The IRS sent a letter to every individual who received a stimulus check. Signed by President Biden, the letter contains important details that will help you to claim any amount that was missed out by the authorities.
The IRS sent out the letter after disbursing the third stimulus check. It confirms the payment and is a vital document if you have not received your stimulus check. It is also a vital document if you are eligible for more than you have received.
The stimulus payments are being sent out in patches and over 164 million payments have already been dispatched by the IRS.
If you do not get your stimulus check within a reasonable time, you can check through the Get My Payment tool for updates. If more than a week has passed after the IRS has sent your payment through a direct deposit, you need to file a payment trace.
If the stimulus check has been sent through the postal service, you should wait for at least a month before filing a trace. You can make use of the free tool of the US Postal Service to track your paper check or pre-paid debit card.
Getting The Right Amount Through A Catch-Up Stimulus Check
If the IRS has based your stimulus check on your 2019 returns, the amount may not be correct. This can be rectified by filing the latest 2020 tax return before the May 17 deadline.
This will update all the information available with the IRS. It may be the birth of a child in 2020, or updated information on eligible dependents.
A drop in income in 2020 will also enable you to get a bigger amount. This difference is being sent out through a plus-up payment by the IRS.
Filing your 2020 tax return will also help you if you have not received any part or the full amount of the first and second stimulus check.
Called Notice 1444-C, the letter from the IRS contains vital information. It normally reaches a couple of weeks after the stimulus check. It details the amount that you were paid and the mode of payment.
If the amount mentioned in the letter doesn’t match your calculations, you can apply for the balance. The letter should accompany your application. It will also help you if you file a Recovery Rebate Credit along with your 2021 tax returns to claim any pending amount.
Make sure that your mailing address is updated in the records with the IRS. Inform the US Postal Service and the IRS every time you move.
You can always refer to the IRS website if you misplace your letter. If you do not have an online account with the IRS, you can register on the account page of the website. You will need financial and tax information, a mobile number, and an email address, to activate the account. Married couples will have to create individual accounts.