Tax Tips: Why you might not have gotten your economic stimulus check yet

The Internal Revenue Service has put out some helpful tips for those who are still waiting to receive their economic stimulus checks. There are tons of reasons why you might not have gotten yours yet, and it's a safe bet that no one really knows how long it will take for you to get it.

But the IRS was kind enough to point out a few of the most common reasons why taxpayers haven't received their checks. See if you fall under one of these:
  • You filed your tax return more than once because you thought that would help. (No, it just makes things worse and delays your payment even more while the IRS figures out why you filed twice.)


  • You listed an incorrect amount of income. (Some taxpayers stated their monthly income on their tax returns, while the economic stimulus payments are based on your annual income.)
  • You owe money. (If you owed and didn't pay, that money will get taken out of your check, but will also likely delay the issuance of that check.)
  • You filed an amended return. (It's going to take the IRS some time to process that amended return.)
  • You didn't notify the IRS of your current address. (It's the taxpayer's responsibility to keep their address updated.)
If you're still wondering why you didn't receive a check, the IRS website has a "Where's My Economic Stimulus Payment?" tool that you can use. Be prepared to enter your Social Security number and some information from your tax return. And if you're still confused? Call the IRS.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

How Does Your Charitable Giving Measure Up?

Giving is truly better than receiving, especially when your generosity can provide income tax benefits.

Read More

Brought to you by TurboTax.com

When to Use Tax Form 1099-C for Cancellation of Debt

In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.

Read More

Brought to you by TurboTax.com

What Is the IRS Form 8863?

If you plan on claiming one of the IRS educational tax credits, be sure to fill out a Form 8863 and attach it to your tax return. These credits can provide a dollar-for-dollar reduction in the amount of tax you owe at the end of the year for the costs you incur to attend school. Before preparing the form, however, make sure that you satisfy the requirements of an eligible student.

Read More

Brought to you by TurboTax.com

The Dirty Dozen: 12 Tricky Tax Dependent Dilemmas

Knowing when someone qualifies as a tax dependent can be trickier than it seems. These 12 examples help clear up the confusion about who you can and can't claim as a dependent on your tax return.

Read More

Brought to you by TurboTax.com
Read Full Story