Stimulus checks to all of the eligible taxpayers it has on file have been finished being issued, according to the Internal Revenue Service (IRS). This means some Americans will be required to ask for the money when they file their tax return for last year. If you are still waiting for your $600 stimulus check, a Plan B could be necessary.
The IRS declared on Tuesday it has completed all "first and second Economic Impact Payments." The "Get My Payment" link will not be updated for either anymore.
Haven't Received Your Stimulus Check? Here Is What to Do
This means taxpayers who have yet to receive their stimulus checks or received less than they think they are eligible for will need to claim it on their 2020 tax return. According to the IRS, it transferred over 147 million second-round stimulus checks, amounting to over $142 billion, reported CNBC.
It was required to issue the $600 payments by the middle of January. This is in order for it to move on to processing 2021 tax returns, reported Click Orlando.
Since they filed their 2019 tax returns, eligible people who have moved or changed bank accounts could not have received the stimulus check but can claim it on their 2020 tax return. Those who are not qualified to file federal taxes because they earn less may have also missed out. They would have to file a return this 2021 to receive the funding. Qualified Americans who did not receive the first or second stimulus checks could claim a Recovery Rebate Credit on their 2020 tax returns. This will be on line 30 of the 2020 Form 1040 or 1040-SR.
The issuing of the second series of stimulus checks was authorized by Congress in late December. An estimated $142 billion was sent, helping bolster retail sales in January 2021 for the first increase in months, reported CNN.
As part of a $900 billion COVID-19 relief package passed, the stimulus checks were approved by Congress. The federal government, within days, started disseminating the money.
Some payments could still be in the mail. Otherwise, you will have to use a recovery rebate worksheet to surmise how much you must receive and claim that amount on Line 30 on your tax return last year. The IRS will include your stimulus check as part of your refund check.
The "Get My Payment" tool updated taxpayers on the status of their deposits or stimulus checks. It was updated on January 29, 2021, and will not be refreshed again for the second stimulus check.
An estimated $142 billion was sent out to provide financial assistance to Americans. Congress is considering a third series of direct payments, and lawmakers hope to get this legislation passed by mid-March.
Not everyone who received the initial series of $1,200 payments that went out last spring was qualified for the second $600 check. The smaller payments phased out faster. This excluded individuals who earn over $87,000 per year and couples without children earning over $174,000 a year.
The IRS began accepting 2020 returns on February 12. Individuals with a salary of $72,000 or less in 2020 can access the IRS's Free File Program in order to file their federal return.
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