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While $ 1,400 worth of new stimulus checks are sent out to millions of Americans, some may still wonder why they didn’t get any money from the first two direct payments.
The U.S. government sent out three rounds of stimulus checks for up to $ 1,200, $ 600 and $ 1,400 last year in response to the coronavirus pandemic.
The first stimulus payments of up to $ 1,200 per person were approved by Congress last spring. Meanwhile, the $ 600 and $ 1,400 more recently payments were approved in December and March, respectively.
The direct payments are aimed at individuals and families below certain income thresholds. In general, individuals with adjusted gross income up to $ 75,000 for singles, $ 112,500 for heads of household, and $ 150,000 for married couples filing together are eligible for full payments.
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The controls for income above these levels will be phased out. These terms vary depending on the stimulus test.
If you didn’t receive any money from the previous checks – or if you received less than what was due – you can still try to claim the money from the US government.
This tax season, a refund credit has been added to returns so people can claim unpaid stimulus check funds.
However, you will need to file a 2020 tax return to receive this money. This also applies if the IRS does not require you to submit a return.
If you received money from the first or second stimulus check, you also need to know exactly how much was paid.
You can use a recovery discount credit worksheet to determine if you are eligible and how much money you are eligible for. These instructions are available on Forms 1040 and 1040-SR.
If you are filing electronically, the tax software you are using will help you calculate unclaimed stimulus check funds.
You can file your federal tax return for free using the IRS Free File Program as long as your income is $ 72,000 or less.
To get a stimulus check or tax refund money faster, the IRS recommends making the electronic filing and providing your bank account and routing numbers.
At the latest with stimulus checks worth 1,400 US dollars
This tax season, the government is also issuing a third tranche of third stimulus checks for up to $ 1,400 per person plus $ 1,400 per eligible family member.
Last week, the IRS and other agencies announced that around 127 million checks have been sent to date for a total of around $ 325 billion.
These $ 1,400 payments are generally based on 2019 or 2020 tax returns, whichever was most recently filed and processed by the IRS. Those who have used the IRS non-filer tool in the past year should also receive their payments automatically.
There are also benefits to filing a 2020 return to receive payment of $ 1,400, according to the IRS.
If your income falls between 2019 and 2020, you may be eligible for a higher payment. The IRS has announced that it may be able to send follow-up payments to these individuals after their 2020 tax returns are processed.
Filing a 2020 tax return will also allow you to update your direct deposit information.
This tax season also requires non-applicants to file a tax return to receive their payment, unless they have already submitted their information to the government.
It should be noted that people receiving federal benefits – such as Social Security, Supplemental Security Income, Railroad Retirement Board, and Veterans Affairs – generally receive their stimulus checks automatically, although there have been delays in the processing of some of these payments.
By filing a tax return, the IRS can evaluate other benefits that you may be eligible for, such as: For example, the extended tax credit for children, the tax credit for earned income or other benefits.