The TAX season is just around the corner – but you may be eligible for extra stimulus money when you submit your 2020 return due to the Covid crisis.
Anyone eligible for a second stimulus payment due to coronavirus and who thinks the email is delayed can use an online tool to track progress.
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For the 2020 tax refund, the IRS will make amends to those who have not received any stimulus paymentsPhoto credit: Getty Images – Getty
You will need to claim what is known as a recovery discount credit, and the stimulus money will be added to any discount due.
Individuals must submit Form 1040 or Form 1040-SR to receive the refund credit, even though they would not normally file a tax return.
Taxes and your direct payments were linked in the first two rounds of stimulus payments.
Filing a tax return is critical to the third stimulus review currently being discussed in-house – even if you typically don’t file a tax return for the tax year.
But for the 2020 tax refund, the IRS will make amends for those who did not receive stimulus payments.
Anyone who has not received a second stimulus check shortly after the January 15 deadline can claim the money as Recovery Rebate Credit.
The agency has integrated Rebate Recovery Credit directly into the tax return process.
And if you’ve received money that you weren’t entitled to based on a previous tax return (i.e. $ 500 for a loved one who no longer depends on your filing for 2020), there is no need to take any action to return it.
More than 100 million second-round stimulus checks are said to have reached eligible Americans.
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However, if you didn’t get it or were underpaid in the first round last spring, you can still claim the money through your 2020 tax return.
Last March’s CARES bill allowed payments of up to $ 1,200 for adults and $ 500 for children under the age of 17.
The $ 900 billion coronavirus relief package approved in December approved additional payments of up to $ 600 per adult and $ 600 for each qualified child under the age of 17.
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