A Stimulus Payment Is Due – Are You Missing Out? What You’ll Need To Do To Get It

It’s not too late if you were eligible for the third stimulus payment but never received it.

It was worth $1,400 to single taxpayers earning up to $75,000 and $2,800 to married couples filing jointly and earning up to $150,000 for the payment, also known as an Economic Impact Payment (EIP). Each qualifying dependent would receive an additional $1,400.

If you earn less than $80,000 for singles and less than $160,000 for married couples who file joint tax returns, you may be eligible for a partial payment.

On your 2021 tax return, if you haven’t received the payments that began in March 2021, you can claim the Recovery Rebate Credit. After receiving a partial payment, you can also apply for a credit.

As a result of previous information the IRS had on you, it’s possible that the stimulus payments were based on incorrect information. As an example, if you made less money in 2021 than you reported on your previous tax returns, you may now be eligible. Having a new baby and not informing the IRS of it would have the same effect.

In order to receive your stimulus payment in 2021, you must file a tax return, even if you don’t normally have to do so, according to the IRS.

 

Taking advantage of the credit will lower your tax bill or increase your tax refund for 2021, according to the government. If you fail to make any of these payments, you’ll need to include them in your tax return for the year 2020.

IRS Free File allows you to file your federal taxes for no charge.

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