Americans entitled to stimulus checks in 2021, but did not receive the correct amount might still have money available for them.
Those who believe they should have gotten more money than they received may be able to claim the Recovery Rebate Credit when filing their 2021 tax returns. Families who had children in 2021 and those who added a new dependent to their tax return are among those who can claim the extra stimulus cash.
The Maximum Threshold For This Stimulus Check
Individuals who earned more than $80,000 in 2020 but whose income was less in 2021 are also eligible to receive the $1,400 payment if they didn’t get it the first time around.
This maximum income threshold is at $160,000 for couples.
The third federal stimulus check, which the government began sending out in March of last year, was mostly based on 2019 and 2020 tax returns.
However, many Americans earned less last year due to the pandemic, which means they are eligible for the $1,400.
Unless they updated their information with the IRS, they would not have received the check as the agency would have believed they earned too much based on previous tax returns.
The IRS announced that it has issued its final round of stimulus checks and those who are still eligible will not receive the $1,400 in another batch of direct payments.
To receive the cash, you’ll have to file a 2021 tax return. The deadline to file your taxes for 2022 is Monday, April 18.
To get a payment, you must claim the Recovery Rebate Credit on your tax return.
To claim the credit, individuals will need to know the total amount of their third round of economic payments.
That amount can be found on your IRS online account or on IRS Letter 6475 that is being sent to American households.
The IRS started accepting tax returns on January 24, and it typically takes 21 days for refunds to be sent out.