The US government has sent billions of dollars to test the incentives of Americans since the beginning of the Covid-19 pandemic.
Yet some people still wonder, “Where’s my money?”
If you think you may be at a dead end, there is a way to claim the missing funds.
Submitting a return this tax season may help if you still owe a recent $ 1,400 incentive payment. It can also help resolve the situation if one or both of the first two checks for up to $ 1
The deadline for filing taxes has been extended to May 17 this year.
More from Personal Finance:
Another $ 1,400 checks are being sent while the IRS processes tax returns
Why some make the argument for a fourth incentive payment
How Deferred Tax Savings Can Help You Get a $ 1,400 Incentive Check
If you miss this date, you can still request missing money for an incentive check by applying for funds by the October 15 tax extension deadline, an IRS spokesman confirmed.
However, there are advantages to sending earlier.
First, the sooner you invest the missing stimulus money, the sooner you can get it. However, it is important to remember that although you need to check an incentive, you may owe taxes that are more than that amount.
If you decide to extend your tax return, you only have more time to file your return than to pay the money you owe. Interest and penalties may accrue on any balance you owe to the IRS.
Who can still qualify for the incentive check
Incentive checks printed at the Philadelphia Financial Center in Philadelphia.
Jeff Fusco Getty Images
You are usually eligible for each incentive check, as long as your adjusted gross income is up to $ 75,000 if you are single, $ 112,500 if you are filing as a head of household, or $ 150,000 if you are married and filing together.
However, each incentive check comes with its own set of eligibility rules, especially with regard to the phasing out of these income thresholds and dependent eligibility.
To find out more about why you may or may not qualify for the money, the IRS has information on the first $ 1,200, second $ 600 and third $ 1,400 payments on its website.
As the IRS processes tax returns this season, it provides additional cash each week in the form of new checks to people it did not previously have, as well as plus payments to those whose previous checks were insufficient.
You may be eligible for the initial payment if the return you file during this tax season shows that your income has fallen since last year, or you have added another dependent to your family, for example.
If you receive federal benefits and do not normally file a tax return, you may have received your payment automatically. However, the IRS called on federal beneficiaries to file a declaration to ensure that their eligible persons are included.
On Tuesday, the Social Security Administration announced that all beneficiaries of social security or supplementary insurance income who have not received their checks must file tax returns to make sure they receive their payments.
The government also encourages unregistered people to file tax returns to receive checks for incentives, especially the homeless or poor in rural areas.
If you used the IRS’s online tax instrument last year, you do not have to resubmit your information through a tax return. The file-free tool has not reopened this year.
Instead, the IRS encourages people to file tax returns, which also helps the tax agency determine whether you qualify for additional tax credits, such as an enhanced tax credit for children or a earned tax credit.
How to claim your missing payments of $ 600 or $ 1200
urbazon | E + | Getty Images
Incentive checks are usually advance payments of a tax credit.
Tax returns for 2020 now offer a section where you can apply for a refund refund or for the first check of $ 1,200, or for the second payment of $ 600 if that money is due to you – line 30 of forms 1040 or 1040-SR.
In this part of the return, the archivists can start with the amount of money for incentives they have already received and calculate more funds due to them. This can be done either through a worksheet provided with the tax form or through tax preparation software.
Once the IRS receives the return, the tax office will also calculate your refund refund credit, which means it can adjust the amount you want.
If there is a discrepancy, it could lead to a “slight delay” in processing the return, according to the tax agency.
For people who still don’t understand why they received less money than they thought they owed, or have no money at all, the process can help resolve the confusion.
The IRS will send letters to senders in this situation to explain what led to the correction.
Some of the reasons why the IRS may adjust the amount of credit include not providing a valid Social Security number or if you are declared dependent on a 2020 tax return. If the maintenance was 17 or more years old on January 1, 2020. , they will not qualify for either of the first two inspections.
Mathematical errors in discount calculations can also suggest a correction.
The IRS offers more information on its electronic filing website, including free filing and tax preparation services.