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Saturday, May 28, 2022

Stimulus Check News: What To Do If You Miss A Payment?

There are several reasons why you might miss out on stimulus checks in 2022.

Following the outbreak of the pandemic, both Trump and Biden’s administrations organized stimulus checks, officially called Economic Impact Payments. Three different stimulus checks were sent out to low- and medium-income families, with a payment of $1,200 in April 2020, one of $600 in December 2020, and one of $1,400 in March 2021.

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However, some people haven’t yet claimed the full amount of stimulus money that they were supposed to receive. It isn’t too late, though, as these people might still be able to backdate their stimulus checks.

“People who are missing a stimulus payment or got less than the full amount may be eligible to claim a Recovery Rebate Credit on their 2020 or 2021 federal tax return,” the IRS explains.

Stimulus Check Update: Recovery Rebate Credit

There is a section on the IRS website that details how the Recovery Rebate Credit process works.

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“If you didn’t qualify for a third Economic Impact Payment or got less than the full amount, you may be eligible to claim the 2021 Recovery Rebate Credit when you file your 2021 tax return,” the IRS explains.

“You must file a return to claim the credit, even if you don’t usually file a tax return. The credit is based on your 2021 tax year information, so any third Economic Impact Payments you received will reduce the amount of the credit you’re eligible for. Your 2021 Recovery Rebate Credit will reduce any tax you owe for 2021 or be included in your tax refund. You will need the total amount of your third Economic Impact payment and any plus-up payments to claim the 2021 Recovery Rebate Credit.”

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