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Saturday, May 15, 2021

Stimulus Check Missing? Here’s What The IRS Has To Say About the $1,400 Payment

To date, around 161M stimulus payments have been sent by the IRS. This direct cash infusion is part of the various measures included in the $1.9T American Rescue Plan. Many Americans are yet to get their stimulus check though. And the cut-off date is close.

If you haven’t received your check, here is what the IRS advises you to do.

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If you haven’t received any part or the whole of the previous two stimulus payments, you can make use of a Recovery Rebate Credit worksheet for calculating the amount and claim it. This worksheet is part of your income tax returns for 2020. It should be filed in Form 1040/1040-SR. The details are in line 30 of the form. You will receive the amount as a refund.

You also need to file your tax returns immediately before the May 17 deadline to claim all or part of the third stimulus check that is part of the American Rescue Plan. This should help the IRS get all the relevant information, including your bank details, your mailing address, the details of all eligible dependents, and other personal details.

If you haven’t received any part of the stimulus check, you will get it as a ‘plus-up payment.

Some Will Get Their Stimulus Check Routinely

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Those who get federal benefits, for instance, people under the SSI/SSDI schemes and veterans, will automatically receive their stimulus check. But you could lose out on the correct amount as certain information such as the birth of a child, the addition of dependents, and any drop in income will not be reported to the IRS. You can rectify the same and give the current information by filing your tax returns.

The full amount of $1,400 in the stimulus check is for those individuals earning below $75,000. It decreases and gets phased out at $80,000. The corresponding figures are $112,500 and 120,000 for the Head of household and $150,000 and $160,000 for married couples who file jointly.

You can follow the status of your stimulus payment on the Get My Payment app.  

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