The government is still sending $ 1,400 economic checks. Why is there hope if you haven’t got one yet?
Have you missed a federal stimulus check since the beginning of the pandemic? Filing a tax return is the best way to get this.
Although tax day has come and gone, it may not be too late to claim missing money.
In March, Congress approved new stimulus checks for $ 1,400 through the American Rescue Plan Act. These third stimulus payments are on top of the $ 1,200 and $ 600 payments approved last year.
In total, around 472 million payments were made under the first, second and third economic reviews for a total of more than $ 807 billion, IRS Commissioner Charles Rettig said during a testimony on Capitol Hill last week.
The government has continued to send new payments since the American Rescue Plan Act was passed.
Most of the stimulus checks that are still issued are aimed at taxpayers who are entitled to additional money – so-called surcharges – after their tax returns have been processed. In addition, new checks are also being sent to Americans who typically don’t file taxes but have recently done so in order to receive the cash for the stimulus check.
According to Erica York, an economist at the Tax Foundation, most people should get their $ 1,400 stimulus checks and “plus-up” payments if they are automatically eligible.
Outstanding payments mostly represent people who are harder to reach, like those with no income or bank accounts, York said.
The IRS recently issued guidelines for the homeless stating that they may still be eligible for Stimulus Check money, as well as the Child Extended Tax Credit, even if they do not have a permanent address or bank account. Others may miss out on the earned income tax credit.
The key to accessing this money is filing a federal tax return, even if you don’t normally file those forms.
The IRS is working to connect more with the populations, but it’s likely they won’t hit absolutely 100% of the people who might otherwise qualify, York said.
For example, earlier this year there were still an estimated 8 million pending stimulus checks from the CARES bill, which was passed in March 2020, she said.
The good news is that it is not too late to claim this money.
“If you’ve missed that filing deadline this year, it’s not too late to file a tax return,” said Susan Allen, senior manager of tax practice and ethics at the American Institute of CPAs.
“You can still file and request this refund,” she said.
In addition, you owe no late filing penalty to the IRS when you have money back.
If you’ve missed this registration deadline this year, it’s not too late to submit a return.
Senior Manager, American Institute of CPAs
Alternatively, if there is a balance due, you may have to pay interest and penalties for late payments.
Any missing stimulus check money can be claimed by filing a return which includes a line and a separate worksheet for the reimbursement discount crediting this year.
The missing money can be claimed up to the federal government’s extended registration deadline of October 15.
According to Allen, tax refunds can generally be claimed up to three years after the due date.
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The IRS has not yet released any further information regarding the process of making amends for missing stimulus check funds after the October 15 deadline.
If you haven’t filed your tax return yet, keep in mind that if you continue to delay, your state filing may also be affected, Allen said.
For example, if you owe your federal refund to the IRS, you might have to pay your state as well. And when you have your money back, you can get a check on your government returns as well.