File or refile your tax return for the year of the missed $1,400 Stimulus Check to qualify for this Recovery Rebate Credit. To get one or both 2020 stimulus payments, submit a new or revised tax return by May 17, 2024. April 15, 2025, is the last day to claim the 2021 stimulus package credit.
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$1,400 Stimulus Check Update
In 2020 and 2021, as a component of three rounds of COVID-19 relief legislation, the IRS distributed $1,200, $600, and $1,400 Stimulus Checks in Economic Impact Payments to millions of Americans. You may still be able to claim a tax credit even if your actual payment was less than or equal to one of those amounts.
This Recovery Rebate Credit may only be claimed if your tax return for the year in question was either submitted or refiled. To claim either of the stimulus payments from 2020, you must submit a revised or modified tax return no later than May 17, 2024. The stimulus package from 2021 must be claimed no later than April 15, 2025.
1st and 2nd Rounds of Stimulus Payments
If a person’s adjusted gross income (AGI), which is their income less certain deductions, was $75,000 or less (or $150,000 for married couples), they were eligible for full stimulus payments.
Based on your tax information from 2018 or 2019, the first two payments were made. With every $100 above the income level, the IRS withheld $5 from the stimulus funds.
$1,200 for single people, $2,400 for married couples, and $500 for each eligible dependent were the first complete stimulus payments. For single people, the second full stimulus payment was $600; for married couples, it was $1,200; and for dependents, it was $600.
Earnings above $99,000 ($198,000 for married couples) disqualified you from receiving the first stimulus payment. Your payment for the second stimulus check decreased to $0 after your adjusted gross income (AGI) hit $174,000 for married couples and $87,000 for single people.
3rd Round of Stimulus Payments
The third stimulus checks were computed using your tax data from 2019 or 2020. For individuals whose AGI was $75,000 or less (or $150,000 for married couples), they were eligible for the full stimulus payout.
For single people, the whole payment was $1,400; for married couples, it was $2,800; and for each dependant, there was an extra $1,400. Your third stimulus payment was partially applied if your income exceeded the threshold but not by more than $80,000 ($160,000 for married couples).
How to claim a missing stimulus payment?
If you received less than the full amount of an Economic Impact Payment, or if you did not get one at all, you may be able to claim a Recovery Rebate Credit on your 2020 or 2021 federal tax return.
It’s critical to realize that several tax years were covered by the Economic Impact Payments. To be eligible for a Recovery Rebate Credit, you will need to submit a tax return for 2020 or 2021, depending on whether you missed the first, second, or third payment.
Only the first and second-round stimulus payments that are incomplete or absent may be claimed on your 2020 federal tax return. You may claim any incomplete or absent third-round stimulus funds only on your federal tax return for 2021.
You have until September 30 to submit your 2020 taxes penalty-free if you’re overdue. Taxpayers who received an extension to file their 2021 taxes have until October 17.
Who Might Qualify for the Recovery Rebate Credit?
The recovery rebate tax credit has the same income conditions as the stimulus payments. Therefore, if you submit a federal tax return and claim the credit, you could be entitled to extra funds if a stimulus check missed you or you only got a portion of the payment.
Keep in mind that you should contact the tax authority to locate the payment rather than apply for the recovery rebate credit if you discover that the IRS sent you a stimulus check but it was misplaced.
Who Isn’t Eligible for the Recovery Rebate Credit?
You are not eligible for further funding if you received all of the stimulus funds. Furthermore, if someone else can claim you as a dependant, you cannot accept the credit.
Furthermore, the recovery rebate credit is only available to “resident aliens” or residents of the United States. You are not eligible for the credit if you are a “nonresident alien,” or someone who has failed the green card application process.
Additionally, if you do not possess a Social Security number, you are ineligible. However, in certain cases, if you’re married and your partner has a Social Security number, you may still be eligible for the credit even if you’re not enrolled in the Social Security system.
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