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9 weird facts about stimulus checks you’ll want to know for sure



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You want to keep an eye on these stimulus check details.

Sarah Tew / CNET

Three stimulus controlsPlus uppayments. In the mail, or right to your bank accountYou have to keep a lot straight about the third and previous two incentive payments if you want to make sure you’ve received everything the IRS owes you. Only for the third stimulus check, you want to know how much you qualify for – as you are eligible and who else in your family is eligible

But there are also many smaller, overlooked facts that you want to keep an eye out for too. For example, did you know that there is a deadline for how long you have to collect a stimulus check? Or that a married couple can get two checks, each for half the amount due?

The IRS started sending the third round of stimulus vouchers a month ago, and has now made more than 156 million payments worth about $ 372 billion. However, the agency still sends out payments with those who receive federal benefits now get their checks for $ 1,400. Here are nine precise details about stimulus controls. You can also get a lot more money in the extensive child discount and with $ 300 federal unemployment checksHere’s what we know about whether a fourth stimulus control Is in the making.

The IRS can send you a ‘plus-up’ payment if you’ve shorted out your full amount

While the IRS lets you claim any missing incentive money you are due from the first two payments as a discount on your taxes this year, if your income in 2020 was lower than 2019 or if you have a new child or dependent on your 2020 tax return, you may be eligible for a larger check this time.

Rather than making you wait until next year to file to claim the missing amount, the IRS is making “plus-up” payments starting this week. The IRS automatically recalculates and then sends these plus-up adjustments, without putting them in one amended declaration form


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If the IRS miscalculated your payment and you overpaid, you may be able to keep the difference

If your check is greater than what you were eligible for, for example you more made in 2020 than in 2019, but the IRS has calculated your payment based on your taxes for 2019, that is not expected of you give that money back

However, if you have received money for, say, someone who has died or a dependent who is claiming someone else on their taxes, the IRS expects you to return that money.

You have one year to use a paper check

While most of these third round of payment are assumed as wire transfers to bank accounts, when the IRS has not direct deposit information for you it can send your payment in the mail like a paper checkAs with all US Treasury checks, you have one year to cash the check before it expires. If you don’t meet that deadline, you can request a replacement check.

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You have one year to redeem your stimulus check.

IRS.gov

If your check is lost, stolen, or destroyed, you can request a replacement check

If you suspect that your paper check payment has been lost, stolen, or destroyed, you can start the process of receiving a payment by asking a payment trackingYou can also request a replacement for a lost one EIP card

Parents who share custody of a child can both get money (for the first two checks)

With the first two payments, parents who are not married and share joint custody of a child could each receive compensation for the same child, if they alternated between years and claimed those children on their taxes. Congress closed this loophole for the third check.

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Babies can increase your payment total.

Sarah Tew / CNET

If you have a new dependent in 2021, they will count towards your incentive payment

If you added a baby or new dependent on your 2020 Federal Tax Return, you are eligible for incentive money for that addition, a whopping $ 1,100 by claiming it on your taxes this year.

The same is also true for this year. If you had a baby in 2021 – or adopted a child or added a dependent – you can get an incentive fee for that new dependent. However, you’ll have to wait until you file your tax return in 2022 to claim that money as a discount credit.

This time, 13.5 million dependents are eligible

With the CARES Act it first check a year ago, 69.8 million dependents (defined as 16 years and under) were counted towards the payment of a family. With the new rules around dependents, 13.5 million more people now fall under that definition.


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You may qualify for a bigger check if the IRS has not correctly calculated your unemployment benefits

The American Rescue Plan excludes up to $ 10,200 in unemployment benefits from being paid in 2020 count as income

However, some report that the IRS calculated the amount of the third stimulus payment before applying the exclusion, resulting in a smaller stimulus check than they were eligible for, or no control at allIf you suspect you fall into this group, double check your calculation for how much you should receive. We’ve reached out to the IRS for more information on what to do if this is your situation.

Married couples can receive two checks

In some cases, the IRS said, married taxpayers who file a joint tax return may receive their third payment as two separate payments. Half of the amount can come as a direct deposit and the other half is sent by post. The checks can come within weeks of each other. The IRS suggests that every spouse checks the IRS ‘ Download My Payment app using their social security number for payment status. We’ve contacted the IRS for more information.

For more details, here’s how calculate how much you will get, everything you need to know about the third stimulus check and when you can expect your payment to your bank account or by mail.


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