The Verify team is investigating what people should do if their stimulus check hasn’t arrived, after the January 15 deadline.
What should you do if the stimulus check has not arrived, or is less than expected, after this January 15th deadline?
January 15 is the final deadline for the IRS to send stimulus checks to those who qualify. If your check is not sent by this date, you must claim a missing payment through a Recovery Rebate Credit on your 2020 taxes.
The Verify team has been tackling the biggest questions about the second round of stimulus checks for weeks. Click here for a full summary of the key questions.
The checks cost $600 for each eligible individual. A couple applying jointly will be eligible for $1,200, assuming their income qualifies. Eligible couples or individuals can also collect an additional $600 for each dependent who was under the age of 17 on their parents’ 2019 tax returns.
To qualify for the payments, a person must have earned less than $75,000 on their tax returns in 2019. Couples would have needed an income of less than $150,000.
What should I do if I haven’t received a check or it’s lower than I expected?
After the January 15 deadline, the IRS will no longer be sending out stimulus checks. If you still have not received payment, or it was less than expected, you must now request a Recovery Rebate Credit when filing your 2020 tax return.
“You’ll have to claim it on your 2020 tax return,” says Cari Weston of the American Institute of CPAs.
“There will be a recovery discount worksheet for you to fill out,” she continued. “And you state how much you got or didn’t get in the first round of checks and the same with the second. And it will live up to you for what you should have received.”
To see if a payment was made before this January 15th deadline, you can visit the IRS website and use the ‘Get My Payment’ tool. If the payment is not on its way, one must call on the Recovery Rebate Credit.
“If they’ve processed it,” Weston said. “It will tell you when to expect it.”
Line 30 has been added on the 1040 tax form, labeled “Repair Discount Credit.” If you think you are underpaid or not paid at all for yourself or a dependent, you can request a discount here.
“You’re entitled to it anyway,” Weston said. “So you want to make sure you get it, even if you’re just reducing the amount of taxes you owe.”
New parents with qualifying incomes can claim money for their newborns, too, using this discount credit.