Not just your tax refund: Your stimulus check is the real reason to file early this year

The IRS is giving everyone a few more days this year to get their tax forms together, eliminating the start of the tax filing season back to February 12th. Of course, if you got everything to the IRS on Feb. 12, you get your federal tax refund earlier. But this year’s immediate submission has two more benefits for many people: By filing a direct deposit with the IRS when you file your tax return, you can file a third stimulus check rather if it is approved, especially if Congress approves a new incentive payment during tax season. And just as important, by filing shortly, if the IRS owes you anything unpaid stimulus check money after the January 15 IRS deadline, you can claim it when you submit a file.

You could be in a group of at least 8 million people the records of Biden has identified as qualify for stimulus check-in money but have not received the check they owed – and millions more may not have received all the funds to which they were entitled – because of a administrative error or other problem. Some people had problems with it custody and child support, miss money for it dependent children in general or accidental seizure.

We’ll explain how early submitting can help you get it stimulus check money you never received (along with a tax refund, if you qualify). Then we’ll show you how to estimate your total and what to do for it the tax credit stimulus check on your 2020 tax return. Plus, here’s everything you need to know incentive checks and your taxes for 2020, the top facts to keep in mind and when it is time contact the IRS or set one payment trace.

Important dates to know: when you could get the missing incentive money and your tax refund

While you can still technically file your taxes by mail and request a paper check, the fastest way to file the money you owe is electronically and have money available deposited directly into your bank account. This year, the IRS will not accept tax returns until February 12so you can submit your own documents as soon as possible (April 15 is the last day to submit). The IRS says 90% of filers will receive their refunds within 21 days or sooner, but it could also take even less time than that.

The IRS says it Where’s the My Refund tool displays the status of your refund within 24 hours of submission, which may include confirmation that your refund has been issued. From then on, it can take one to three days for the money to reach your bank account.

Assuming seven days is fastest for you to receive your combined tax / incentive refund and 21 days is the longest, we’ve outlined the difference filing an application earlier than later could make. (Below is more information on how to calculate how much money you have in addition to your tax returns.)

How do I find out if the IRS owes me an incentive payment?

To find out if and how much money you owe from a previous round of stimulus checks, if applicable, you must first determine how much you owed for each previous payment and then deduct the amount you actually received (if applicable ). ).

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To calculate the payments you owed:

Next, you want to check your bank account where your payments were deposited to determine the amount. (If you EIP card, you can view the balance and transaction history here.) The IRS should have sent you a letter within 15 days of issuing your stimulus check, by whatever means, and that letter must state how much money you have received. (Here’s what to do if you haven’t gotten the notice from the IRS.)

If you don’t have that letter anymore, you can use the IRS’s Get My Payment tool to help you find out when you received payment. It also shows you the last four digits of the bank account it was deposited into if it was deposited directly.

There is also a form to help you calculate the amount you owe on page 59 of this pdf with instructions for 1040 and 1040-SR tax forms, but it’s a doozy to follow.

Why the IRS may owe you money from one or both of the incentive payments

There are all kinds of reasons why the IRS still owes you money for stimulus checks, including:

How to Claim a Missing Incentive Payment on Your Taxes

The IRS requires you to complete Form 1040 or 1040-SR if you have a Refund Discount on your taxes for 2020. Once you calculate the amount due, enter it on line 30 of one of these forms (see screenshot). Yes, it is that simple.

How your missing incentive money will be sent to you

If you owe a refund from the IRS, this includes both your full refund amount and what you owe from the Refund Discount. In other words, it gets bigger. However, if you owe the IRS money, your Recovery Rebate Credit will be applied to the debt. If the tax credit is more than you owe, you will be refunded the difference.

Here is what to do if you don’t submit a file, that is, you don’t file a tax return before 2020, and you still owe an incentive check. If you have dependent children, this information about the child discount can help put more money in your pocket. And here is how to calculate your adjusted gross income, also known as “AGI.”