The IRS confirmed that it has sent out all federal payments. If you didn't receive one or both of your stimulus checks despite being eligible, there may still be time to claim these funds on your tax return.
According to CBS News, the IRS reported that it had sent more than 160 million payments. Of those checks, $1,200 was for adults and $500 for children, directed by the Coronavirus Aid, Relief and Economic Security Act (CARES).
In December, the tax agency sent more than 147 million checks for the second round of payments, which included $600 for each adult and eligible child.
Since April, the beginning of the COVID-19 pandemic, the IRS has sent more than $410 billion in emergency relief to households across the United States. However, the IRS has found it challenging to send checks to those who don’t have bank accounts or don’t earn enough money to file tax returns.
“That was a big problem — those people who do qualify but didn’t file [a] return,” Jody D’Agostini, a certified financial planner with Equitable Advisors, said.
While the IRS has said it has issued all checks, some stimulus payments may still be in the mail.
According to the agency, if you have not received both of your stimulus checks, you can receive the money when you file your 2020 tax return.
However, if it doesn’t come or if you received less than you are eligible for, you’ll need to do some extra work on your tax return by claiming the Recovery Rebate Credit.
The money claimed will be factored into your overall tax return, including liabilities. The rebate credit will either reduce how much you own on the 2020 income tax return or boost the tax refund.
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