TAXPAYERS are being urged to double-check their bank accounts, as more than 600,000 Americans are yet to receive $ 1,400 stimulus payments.
About 175 million third-round checks have already been issued, but an estimated 644,705 people may be eligible for the payments, according to the tax inspector for treasure Administration report.
That means there is still $ 1.6 billion to be paid out.
IRS officials do not issue first, second, or third rounds stimulus payments but taxpayers are encouraged to double check their accounts.
If your account indicates that you received a check but did not receive the money, contact the IRS to obtain payment tracking.
Taxpayers who did not receive a check or did not receive the amount to which they were entitled may claim the payment as a Recovery discount credit.
When taxpayers fill out the worksheet for recovery rebate credit, they have two options.
You can use the amount on letter 6475 to calculate the recovery discount amount.
Those who contact the IRS regarding a payment tracking will be informed of the results in due course.
If it turns out that the taxpayer has not received the money, the IRS will adjust the recovery rebate credit amount on the tax return and issue a refund.
About 420,000 Americans who did not receive their check have an individual taxpayer identification number.
And more than 130,000 people missed out on an apparent error related to unemployment benefits, according to CBS.
Millions of Americans have until April 18 to file their federal tax returns.
As of April 1, the IRS has issued nearly 58 million refunds.
The agency said refunds are being delivered at a “fast pace” so far this tax season.
The average repayment so far this tax filing season is more than $ 3,200.
SUBMIT YOUR TAXES
However, if you are missing part of your tax return, you may be subject to delays in processing.
For example, the IRS has said that all refunds filed electronically will be denied if they lack Form 8962.
This form is required for those who need to reconcile prepayments of the premium tax deduction.
Americans who file tax returns on paper can expect to have a longer processing time.
The sun has revealed mistakes taxpayers should avoid when it comes to filing their tax return.
That IRS says that electronic filing of a tax return reduces errors because the tax software counts.
It will also mark common mistakes as well as ask taxpayers for any missing information.
The software also helps taxpayers make valuable claims credits and deductions.
Americans should avoid including misspelled names, missing or inaccurate CPR numbers, or incorrect bank account numbers and addresses.
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