How Will I Claim Additional Stimulus Money?

How Will I Claim Additional Stimulus Money

If your stimulus money is missing, then you can claim it in 2021. Here we have disclosed everything about the stimulus money and how you can claim it in 2021 if you didn’t get it before.

The stimulus check, which is officially known as economic impact payments, is sent by the U.S. government to the taxpayer. The main motive behind the stimulus check is to provide extra money to eligible consumers in order to stimulate the economy.

In order to claim additional stimulus money in the form of the tax credit, you have to submit some forms including the federal tax return form and other important forms if your age is 65 or above.

You’ll know more about getting your stimulus money back if you go through the full article.

How Will I Claim Additional Stimulus Money?

In order to know about your dues, you can calculate them by using the Recovery Rebate Credit worksheet. Apart from it, you should know whether you are eligible for claiming the additional stimulus money or not.

How Will I Claim Additional Stimulus Money
Credit: patch.com

Who Can Claim More Stimulus Money on Their 2020 Taxes?

Anyone who wants to claim more stimulus money on their 2020 taxes should meet some requirements. He/she should be a citizen of the US and must have a Social Security number. Apart from that, he/she should not be dependent on other taxpayers. Due to this, many adults including college students were not able to claim the stimulus money as they were already dependent on another person. The first stimulus check was mandated in March 2020, by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. During this, the CARES Act provided $1,200/ person and $500/ eligible 17 years and younger. But all the individuals with $99,000 earnings and couples with $198,000 didn’t receive checks.

If you didn’t receive your first stimulus checks, then there might be several reasons. Such as

  • You may have a new bank account
  • Your first stimulus check might not be issued
  • You might have filed 2019 taxes via tax preparation software

If you still didn’t get your stimulus check, you can claim it as a “recovery rebate” on your 2020 tax return. After filing a new return, the IRS will get your current file and updated banking details.

Documents Required To Claim Additional Stimulus Money

After finding whether you can claim stimulus checks or not, you should keep a few documents along with you so that you can file a 1040 form(federal tax form) or (1040-SR) in order to claim your Recovery Rebate Credit. Apart from it, an IRS notice 144 is also required. It is the letter that the IRS sent you after getting your first stimulus check. If you haven’t gotten a stimulus check, you don’t need either notice.You can also file a 1040-SR if you haven’t earned enough income required to file a federal tax return.

Claiming Additional Stimulus Money

Waiting for stimulus money can be frustrating. However, It totally depends on how your tax forms ask for the information regarding the economic impact payment reconciliation. It is predicted that, it will most likely be addressed on line 18, page 2 of Form 1040 and on part 2 of the Schedule 3.

Conclusion

This was the complete information on how you can claim your additional stimulus money. If you still have any doubts regarding the claim of stimulus check, you can comment it down.

Featured Image Credit: cnbc

 

Will the stimulus checks be direct deposited?

The government has mailed around 1.5L paper checks and majority of payment is sent by direct deposit.

Why didn’t I receive my stimulus check?

If you didn’t receive your first stimulus checks, then there might be several reasons. Such as, you may have a new bank account, your first stimulus check might not be issued, or you might have filed 2019 taxes via tax preparation software.

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