Stimulus Check Calculator: Confirm that you have received the full exemption before submitting the 2020 tax return – Community News
Stimulus Check

Stimulus Check Calculator: Confirm that you have received the full exemption before submitting the 2020 tax return

The Internal Revenue Service is essentially done sending out stimulus checks, but if you haven’t received your full promised payment, don’t worry β€” there’s a quick fix.

Americans who haven’t received payment on their coronavirus incentive check, or who have received the wrong amount, can claim the missing money when filing their 2020 tax returns.

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The CARES Act, passed in March, provided for out-of-pocket payments of up to $1,200 for adults ($2,400 for couples applying jointly) and $500 per child under 17. up to $600 per adult ($1,200 for couples) and up to $600 for each eligible child under 17.

The first check was based on your 2018 or 2019 tax return, while the second check was based on your 2019 tax return. But in some cases, Americans did not receive the stimulus check, or did not receive the full amount they were entitled to, such as job losses or the birth of a child.

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Millions of Americans lost their jobs this year or saw their incomes plummet as a result of the pandemic β€” meaning many individuals who initially didn’t receive the money based on their 2018 or 2019 tax returns are now eligible.

If you think the IRS owes you incentive money, you can use a recovery discount worksheet to calculate how much you should receive and claim that amount on line 30 on your 2020 tax return. The IRS will include your stimulus payments as part of your refund check.

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You can use this free stimulus check calculator from Omni to determine how much money you should have received from the first payment, and use this calculator to see how much you should have received from the second payment.

If you have received the wrong amount, you can still receive the full amount: You must submit an income tax return for 2020 and apply for a Recovery Reduction Credit.

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The IRS opened Free File, free online tax preparation software, for taxpayers earning less than $72,000 to prepare and file their income tax returns. Americans can also claim their incentive check with the tool.

β€œFor 2021, eligible taxpayers who have not received the full amount can claim it as the Recovery Rebate Credit when they file their 2020 tax returns,” according to the IRS. “Use IRS Free File to file and claim this important benefit.”