Didn't Get Your Stimulus Funds?
While the 2020 federal stimulus packages were lifesavers for many of us, there were a few Americans who were unintentionally left out of receiving the support, and now, the IRS is offering a way to make up for that.
If you never received a federal stimulus check, or only were given a partial amount of what you were entitled to, good news: The IRS is offering those eligible to claim a Recovery Rebate Credit when they file their 2020 tax return. By doing so, you’ll receive either an increase in your return or have the same amount deducted from the amount of tax dollars you owe. Not a bad deal, right?
If you were one of the taxpayers who didn’t receive that much needed check, you weren’t alone. There’s an explanation for why the checks didn’t reach everyone that include multiple technical glitches, mailing issues, and overall misunderstandings. For example, if you were one of the millions that lost their job during the pandemic, you may have been neglected because the IRS didn’t realize your new situation.
The good news is, it’s not too late to receive your payout. To determine what you’ve received so far and how much you’re potentially eligible for, it’s helpful to understand the breakdown of the packages:
- Round 1 Stimulus Package: This assistance came out of the CARES Act and supplied a maximum of $1,200 per person and $500 per eligible dependent child under 17. The determined amount was based off the taxpayer’s reported 2018 and 2019 income.
- Round 2 Stimulus Package: This was the most recent package that was distributed in January and provided $600 per eligible person and dependent child. If your salary is more than $87,000 or combined salary with your partner is $174,000, you were not eligible for this offer.
If you were one of many who met the requirements to receive these checks and never received one, or didn’t receive the full amount you were entitled to, you can fill out an IRS worksheet to navigate what you’ve received and how much you’re owed. On the tax return itself, fill out the box on line 30 of your Form 1040 or 1040-SR and note the difference.
Find out what stimulus checks you’ve received by visiting your IRS Account.
You know your LegalShield Membership provides legal support when you receive a tax audit from the IRS, but we also like to share breaking news and helpful advice from time to time to help you out – and save you a few dollars – even when you’re not having a legal issue.
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