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Tuesday, June 28, 2022

Stimulus Check: Options To Claim Missing Checks From The Previous Rounds

The third stimulus check of $1400 is on the way for millions in America. However, you might have missed out on the first two rounds of stimulus payments and still waiting for them.

The United States government has sanctioned a total of three stimulus check rounds: $1200, $600, and $1400 successively in the previous year to tackle the pandemic.

Recovering Missed Stimulus Check Amounts

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The first round was sanctioned last spring while the latter ones were authorized much more recently, December and March to be precise. The full payments are on average for those whose AGI is less than 75000 USD if single, 112500 USD if the head of a household, and 150000 USD if they are joint filers or married couples.

The amount is decreased as the income exceeds the minimum range. However, if the first two payments have still not arrived then there is a way to claim it from the United States government.

The IRS has included a special recovery rebate credit this tax season especially for this purpose. However, all individuals, even if they are usually non-filers, have to file their federal tax return for 2020 to avail of it. Moreover, if you have been paid any amount already, the form will also need you to note that down.

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For those who do their taxes offline, Form No. 1040(/SR) have the required instructions on how to calculate the deserved amount. For electronic filers, your tax software will have it. A federal tax return can also be filed using an IRS program on their website. It will not have any extra charges assoicated.

The IRS says electronic and online filings will be processed faster. As of last week, official reports counted 127 million stimulus checks have been delivered, worth 325B USD.

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