Stimulus check: Here's how you can get more money

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Stimulus check: Here's how you can get more money

(Paradigm credit: Rohane Hamilton/Shutterstock)

If you lot didn't receive the full amount of coin y'all were eligible for with stimulus check one or 2, you may be able to get a credit on your 2020 taxes to make upwardly the divergence.

The IRS used data from 2019 and 2018 to decide eligibility for the $i,200 and $600 payments sent out last year — fifty-fifty as many individuals' and families' financial situations shifted drastically in 2020.

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The Recovery Rebate Credit allows taxpayers who fabricated less money in 2020 than they did in previous years to claim funds that they would have received had their commencement ii stimulus checks been calculated using their 2020 return.

This ways that if you didn't get a total payment for either yous or your dependents with stimulus checks ane or 2, you may exist able to use this credit as long as y'all complete your 2020 tax return by May 17 (the adjusted deadline for near filers).

How to claim your Recovery Rebate Credit

To get your tax credit, you'll need to know exactly how much money you received with stimulus checks 1 and 2. The IRS sent out letters (Notices 1444 and 1444 - B) to qualifying individuals showing the amount of each payment, but if you don't have those notices handy, you lot can likewise find the information by logging in at irs.gov/business relationship.

Adjacent, y'all'll need to make full out a worksheet to determine whether you qualify for the credit and how much yous can merits. This amount goes on Line 30 of your Form 1040 or 1040-SR.

If you are eligible for the credit, it volition be sent as a tax refund (or practical toward taxes you lot owe). According to the IRS, the fastest way to become your funds is to file your return electronically and set up direct deposit into a bank account.

Still, the IRS may also suit the credit you merits, significant yous may not get the exact corporeality you lot await. There are a few reasons for this correction:

• Someone else claimed you lot equally a dependent.
• Yous didn't provide a valid Social Security number.
• Your qualifying child was over 17 on January. 1, 2020.
• You calculated your credit incorrectly.

Finally, if you've already filed your 2020 taxes and didn't take the Recovery Rebate Credit (but believe you're eligible), you can file an amended render using Form 1040-X. The IRS will not automatically give yous a credit if you practise not claim it.

Emily Long is a Utah-based freelance author who covers consumer technology, privacy and personal finance for Tom's Guide. She has been reporting and writing for virtually ten years, and her work has appeared in Wirecutter, Lifehacker, NBC Improve and CN Traveler, among others. When she's not working, you lot tin find her trail running, educational activity and practicing yoga, or studying for grad schoolhouse — all fueled by coffee, obviously.

Source: https://www.tomsguide.com/news/stimulus-check-rebate-credit

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