Taxpayers who did not receive stimulus checks, or who received an incomplete amount, can still claim their money despite the IRS announcement.
Feb. 17, 2021, 1:30 PM -05 / Updated Feb. 17, 2021, 2:18 PM -05 / Source: Telemundo
The Internal Revenue Service (IRS) reported this Tuesday that it has already issued all economic stimulus checks for taxpayers who qualify to benefit from this $ 600 aid approved by Congress at the end of last year. But those who are eligible and have not received the money, still have a chance to claim it.
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Although most people have already received the checks, the checks may not have reached some households. In this case, individuals can claim a Refund Recovery Credit on their 2020 tax return.
It should be remembered that those who received the full amount of the checks do not have to provide that information on their tax return. In general, all citizens or residents with a Social Security number were eligible to receive the payments. For the second payment, couples with mixed immigration status, in which one of the members had a Social Security number, were also eligible.
The first economic impact payment, approved last spring, was $ 1,200 per person, 2,400 for married couples filing jointly, plus $ 500 for each child. The second payment was $ 600 per individual, $ 1,200 for married couples, plus $ 600 for each child.
How do you know if you are eligible for this credit?
Since the stimulus checks were sent based on the information provided on the 2019 and 2018 tax returns, it is possible that some people did not receive the full payment or amount even though their income decreased due to the economic crisis due to the coronavirus pandemic.
However, once they file their taxes for 2020, they may be eligible to receive the Refund Recovery Credit.
According to the IRS, they will be able to request the refund:
- If you were eligible, but did not receive any of the stimulus checks, or did not receive the full amount.
- Those who received less money because their adjusted gross income was too high to qualify for the full amount of the checks, but who had lost income during fiscal year 2020.
- Who had or adopted a child under the age of 17 during fiscal year 2020.
Those who were claimed as dependents in 2018 or 2019 tax returns, but who were no longer so in 2020.
- Those who received a Social Security number before the 2020 tax return due date.
- If you are part of a mixed immigration status couple and did not receive the first round of stimulus checks.
- If you did not receive the full amount of the checks because you filed your 2019 tax return as a qualifying widow or widower and your 2019 adjusted gross income was more than $ 75,000.
Who are not eligible?
Who can be claimed as dependents on the 2020 tax return of other taxpayers, such as college students or seniors.
Those who do not have a valid Social Security number for employment before the tax filing season expires. This does not include those who are part of a married couple with mixed immigration status.
Foreigners or non-residents of the United States.
Heirs or assignees.
Those who died before January 1, 2020.
How to claim the credit?
If you are eligible for the credit, you must file your tax return, even if you are not required to do so this tax year.
Those with an income of $ 72,000 or less can file their federal tax return electronically, free of charge, through the IRS Free File program. This platform will help you calculate your refund. You can also use the Refund Recovery Credit worksheet in the instructions for Form 1040 and Form 1040-SR.
To calculate your refund, you need to know how much money you received through stimulus checks. To confirm this information, log into your account with the IRS through your individual online account. If you miscalculate, the IRS will correct the information on your tax return.
The easiest and fastest way to obtain the refund credit, according to the agency, is by filing the tax return electronically.