IF you did not receive a stimulus check by the January 15 IRS deadline, or received the wrong amount, there are steps you can take to get your money.
The IRS set a deadline in mid-January in an effort to get money out to Americans in need quickly as the country continues to grapple with the Covid pandemic.
However, not everyone has received the right amount of money on time.
Individuals who made less than $75,000 in 2019 and married couples who made less than $150,000 qualify for the full $600 – as they did for the full $1,200 when the first round of stimulus payments went out in the spring of 2020.
Couples with children under 17 may also qualify for an additional $600 per dependent.
If you have not received your check or received the wrong amount, there will be an option to submit for the money on your 2020 tax return.
There will be something called a Rebate Recovery Credit form that those who have not received the correct payment will need to fill out.
To check if the IRS has sent a payment, and it has just not arrived yet, the IRS offers a Get My Payment tool on their website.
If that tool says a payment is not on the way, the Rebate Recovery Credit will need to be claimed when filing your 2020 taxes.
On the 1040 Tax Form, a line 30 has been added where qualifying Americans will be able to report that they were underpaid on either stimulus check.
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So, if you believe you received the wrong amount – or wrongly didn’t get a check in the spring or at the end of 2020 – you’ll need to report that using the form.
If using a tax service like TurboTax, make sure you check the stimulus amounts you received to see if you qualify for the Rebate Recovery Credit.
New parents may also be able to claim money for their newborns using this credit, according to CBS 8.