- What's goin' on y'all.
Welcome back to Wealth Hacker Labs.
I'm your gracious host, Jeff Rose.
Got another update regarding the economic stimulus check,
the $1200 check that many of you have received
and yet, many of haven't.
In fact, over 70 million Americans are still waiting
to get their paper check in the mail.
And this is pretty evident based off
what you are seeing on social media.
People are sharing their frustration in trying to figure out
what the status of their check is.
How to update their information.
And the IRS released an online portal
the Get My Payment tracking tool
that's supposed to show you when you're expected
to get your check, but many haven't been able
to use that portal with any success.
One of the most common error messages
that people are getting is the payment status
not available, which is so frustrating.
And the IRS recently just updated their FAQ section
on the website to share what that could mean for you.
And we'll get to that in a second.
First I want to address when are the paper checks
going to get mailed?
Because last week I reported that it said,
based on the IRS timeline that checks
were going to be mailed out today, April the 20th.
But now, it's been pushed back until the 24th.
We hope, we hope.
Now there was a lot of talk and rumors
where the reason that checks were delayed was because
Trump wanted to sign his name on every single check
or at least have his name in a memo line.
But it was shared that, and whether this is true or not,
I'll let you decide that that wasn't the big hold up.
In fact, treasury secretary Steve Mnuchin recently
shared the real reason why checks are being delayed.
And this is what he had to say.
- Well let me just correct you and say the checks
have not gone out yet and the reason why the checks have not
gone out yet, - Oh okay.
- is that we're hoping more people, as I said,
will go to irs.gov.
It's much safer to send out direct deposits.
As it relates to the president's name on it,
we could have, the president could have been authorized
to sign the checks.
That would have slowed things down.
We didn't wanna do that.
We did put the president's name on the check.
That was my idea.
He is the president, and I think it's a terrific symbol
to the American public.
- And it seems like there is some validity
on what he has to say because if the IRS had a preference,
they would very much rather send out a direct deposit
then sending out an old school, snail mail check.
But that being said, I've seen many people share where
they were not able to update their information,
even though they had filed a tax return.
Even though the IRS had their direct deposit information
on file and yet they're still sending them out
a check on the 24th of April.
I'm curious, does this apply to you?
Have you been unable to update the information
on the IRS's website?
If so, let me know in the comments below.
The IRS launched their Get My Payment online tracking tool
and that was supposed to be the number one resource
for Americans to find out what is the status of your check.
Now for some, it worked.
But for many, it has been
frustration after frustration after frustration.
And especially when the most common,
almost generic message that you get
is payment status not available.
Recognizing that many people were getting this
status update whenever they inputted their information,
all their correct information, the IRS updated
their FAQ section on the website to give some reasoning
as why you might be getting that payment status,
not available message, whenever you complete
the Get My Payment tool.
So some of the reasons that they have shared why
you may be getting the payment status not available
is the following.
First they say, you are required to file a tax return
but we haven't finished processing your 2019 return
or the application doesn't yet have your data.
We're working on adding more data
to allow more people to use it.
Now just to address the first point there,
we haven't finished processing your 2019 return.
Just imagine how many Americans have been trying
to push their tax returns through,
trying to get them through.
And the IRS, on top of trying to issue
all these checks, 70 million paper checks,
I can only imagine how swamped they are
trying to process all of these tax returns.
So although it's a very short one bullet point,
as part of this FAQ, like that is a big deal.
I wish they would share some more information on
what is the status of how many
tax returns have they received,
and how many more do they have yet to process.
Because that would give a very good indication
of when these checks are going to be mailed out.
The FAQ goes on to also say, you don't usually file a
to file a return and you used non-filers,
entered payment info here but we haven't processed
your entry (laughs softly) yet so,
do you see a theme here?
We haven't processed your entry yet.
Another bullet point.
You received a SSA or RRB form 1099 or SSI or VA benefits,
information has not been loaded to our systems yet
for people who don't normally file a tax return.
Or you're not eligible to receive a payment
and has a link to that.
We've discussed that in great detail
if you qualify or don't qualify
for the $1200 stimulus check.
But basically, what if you just want to put
a nice little theme all into what the IRS is saying here
is that, man, we just
we just don't, we just don't have time.
Like we're just swamped.
We're trying to do everything that we can.
We just haven't processed everything,
we made this tool available so you can see
where your check is but the reality is that
we just don't have the manpower
to finish all of these tax returns.
Now I hope that this will continue to be updated.
I know I have seen many people share on social media
that they did get the status update saying
that their check was going to be mailed out on the 24th.
I wish there
if you do get, if you have received that message,
I'm curious (laughs) did they give you
some sort of tracking ID that you can see
like what the status is, kinda like
your UPS or Fedex delivery?
So you can see where it is, what the status is.
Hell, it's getting ready to arrive to your mailbox.
Great, awesome, because man,
like okay, yeah it's mailed on the 24th,
but is it gonna take yeah five weeks
to actually get it to yeah.
Anyways, it's a whole other story, but just wanna give you
some information on the latest, the greatest,
on what's goin' on with the stimulus check,
what's goin' on with the Get My Payment IRS tracking tool.
Got more updates coming.
Be sure to subscribe sou can get more of this information
that you need to just get through this crazy time.
Alright y'all this is Jeff Rose reminding you
that it's your money, it's your life, y'all.
You can make it awesome.
'Til next time, peace.