Many Americans hope that at some point the federal government will be able to offer additional stimulus funds to households in the nation, but so far there is no indication that this will happen in the foreseeable future. Despite the significant number of signatures on stimulus petitions, there has been virtually no progress on that front as of early February, according to Fool.com
Low-and moderate-income households are likely to be hit hard by the current lack of stimulus or tax credit money. The Child Tax Credit payments that were deposited into their bank accounts or mailboxes during the second half of 2021 have become a major source of income for many of these households.
According to numerous studies, this helped families pay for groceries, childcare, school supplies, and other necessities.
The stimulus and tax credit money issued by the government in 2021 benefited hundreds of millions of households, but not everyone who qualified received what they were owed. Since the money from both of these stimulus programs can be claimed on taxes this year, you still have time to claim any money owed to you by the federal government. In addition, you can easily check whether you received all the stimulus money you are owed. Below, you can discover how to do that.
Find Out If You’re Owed Stimulus Funds
More than 160 million people received the third stimulus payment in early 2021, which was worth up to $1,400 per adult and dependent. The majority of people qualified for the stimulus payment, but not all did.
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There is still time for you to receive the money from the third stimulus payment if you are still owed it. When you file your 2021 taxes, just claim it as a Recovery Rebate Credit. Upon processing of your tax return, the missing stimulus money will be added to the refund you receive.
Please check to see if you are entitled to the third stimulus payment before you claim it on your taxes. All you need to do is check your mailbox to see if the IRS has sent you Letter 6475.
Earlier this year, the IRS sent out letters to help individuals determine whether they can claim money as part of the third stimulus program on their taxes. This letter also includes instructions on how to claim the money on your taxes as part of the Recovery Rebate Credit, in addition to determining if you qualify.
That information will be necessary to ensure that your tax filings are error-free, allowing your tax refund and stimulus payment to be processed quicker. You should keep this letter on hand in case you qualified for your third stimulus payment but did not receive it – or if you received some but not all of the stimulus money you were eligible for. This will avoid missing out on funds or facing long processing delays because of incorrect application information.
How to Discover If You’re Due For More Child Tax Credit Funds
When you file your taxes, you may not be able to claim only the third stimulus check. The second half of the Child Tax Credit is available — to millions of parents. And just like stimulus money, you can find out how much you owe easily.
Refer to Letter 6419, which is also from the IRS, to find out what you can claim for the Child Tax Credit. If you received any tax credit payments during the second half of 2021, this letter will outline pertinent information about those payments. The IRS will include the number of dependents and the total amount of payments you have received.
You can use this information to figure out what you can claim for the Child Tax Credit. In addition to being useful for filing taxes, it will also reduce the chance of errors on your return, since the information found in that letter will be used. You should compare the information on Letter 6419 with what you include in your tax filing to avoid delays or other issues.
