You Have One Last Chance To Get Stimulus Check Money — Here’s How

Although the first two stimulus payments have already been issued, the third Economic Impact Payment of up to $1,400 per person is still available.

As of January 2022, the vast majority of the American Rescue Plan-authorized payments that were originally due in March 2021 have been distributed to their respective recipients by direct deposit or mailed checks. If you haven’t gotten yours yet, or if you think you could be eligible for more money, you can file your tax return for 2021 by April 18.

Though it was calculated using your reported income and dependents from 2020 or 2019, the third stimulus check was actually an advance on the 2021 Recovery Rebate Credit credit. If your income drops or your family size grows in 2021, you may be entitled to a larger payment. Even if you don’t submit a tax return in 2019 or 2020, you may still be eligible for the entire benefit.

how to apply for stimulus check
how to apply for stimulus check

How To Claim Stimulus Funds In Your 2021 Tax Return

If your adjusted gross income is $75,000 or less and you file as a single taxpayer or $160,000 or less if you file as a married couple, you may be eligible for up to $1,400 in the third round of stimulus payments. Every child or adult who lives in the household is eligible for $1,400 each year.

See if the money has already been transferred to your account before requesting it. Logging into your IRS online account or using the Get My Payment app will confirm the amount and delivery status of the third payment. The IRS will also send you a letter (Notice 1444-C) detailing your tax debt.

If you have misplaced or think your stimulus check was stolen, you can have the IRS track it down and provide you with a replacement check or a refund in the amount. The Recovery Rebate Credit Worksheet should not contain the payout amount if your 2021 tax return is filed before your trace is complete.

If you don’t, fill out the Recovery Rebate Tax Credit form and include it with your 2021 tax submission. You can figure out how much you are eligible to receive with the help of the worksheet. Afterward, you can write it off on line 30 of your 2021 Form 1040 or 1040-SR.

As an added bonus, tax preparation software will walk you through each step and add the results directly to your return. Don’t file an amended return if you learn you miscalculated the Recovery Rebate Credit. The Internal Revenue Service will modify it mechanically. They need to send you a letter whenever they make a modification so you can dispute it if you feel it was done wrongly.

And don’t forget, if your income is $73,000 or less, you qualify for the IRS’s Free File Program and can file your taxes without paying a dime.

I hope you found the information presented above to be of use. You can also look through our news section, where we normally cover all of the most recent news and happenings around the world. Visit our website if you’d like to learn more about this topic.

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