One of the biggest problems that many people are experiencing right now is the inability to receive the IRS stimulus package refunds. A lot of people have sent in their tax returns and been notified by the IRS that they cannot claim the full amount due. This includes: taxes, penalties and interest.
As of this writing, the IRS has begun to accept the new $600/ 1200 stimulus check (cash rebate) for most adults and their dependent child (Ren) with no income tax required to file a tax return. As expected, there are many who are encountering problems, especially non-filers. Their main IRS stimulus payment tool, Get Cash (GC Congo) for electronically filing federal tax returns has just been updated (since January 5th, 2021). However, it isn't easy to find any online resources that are providing the IRS with electronic forms that are acceptable. The new form also requires additional credit card information and bank account information to process, making it nearly impossible for many to file electronically using the new methods.
It will be necessary to have a valid Social Security Number for tax refund purposes. In order to apply, you will need to verify the SSN with the Social Security Administration's Centralized Data Retrieval (CDR). It is extremely important to ensure you have all the correct personal information filled out correctly and on time. It is also advised to ask a trusted friend or family member to help fill out the forms and send them in along with the tax return. The IRS may not process the application until all the necessary forms are received and verified.
The IRS is notifying taxpayers that the amount they owe may exceed the maximum allowable amount of excess credit available to them under the existing laws. If you have more than the maximum allowable amount of excess credit available, you could get a larger tax refund. There are three ways that you could get an extra stimulus check.
First, you can send in your federal tax return via direct deposit into your bank account. You can also make electronic deposits to your bank account if you so choose. If you use the mail to send in your tax return via direct deposit, the IRS will likely hold on to the funds for two weeks. If you use electronic means to send it in, you may expect your refund to arrive in three to five business days.
Second, you can call the IRS and ask to change your payment status from “paid” to “settled.” There will be a slight fee for this option. Third, you can call the IRS and ask to make an extension on your stimulus payments. Usually extensions are not available. Fourth, you can make electronic . . . . . . payments directly into your bank account every month. There will be no additional charges for this option.