Haven't received your stimulus check? What you need to know about the Recovery Rebate Credit

Frustrations continue to grow for Americans who haven't received their second stimulus payment. Now the news gets worse: they'll need to file what's known as a Recovery Rebate Credit to get their money, which means it could take weeks even months to get their stimulus funds.

"I need the money now. I needed it yesterday," said Durham, North Carolina resident Rebecca Maupin.

Maupin doesn't have her $600 stimulus payment, even though the IRS's Check Your Payment status claims the money was deposited.

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"To me, it's just not acceptable anyways. There should be some accountability. It's a lot of money to just be lost in cyberspace."

Kim Feltner is also wondering what happened to her stimulus funds. When she checks the status on the IRS's website she gets the message Payment #2 Status Not Available.

With that message, the IRS says you will have to wait to get your money.

"What good is that going to do?" Feltner asked.

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While the IRS is sending out the second round of stimulus payments, some are reporting problems with the money being deposited into a bank account they don't recognize.

The IRS states for those consumers getting this payment status not available or who don't get the stimulus money that they're owed, they will have to claim the Recovery Rebate Credit listed on line 30 on Form 1040 on their 2020 taxes.

"A refundable credit that can come in and lower your tax liability and actually give you a refund," said CPA Faith Bynum.

Bynum said it will take time but you will eventually get the stimulus money you're owed.

Even if you don't file taxes you can still file for the recovery rebate credit with the 1040 form, but at this point, the filing lines for the IRS aren't even open yet.

"Normally the IRS seems to open their electronic filing lines around the third week of January, normally around the 21st or so. Those who have not received it will have to wait a little while longer in order to file your 1040 and get your refundable rebate credit," Bynum said.

She also suggests you file it electronically for a faster response from the IRS.

Unfortunately, even if you file for a recovery rebate credit, it isn't clear how quickly the IRS would process those payments.