Still missing a stimulus check? What to know about claiming the funds

The U.S. authorities has despatched billions of {dollars} in stimulus checks to Americans since the onset of the Covid-19 pandemic.

Yet some folks should still be asking, “Where is my money?”

If you’re feeling that you will have been left in the lurch, there’s a means to declare the missing funds.

Submitting a return this tax season will help in case you are nonetheless owed the current $1,400 stimulus cost. It may also assist resolve the scenario in case you are missing both or each of the first two checks for up to $1,200 or $600.

The federal tax submitting deadline has been prolonged to May 17 this yr.

More from Personal Finance:
More $1,400 stimulus checks are sent as the IRS processes tax returns
Why some are making the case for a fourth stimulus payment
How tax-deferred savings can help you get a $1,400 stimulus check

If you miss that date, you may nonetheless declare any missing stimulus verify cash by submitting for the funds by the Oct. 15 tax submitting extension deadline, a spokesman for the IRS confirmed.

However, there are benefits to submitting earlier.

For one, the sooner you place in for any missing stimulus cash, the sooner it’s possible you’ll obtain it. However, it will be significant to keep in mind that despite the fact that you’re due a stimulus verify, you possibly can owe taxes which are greater than that sum.

If you determine to take a tax submitting extension, you solely have extra time to submit your return, not to pay any cash you owe. Interest and penalties might accrue on any steadiness you owe the IRS.

Who might nonetheless be eligible for stimulus checks

You might be eligible for a prime off cost if the return you submit this tax season reveals that your revenue dropped since final yr, or you will have added one other dependent to your loved ones, for instance.

If you obtain federal advantages and don’t sometimes file a tax return, you must get your cost mechanically. However, the IRS has urged federal beneficiaries to file a return so as to be sure that their eligible dependents are included.

The authorities can also be encouraging individuals who it doesn’t have on document to file tax returns so as to get their stimulus checks, significantly the homeless or rural poor.

If you used the IRS on-line non-filer device final yr, you typically shouldn’t have to resubmit your data by a tax submitting. The non-filer device has not been reopened this yr.

Instead, the IRS is encouraging folks to file tax returns, which additionally helps the tax company assess whether or not or not you’re eligible for added tax credit, equivalent to the enhanced youngster tax credit score or earned revenue tax credit score.

How to declare your missing $600 or $1,200 funds

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