While the IRS has sent several billions of dollars worth of stimulus check payments to the American citizens, there are still quite a lot that hasn’t received it. In the event that you still haven’t received a stimulus payment or got less than what was owed, you are definitely eligible to move in for the recovery rebate credit of 2020.
In order to claim this credit, the IRS has recommended that you end up filing a tax return for the previous year- even though you don’t really need to. In the event that you don’t own any money, you won’t be facing any penalty when you file after the deadline has been met.
Receiving Your Stimulus Check
Also, you have to know how much money you actually received as a part of the first and second stimulus check payments. This amount can be tracked by accessing your online account on the official website of the IRS- or you could also check up Notice 1444 for the very first payment as well as Notice 1444-B for the second payment. Incidentally, the IRS has already sent these out to those addresses that it has on file.
You could also use another option- which requires you to use the child tax credit non-filer sign-up tool which would allow you the opportunity to put in the necessary information in order to deposit monthly payments of the CTC stimulus check directly into your bank account. The IRS will definitely be utilizing this information to send any recovery rebate credit for the previous year.
When you file a tax return for the previous year, you make it easier for the IRS to determine if you are deemed eligible for the advance payments or not.
As it stands, every single stimulus check payment comes with its own eligibility criteria. However, you are universally eligible if your annual gross income is $75,000 if single, or $112,500 if you have filed your taxes as the head of the household.