Where’s my stimulus check? 1400 stimulus check update
Where’s my stimulus check?  1400 stimulus check update

Where’s my stimulus check? 1400 stimulus check update

The Verify team is investigating what people should do if their stimulus check has not 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 15 deadline?

January 15 is the deadline for the IRS to issue stimulus checks to those who qualify. If your check was not sent out before that date, you must claim any non-payment via a recovery rebate credit on your 2020 taxes.

The Verify team has been addressing the biggest issues of the second round of stimulus checks for weeks now. To see a complete summary of the most important questions, click here.

Checks will be $ 600 for each qualifying person. A couple applying jointly would be eligible for $ 1,200, provided their income is eligible. Qualifying couples or individuals can also collect an additional $ 600 for each relative who was under 17 on their parents’ 2019 tax applications.

To qualify for the payments, a person must have earned less than $ 75,000 on their 2019 tax applications. Couples would have needed an income of less than $ 150,000.

What do I do if I have not received a check or it is smaller than expected?

After the January 15 deadline, the IRS will no longer issue stimulus checks. If you still have not received a payment, or it was less than expected, you must now apply for a recovery rebate credit when you file your 2020 tax.

“You’ll have to require it on your 2020 tax return,” said Cari Weston of the American Institute of CPAs.

“There will be a worksheet for recovery discount that you will fill out,” she continued. “And you will put in how much you got or did not get in the first round of checks and the same with the second. And it will give you right in what you should have received.”

To see if a payment has been issued by this January 15 deadline, visit the IRS website and use ‘Get my payment’ tool. If payment is not on the way, one will have to rely on Recovery Discount Credit.

“If they’ve dealt with it,” Weston said. “It will tell you when to expect to receive it.”

On it 1040 Tax form, line 30 has been added, labeled “Recovery Discount Credit.” If you think you were underpaid or not paid at all for either yourself or a relative, this is where you can request a discount.

“You’re entitled to it anyway,” Weston said. “So you want to make sure you get it, even if it just reduces the amount of tax you owe.”

New parents with a qualifying income will be able to claim money for their newborn, also by using this discount credit.

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