Did you get all of your stimulus checks or deposits? Some individuals are still waiting for their first, second, or third payments. Fortunately, you and others can still file claims for your missing money.
Even if you received a check or a direct bank deposit, you should verify that you got the total amount. The government is issuing Plus-Up Payments to taxpayers who received a partial third Economic Impact Payment based on their 2019 tax return but qualify for a more considerable amount based on their 2020 filing. Learn more about how to get all of the maximum stimulus amounts.
The first stimulus checks went out in April of 2020, just a couple of months after governments categorized COVID-19 as a pandemic. The Economic Impact Payments were part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Qualifying adults could get up to $1,200 each, and parents could receive $500 for each dependent younger than 17 years of age.
The COVID-related Tax Relief Act of 2020 authorized a second wave of stimulus checks in December 2020. Qualifying adults could receive up to $600 each, while parents received an additional $600 for each minor dependent younger than 17 years of age.
The IRS calculated and sent out payments based on taxpayers’ 2018 or 2019 filings. However, you may not have received full payment amounts if you:
- Did not file your taxes.
- Experienced an income change.
- Had a new dependent.
The third round of stimulus payments is part of the American Rescue Plan Act of 2021, and it provided up to $1,400 to single filers or $2,800 for married couples filing jointly. Parents with qualifying dependents could receive an additional $1,400 for each.
If you qualify but did not receive the full amount for the first two payments, you can claim the money on your 2020 taxes. You will need to file your 2021 taxes to claim the third payment.
If you do not file taxes typically, you can still claim your tax credits using the Non-filer Sign-up Tool. The 2020 tax filing deadline was October 15, 2021, but there is no penalty if you do not owe taxes. You can also establish an online account on the IRS website to check your third payment amount and status.
Next, check out what information you need to claim your stimulus payments.
By Admin –
