This is a time of considerable uncertainty for a lot of Americans. Many have lost their jobs, and virtually everyone is concerned about their health and the health of their loved ones. On the economic front, the stimulus checks that were promised by the Treasury Department will come as welcome relief for many individuals. However, the news is not all good, as there are a few people who will not be eligible for those funds. Here are some of the potential reasons why the stimulus payment will not be coming your way.
You Owe Child Support
No one likes to be in arrears when it comes to their child support payments. Sometimes, unforeseen circumstances can happen, and you fall behind. If you’re someone who is in this situation, though, it’s going to be particularly challenging for you at the moment. That’s because the federal government is not going to release a stimulus check to you until you pay what you owe. Figure out a way to do so, and then the money will be yours.
Most College Students are Not Eligible
Anyone who is considered to be a dependent will not qualify for a stimulus check. Why does this matter for college students? It works like this: a full-time college student under the age of 24 is thought of as a dependent of their parent, even if their primary residence is the dorms or somewhere off-campus. If they are not married and filing a joint return, and if you provide more than half of their support, then they’re your dependent, and no stimulus check will be forthcoming.
The Correct Bank Account is Not on File
You’ve probably heard by now that those who will receive the money fastest are those who filed their income taxes in 2019 or 2018, and gave their bank account number and routing number so they could receive a direct deposit of their refund. If no bank account is listed on your tax return, then that means the money will be mailed to you if you are eligible for it. That might make a huge difference. It could be several months before the government cuts you a physical check and sends it out.
Your Previous Tax Return Makes You Ineligible
If you made too much money on your last tax return, whether it was for 2019 or 2018, then you are not eligible for a stimulus check. The reason that might be so detrimental is that you may have lost the job that you used to have due to COVID-19 in the time since you last filed your return.
This seems unfair, as you need that stimulus money now, but an assessment is being made based on what you used to make. All is not lost, though. In that situation, you’re probably going to be eligible to file for unemployment. That stimulus check would undoubtedly have come in handy, but unemployment is better than nothing.