check.”
“We have had some clients that say they didn’t get it, and basically the IRS had the wrong bank account. So some clients actually got a credit card type of return in the mail, and some people actually threw those away by accident, so they have to try and get those back.”
Keep in mind, the money can come as a credit card, a check, or an electronic payment into your account, or as a tax credit in this year’s filing.
“The government was trying to stimulate the economy by getting people the funds as soon as possible, so what they did was use your 2019 income because that is what they had on record, but it was really for income in 2020.”
So if your 2019 income was above the threshold of $75,000 for a single or $150k for a married couple, but then dropped below the threshold in 2020, you can get it back on your income taxes.
“If your income was reduced in 2020 you will get $1,200 per individual, $2,400 for a married couple, and then don’t forget to qualify every child for $500 for an additional credit.”
And just keep in mind, every situation is different, every tax return is different, so you want to talk to your tax preparer or go to a tax preparer to see exactly where your money might be, and how to get it back.