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Thursday, December 3, 2020

Stimulus Check: Final Chance For Claiming For Those Who Have Missed

For those of you who haven’t received their $1200 check, there is time for claiming it. But they should act fast in these circumstances. People shouldn’t wait for claiming it some other time. The IRS has strict guidelines about it. People not acting within the stipulated time limits might lose their payments. Be fast about it.

The IRS has posted letters to around 9M Americans who never got their stimulus checks reminding them to submit their details and information latest by November 21. That includes individuals, college students, and families who typically did not file their tax returns due to their low incomes.

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For those people who normally don’t file their tax returns, they have till 3 p.m. EST on Saturday for registering the Economic Impact Payment. They will further be eligible for getting a stimulus check of $1200 and a check of $500 for every qualifying child. File your federal tax returns right now otherwise you might be liable to lose your stimulus check.

The Situation Will Get Worse With Time

Stimulus Check 2
Stimulus Check 2

As coronavirus escalates more layoffs and hiring freezes are being planned by businesses. The US economy is in the doldrums. People are losing their jobs and slipping into poverty. There will be a reinstatement of further lockdowns for containing the massive spread of coronavirus.

How To Register For Checks?

Stimulus Check
Stimulus Check

You can register for receiving stimulus checks this year by using the IRS’s tool called nonfiler. These are for people who don’t file tax returns. Those who are having problems accessing this tool can go for filing a simple paper return. If you are not comfortable using online services for claiming your check you can also go for offline services.

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If you fail to act fast, you can get your money still if you are qualified but it will be paid to you next year. Then you have to claim it by showing it as a credit recovery rebate on the tax returns of 2020. The IRS has stated that if people file the 2020 taxes in 2021 and they were ineligible for the EIP this year, they would be qualified for the Credit Recovery Rebate. The RRC is exactly like the EIP the only difference being that the amounts will be based on 2020 tax year rather than 2019 tax year or 2018 tax year information. With this said, people shouldn’t wait for filing their returns next year and take a risk because matters are getting more complicated with time. 

Anyone who has got the full EIP during this year for their eligible children and themselves cannot receive the credit.

The individuals must have the qualifications for receiving the direct payment. These qualifications are holding a viable Social Security no. , holding the citizen or resident status and not claiming as somebody else’s dependent via the federal tax return.

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