Need Money? More Stimulus Checks Can be Claimed Next Week!

If you didn’t get a first and second Economic Impact Payment or got less than the full amounts, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return even if you don’t usually file a tax return, the IRS says.

Reports say that up to $1,800 can be received per check starting next week, but the check amounts vary based on the taxpayers’ 2019 returns. A change in family dynamics or in employment would have affected the total amount in the checks. 

People expecting payments should have their taxes filed by October 15. However, those who were affected by federally-declared disaster areas or members of the military serving in combat zones were also not being forced to file by the deadline.

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CNBC says that for anyone who received less than they are owed, they will be able to collect the difference as part of their tax refund or deduct whatever taxes they are on the hook to pay once the return is processed. 

To claim your stimulus payments, you need to act quickly. The IRS website says if you haven’t filed a 2020 tax return, it’s not too late if you missed out on the first two rounds of stimulus payments.

If you didn’t get a first and second Economic Impact Payment or got less than the full amounts and are eligible for them, you can get that missing money, but you need to act soon. 

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The tool is focused on the Child Tax Credit, but you do not need to have a child to use the tool to claim your Third Economic Impact Payment. If you’re eligible, you should file or use the tool as soon as possible to give the IRS time to process and issue the payments before the end of 2021.

The fastest way to get your Recovery Rebate Credit (sent as a tax refund) is to file electronically and have it direct deposited into your financial account. You can use a bank account, prepaid debit card, or alternative financial products for your direct deposit. You will need to provide routing and account numbers.

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To avoid refund delays, you will need the amount of any first and second Economic Impact Payments you received to calculate your 2020 Recovery Rebate Credit amount using the RRC Worksheet or tax preparation software through viewing your online account and IRS letters. 

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