Regarding the economic stimulus payments, the IRS states that those who filed in 2018 or 2019 and those on social security/disability, will get their checks automatically.
On Dec. 21st, Congress passed the COVID-19 relief package, promising $600 checks to eligible recipients. In an effort to get the money into Americans’ bank accounts quickly, Congress gave the IRS until, Jan. 15, 2021, to distribute these funds.
Non-filers who have a gross income under $12,200 ($24,400 for couples) and those who weren’t otherwise required to file can apply on the IRS non-filers page
What if you still haven’t received your stimulus payment?
If you haven’t received your stimulus check yet, first make sure you meet the criteria. Here’s a breakdown of who should expect to receive $600 checks:
Individuals who reported an adjusted gross income of $75,000 or less on their 2019 tax return.
Couples filing jointly with an adjusted gross income of $150,000 or less.
Taxpayers filing as head of household with an adjusted gross income of $112,500 or less.
Dependent children 16 and younger.
For those who earned more in 2019, the check’s size gradually decreases by $5 for every $100 earned over the maximum threshold.
If you meet the criteria for receiving the second stimulus payment but haven’t seen that money yet, here’s what you should do.
Give it some time
Since the final checks were scheduled for distribution on January 15th, 2021, check your bank account over the next few days to see if the money will arrive. If your first check rather than deposited it directly into your checking or savings account, give the postal service up to two weeks to deliver your check or prepaid debit card. Keep an eye out for a plain white envelope that could easily be mistaken for junk mail.
Claim the it on your 2020 taxes
The IRS just announced that it would begin processing 2020 tax returns on Feb. 12. If a stimulus check was due but you haven’t received the money, you can claim it on your return. Line 30 on the 1040 tax form allows you to let the IRS know that you didn’t receive your funds.
If you’re owed a refund on 2020 taxes, the IRS will add the stimulus money to the amount you’re due to receive. If you owe money on 2020 taxes, the IRS will subtract the stimulus money from the amount you need to pay. For example, if you’re due $1,200 in stimulus funds but owe $1,500, the IRS will keep the $1,200 as a payment toward your total tax bill, and you will owe $300.
So if you earned less in 2019 than you did in 2020, you might want to hold off filing your 2020 taxes until the third check is distributed. On the other hand, if you earned less in 2020 than you did in 2019, you may want to file your taxes as soon as possible.
The bottom line is this: If you are due a stimulus check but have yet to receive it, don’t worry. The money will make its way to you, even if you have to claim it on your 2020 taxes. Meanwhile, try contacting IRS.gov, “get my payment” under economic stimulus perhaps you can get more answers there.
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