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There’s one last chance to claim one

by souhaib
November 19, 2020
in Uncategorized
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Jessica Menton
 
| USA TODAY

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COVID stimulus deal: What Democrats, Republicans and Trump want

A new coronavirus stimulus deal is still in the works between Democrats and Republicans, bu they can’t agree on a conclusion.

If you haven’t received your $1,200 stimulus check, there’s still time. But you better act fast. 

The IRS sent letters to about 9 million Americans who haven’t received a stimulus check to remind them that they need to submit their information by Nov. 21. That includes college students, as well as individuals and families who don’t typically file tax returns, usually due to low incomes.

For those who don’t normally file returns, you have until 3 p.m. Eastern time on Saturday to register for an Economic Impact Payment. You may also be eligible to get a $1,200 payment for a spouse and $500 for each qualifying child.

Bidenomics: Joe Biden economic plan: What Biden means for the economy, your finances and another COVID-19 stimulus package

‘It’s certainly going to get worse’: Businesses plan more layoffs, hiring freezes as COVID-19 escalates

You can use the IRS’s nonfiler tool to register to receive their payments this year if you don’t usually file a tax return. Those who can’t access the online tool can file a simplified paper return instead. 

If you don’t act before then, you can still get your money if you’re eligible, but you’ll have to wait until next year and claim it as a recovery rebate credit on your 2020 income tax return.

“When people file their 2020 taxes next year and they weren’t eligible for an Economic Impact Payment this year, they may be eligible for the Recovery Rebate Credit,” the IRS said on its website. “The Recovery Rebate Credit is figured like the Economic Impact Payment, except the amounts are based on tax year 2020, instead of tax year 2019 or tax year 2018, information.”

Anyone who received the full Economic Impact Payment amount during 2020 for both themselves and their qualifying children can’t get the credit, the agency said. 

To be sure, individuals must meet the qualifications to get a direct payment. That includes having a valid Social Security number, holding U.S. citizen or resident alien status and not having been claimed as someone else’s dependent on a federal income tax return. 



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