Missourians await IRS tax refunds and stimulus checks

COLUMBIA, MO (KMIZ)

The third rounds of stimulus check payments are expected to hit many American's bank accounts Wednesday morning, many are tracking the status of payment along with tax refunds.

Thursday, President Joe Biden signed the $1.9 trillion COVID Relief Bill. The bill included up to $1,400 direct payments for most Americans. This is the highest amount in stimulus payments sent out to Americans yet.

Those who have direct deposit or bank information on file with the IRS are expected to receive the payments first. Others will receive a check or prepaid card in the mail with funds. Checks being mailed out for both tax refunds and stimulus checks are expected to see a delay.

"People that have direct deposit information on file with the IRS will get them faster, once they got those sent out people that are going to be receiving paper checks should be receiving those in the next 4 weeks,", said Amanda Ancell, the Columbia Area Supervisor for Jackson Hewitt.

The IRS has announced mailed documents are seeing COVID-19 Mail Processing Delays. The department is asking people who have submitted their returns by mail to not file another tax return or call the IRS as the department is working through mail as it is received.

Almost a week after President Biden signed the bill and many are still looking for when their payment will come. Some Americans received payments as early as Friday, as others are still waiting.

The IRS has announced March 17 as the official payment date for stimulus checks. According to the IRS, a large majority of Americans who qualify for the payments should expect to see it in their back accounts Wednesday.

Local tax offices are working to assist residents with filing taxes and tracking payments. As many who are mailing in their payments are expected to see delays in receiving their tax return due to COVID-19.

"The biggest concern this year would be people that have to mail in their returns because the IRS is already looking at there being months on backlog on that. I can't really say the exact amount of time, because the IRS has a lot on their plate right now, but we're looking at possibly next year before people that are mailing their returns could see their return come back to them,", said Ancell.

Ancell says people should file their taxes as soon as possible because the deadline is less than a month away. April 15 remains as the deadline to file taxes, as it has not been extended as some would expect.

This year people need to ensure to include any unemployment benefits received. Ancell says those who have become self employed by becoming an Uber driver or delivering with Door Dash have run into issues with filing. Many have not paid their taxes on their own which could cause them to owe the IRS at the end of the year.

"One of the biggest issues that I've seen so far is there's a lot of people driving for Uber doing Door Dash things of that nature and they don't know what their deductions could be and they don't have the proper record because they haven't kept track or they didn't know,", said Ancell.

Ancell advises anyone with concerns about their taxes to speak with a tax professional to receive the best guidance.  

Officials say using the IRS Refund Status Tool on it's website will help to track the status of refund payments. Those who are looking to track the status of stimulus payments can use the 2021 Economic Impact Payment Status tool on it's website.