We are almost at the end of 2020 and many people are still waiting for their Stimulus Payment, also known as the EIP (Economic Impact Payment). Several people have received a letter from the White House signed by President Donald Trump advising them they will be received the EIP, but they are still waiting. Others have not even received their usual tax refund. If you are still waiting, do not despair. Please read on.
- Today I called the IRS and I was told that due to the huge backlog, work has fallen hopelessly behind. They are thinking about inserting an extra box on the 2020 Form 1040 (the form used to file your tax return) where one can indicate if he/she has received the EIP. If this box is checked, the IRS will then send the EIP check in 2021.
- Given the above, there is no need to panic or call the IRS anymore. I had to wait at least 30 minutes to speak to someone. So save yourselves the hassle and expense and simply wait. If you do not receive the EIP by the time you are ready to file your U.S. tax return in February/March, all that needs to be done is tick the appropriate box on the form. Please note that the deadline for filing your 2020 U.S. tax return is April 15, 2021.
- I was also told that the IRS will probably create an online system through which one can enter his/her details if the EIP still has not arrived. I will update you on that as soon as they put it online.
- Many people are worried that since there will be a new U.S. President sworn in on January 20, 2021, the EIP will not be sent. This is 100% fake news President Biden will not stop the EIP program. In fact, a second EIP is in the works and as soon as it is approved, I will confirm it here.
- So, in a nutshell, stop worrying about the EIP. It will arrive eventually. Simply be patient and wait. In the meanwhile, enjoy the upcoming holidays and stay safe
More information on the EIP can be found here:
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