No second stimulus check? Time to file your tax return
Taxpayers who didn't receive the money need to claim the Recovery Rebate Credit
The IRS said last week that it had officially finished issuing all of its first- and second-round economic impact payments, with the intent of turning its full attention to tax season.
If you did not receive your $600 check there is a chance it is still in the mail, but you should also be prepared to file a tax return in order to claim it.
People who did not receive either their first or second economic impact payments, or did not receive the correct amounts, need to file a 2020 return and claim the Recovery Rebate Credit. This applies to individuals who are not normally required to file too.
If your income declined in 2020 – below the adjusted gross income thresholds for direct payments – you are also able to claim them via filing.
REMOTE WORK AND DOUBLE TAXATION: WHAT YOU NEED TO KNOW THIS TAX SEASON
In order to claim the credit, households will need to know the amounts of any direct payments they received.
The quickest way to receive the money you are owed is to file a return as soon as possible and to use direct deposit. Any errors on a tax return are also likely to postpone the process.
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Overall, the IRS said it doled out more than 160 million direct payments to taxpayers across the country totaling over $270 billion in the first round, and more than 147 million payments in the second-round totaling over $142 billion.
The tax agency expects to process roughly 150 million returns this tax season, which officially opened on Feb. 12.