The time is running out to demand last year’s financial impact payment worth up to $ 1,400 per. person.
The money was part of the U.S. rescue plan approved in March 2021 and was the third in a series of stimulus payments during the COVID-19 pandemic. Most eligible people have received their money, but those who have not – or people who qualified for additional funding – have until today (April 18) when they file their federal taxes.
Who is eligible?
People whose adjusted gross income, or AGI, was $ 75,000 or less for single files or $ 160,000 or less for shared files, were eligible for $ 1,400 payments. According to CNBC, you can confirm the size of the third payment and whether it has been sent to you by logging in to your IRS online account or the Get my payment app. You can also check the letter Notice 1444-C sent to you by the IRS with details of how much you were paid and what you were entitled to.
Another important note: Parents of a child born in 2021 – or parents or guardians who added a new qualified child, e.g. through adoption – did not receive a financial impact payment for the child in question. They may now be eligible to receive up to $ 1,400 per year. child by claiming Recovery Discount Credit. You can see more about that here.
How to claim your money
Those who are entitled to more money should implement Worksheet for tax deduction recovery and submit it as part of your 2021 tax return. Once you have used that spreadsheet to calculate how much you owe, you can claim it on line 30 of Form 1040 or Form 1040-SR in your 2021 tax return.