In the first two rounds of COVID-19 stimulus payments, the Internal Revenue Service issued more than 300 million checks totaling at least $412 billion.
Last week, the IRS said it’s already sent every check it’s legally allowed to send according to the Coronavirus Aid, Relief and Economic Security (CARES) Act of last March and the COVID-related Tax Relief Act in December. The $1,200 and $600 payments, respectively, reached tens of millions of Americans through direct deposit to their bank accounts or in paper checks or debit cards — but what about people who are still waiting, including those who weren’t able to file a 2019 tax return or get their banking information to the IRS or don’t have a bank account at all?
You still may have a shot at pocketing those stimulus checks, if you’re eligible.
“If individuals didn’t receive a payment — or if they didn’t receive the full amounts — they may be eligible to claim the Recovery Rebate Credit and must file a 2020 tax return,” the IRS said in a recent news release.
The agency started accepting 2020 tax returns on Feb. 12. If you believe you’re eligible for any previous stimulus payments that you’re didn’t receive — full amounts went to Americans earning less than $75,000 or $150,000 for couples — you must file a 2020 tax return and complete a Recovery Rebate Credit worksheet. Even if you’re retired or don’t typically earn enough to require you to file a tax return, you’re still potentially eligible for a payment.
The worksheet determines eligibility based on income and also how much, if anything, you received in the previous two stimulus rounds. The IRS lets you view or create an online account where you can see how much you received in previous payments. On your IRS form 1040, line 30 is where to note the amount you are still owed. For more on eligibility, read here.
Any remaining stimulus money that you’re owed will be added to your tax refund, which the IRS says will be issued within about three weeks of filing.
Top Democrats in the House of Representatives hope to vote on the latest $1.9 trillion COVID-19 stimulus package by Friday, Feb. 26. That means millions of Americans could soon be eligible for another round of payments, and if your income dropped in 2020 during the pandemic or if you had a baby last year, it’s worth it to file your return as soon as possible so the IRS bases the new payment on your updated income and household size.
House approval this week could put Democrats on track for a final vote in the Senate before March 14, when jobless aid expires for millions of Americans.
Based on timeline to get a final bill on President Joe Biden’s desk, the latest stimulus checks of $1,400 could be sent to Americans earning less than $75,000 by late March.
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