While the IRS has revealed it’s deposited stimulus payments into bank accounts for 130 million U.S. residents, about 20 million people are still waiting for their money to arrive.
That’s according to a CBS MoneyWatch analysis of IRS data, which also reveals more West Virginia residents have received their money than people in any other state. Dead last on the list is New Jersey, where seven in 10 residents have gotten their stimulus payments. The study cites the IRS’ policy of giving the money to lower-income residents first as a potential reason for the delay. New Jersey’s median income is $82,000, which is almost twice as much as West Virginia’s $44,000.
Another factor that might be delaying payments is confusion over direct deposit, according to MoneyWatch . Although the IRS has said it would automatically make deposits into accounts it already has information on, accounts used to pay taxes through an electronic funds withdrawal don’t qualify. People who fall into this category need to visit the IRS website and enter their account information, according to the agency.
Source: https://www.cbsnews.com/news/stimulus-checks-20-million-waiting-payments/
