There is one last chance to claim one
If you have not received your $ 1,200 stimulus check, there is still time. But you better act fast.
The IRS sent letters to about 9 million Americans who have not received a stimulus check to remind them to submit their information by November 21st. It includes college students as well as individuals and families who typically do not file tax returns, usually due to low incomes.
For those who do not normally submit returns, you have until 15 EST Saturday to sign up for a financial impact payment. You may also be eligible for a $ 1,200 payment for a spouse and $ 500 for each qualifying child.
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You can use IRS non-file tool to register to receive their payments this year if you do not normally file a tax return. Those who cannot access the online tool can instead submit a simplified paper return.
If you do not shop before then, you can still get your money if you are eligible, but you will have to wait until next year and claim it as a recovery discount on your 2020 tax return.
“When people file their 2020 tax next year and they were not eligible for a financial impact payment this year, they may be eligible for the recovery rebate credit,” the IRS said in its website. “Recovery Discount Credit is calculated as the economic impact payment, except that the amounts are based on tax year 2020, instead of tax year 2019 or tax year 2018, information.”
Anyone who received the full amount of financial impact payment during 2020 for both themselves and their eligible children cannot get the credit, the agency said.
To be safe, individuals must meet the qualifications to receive a direct payment. This includes having a valid CPR number, having the status of a U.S. citizen or resident alien, and not having been claimed as someone else dependent on a federal tax return.