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Tuesday, December 6, 2022

Stimulus Check Update: File A Tax Return To Avail It

The third stimulus check payment was quite big news when it came out for it meant a sum of $1,400 in one’s pocket along with $1,400 for every dependent. But the thrill died down pretty quickly and turned to disappointment and frustration for those individuals who didn’t receive a payment or didn’t get the entire amount. If you belong to the latter category, there is good luck in store for you as you would still be able to claim the third stimulus payment that you deserve- but you would need to file a tax return for 2021 to get the payment. 

How To File A Tax Return For The Third Stimulus check?

Quite a large section of the population found themselves in a spot of bother because they simply weren’t deemed eligible for another stimulus check payment. However, others were left out of the payment for reasons that fortunately won’t prevent them from getting paid this year.

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For example, if you didn’t receive a payment because you didn’t end up filing a tax return for either 2019 or 2020, you will still be able to claim the payment when you file a tax return for 2021. If you gave birth to a baby in 2021, you will still be receiving the extra $1,400-per-dependent for the child that was missing from the stimulus payment of the previous year. 

Even then, you would need to file a tax return for 2021 to get the money that the IRS owes you. This holds true even if you are not required to file a tax return for this year. For a large section of the population, the tax returns are due by the 18th of April for this year. This entails that one has plenty of time, but there is no reason to wait. The sooner one files their tax return, the sooner they would be receiving the stimulus check payment. It would also be recommended that one files their tax returns electronically, and request any refund through direct deposit. 

The third stimulus check payments were simply advance payments of the recovery rebate credit. This means that the credit for the tax year of 2021 will definitely be reduced by the total amount of their stimulus payment. 

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