Many stimulus checks are waiting to be sent out. This post shows you who is getting them and why. Also, you need to do one thing first and that deadline is November 21! Follow the instructions below for your last chance at getting stimulus money in 2020.
Last Chance for Stimulus Money in 2020
The Economic Impact Payment money that was part of the stimulus bill passed in March gave $1,200 to millions of American adults and also gave them $500 each for any eligible child in their care. Most people have received their money from this .
There had been almost 9 million people that have not yet received these $1,200 stimulus checks. These are people that typically do not file federal income tax returns. This includes those that may have had incomes low enough to not file a federal return and likely are those that may be in the greatest need for this money at this time.
Who Gets These Checks?
If you have not filed a federal tax return in 2018 or 2019, you will need to fill out the Non-Filer’s Payment Tool with your information. Millions have already done this but millions more have not yet done this.
So, if you have not filed a return for the last two tax years (and were not required to) and did not fill out the Non-Filer’s Tool, you likely have a $1,200 check waiting for you, $2,400 for couples that would normally need to file jointly. Plus, if you have a dependent under the age of 17, you will be eligible to get $500 for each of them as well.
What Do You Need to Do to Get Your Check?
All you need to do to get the ball rolling for your stimulus check (if you are eligible) is to fill out this IRS form for Non-Filers. After that, your information will be in the system and the IRS can get you a check for your part of the stimulus package.
If you are unable to fill out the form, you can submit a simplified paper return and you can read more about that here.
Important Due Date
If you have not received any money yet, the deadline for you to get your money this year is October 15 November 21. Fill out the Non-Filer’s form before that date if you want to claim it for this year! This tool will no longer be available after November 21 at 3PM EST!
Otherwise, you can file a return next year for 2020 and claim your stimulus check on that (since, technically, the stimulus money was simply an advance on the amount for next year).
Are You Eligible?
If you are a U.S citizen/permanent resident/or qualifying resident alien, you could be eligible but you need to have these three qualifications as well:
- Have a valid Social Security number,
- Could not be claimed as a dependent of another taxpayer, and
- Had adjusted gross income under certain limits.
There are some other situations where you may not be eligible and you can see all about that here.
Didn’t receive a payment? Claim the Recovery Rebate Credit when filing a tax return next year
This part is direct from the IRS here
When people file their 2020 taxes next year and they weren’t eligible for an Economic Impact Payment this year, they may be eligible for the Recovery Rebate Credit. The Recovery Rebate Credit is figured like the Economic Impact Payment, except the amounts are based on tax year 2020, instead of tax year 2019 or tax year 2018, information. The eligibility criteria are the same, and the maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qualifying child. This means anyone who received the full Economic Impact Payment amount during 2020 for both themselves and their qualifying children cannot get the credit.
The credit can be claimed on either Form 1040 or Form 1040-SR. The 2020 instructions for these forms will include a Recovery Rebate Credit worksheet to help determine eligibility and figure the credit.
Visit the IRS Economic Impact Payment Information Center for answers to questions about eligibility, payment amounts, payment timing and more.
Bottom Line
If you are in this group of a few million Americans who are still waiting for a stimulus payment, you can get a jump on it using the information in this post. The IRS has sent out letters to you around last month to inform you about the original October 15 deadline but now you have the information that the deadline has been extended but for a final time this year of November 21.
If you get this letter, it will be a IRS Notice 1444-A, written in English and Spanish (and even more languages now as well) and have the information you need about claiming your money. Or, you can use the information in this post to get started.
