AS the October 15 tax extension deadline nears there are some last chance ways eligible Americans can secure stimulus checks.
Those taxpayers who missed out on the first two rounds of stimulus checks or who sent lesser amounts than they were owed, can take advantage of a Recovery Rebate Credit on their 2020 returns.
“You’ll need to claim the 2020 Recovery Rebate Credit by filing a 2020 tax return or, if you are not required to file a tax return, by using the Child Tax Credit Non-filer Sign-up Tool, according to an Internal Revenue Service (IRS) release.
It adds: “If you’re eligible, you should file or use the tool as soon as possible to give the IRS time to process and issue the payments before the end of 2021.”
OCTOBER 15… OR LATER
The IRS is pushing people to file their taxes by the October 15 date, but technically taxpayers have up to three years from the due date of the return to file and receive a refund, according to CNBC.
“This means you can file your return and receive your Recovery Rebate Credit through April 15, 2024,” chief tax information officer at Jackson Hewitt Mark Steber said.
Taxpayers missing out on the first two checks or were sent the wrong amount, secured as part of President Joe Biden’s American Rescue Plan, they can claim it on their 2021 tax return and it will be dispersed automatically based on the 2020 filing, an IRS spokesperson told the network.
Those who were affected by federally-declared disaster areas or members of the military serving in combat zones were also not being forced to file by the October 15 deadline.
Even with some of the filing wiggle room, the IRS is pushing for Americans to file their 2020 returns before the end of the year.
The first round of stimulus check that rolled out back in April 2020, was worth up to $1,200 per eligible individual plus $500 per eligible child.
Read our stimulus checks live blog for the latest updates on Covid-19 relief…
The second was worth up to $600 per eligible individual and child and was sent out at the end of 2020.
In March, a third sum worth up to $1,400 was doled out by the US Treasury and IRS.
Most individuals qualified to collect some kind of the support if they earned an income of up to $75,000.
Heads of households could get paid if they made up to $112,500 and married couples filing jointly who earned $150,000 also qualified for full payments.
MULTIPLE FACTORS INVOLVED
The check amounts varied.
The IRS primarily based their figures on taxpayers’ 2019 returns.
A change in family dynamics or in employment would have affected the check totals.
For anyone who received less than they are owed, they will be able to collect the difference as part of their tax refund or deduct whatever taxes they are on the hook to pay once the return is processed, according to CNBC.
The agency provides especially low-income individuals who aren’t mandated to file a return to qualify for the stimulus checks.
They can utilize the agency’s Child Tax Credit Non-filer Sign-up tool to provide the relevant information and secure stimulus monies.
The same 2020 returns are also being relied upon for those parents and guardians hoping to get extra assistance as part of the government’s Child Tax Credit (CTC).
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