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Friday, December 3, 2021

Waiting For Your Stimulus Check from 2020? File Your Tax Return To Claim It Fast

Many people are yet to get their stimulus check. And that includes payments from the first two rounds paid in 2020. But there is time for you to claim any missing stimulus money. But you need to file your tax returns before the May 17 deadline to claim them.

You may have received a stimulus check but it could be only part of the payment to which you are entitled. You might have missed out on several add-ons to the payment if you have not filed your tax returns for 2020. You might have welcomed a baby into your family in 2020 for which you could get an additional $1,400. You could also claim for an older dependent.

Getting The Right Amount In Your Stimulus Check

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If your income has dropped in 2020 due to the economic crisis brought about by the pandemic, filing fresh returns could increase your stimulus amount.

Submitting a return also helps the IRS get all your banking details and helps them send the stimulus check through direct bank transfer. You will get your payment within a week. Relying on the postal service could set you back by a month.

If you collect federal benefits, you will get your stimulus check without filing your returns. But then you would still not be able to give all information on any dependents. You could receive up to an additional $1,400 for each dependent.

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Filing your returns will also help you claim any pending amount from the first two rounds of the stimulus check of $1,200 and $600 respectively. The details can be entered in line 30 of Form 1040/1040-SR.

The tax preparation tools will help you calculate the total amount you could receive including for your dependents. Once you submit the returns, the IRS will send the difference as a plus-up payment.

The IRS sends letters to tax filers to explain any rectifications. Your calculation might not tally with the IRS if someone claimed you as a dependent in 2020. Also, a dependent who has crossed 17 years on January 1 2020 will be ineligible for the previous two checks.

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