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Even with the United States government distributing about 90 million $ 1,400 stimulus checks, you may still be asking yourself, “Where’s my money at?”
The IRS and the Treasury Department announced last week that it sent the first batch of stimulus checks, totaling more than $ 242 billion.
The $ 1,400 stimulus payments were authorized by Congress and President Joe Biden earlier this month. This time, payments amount to $ 1,400 per person, as well as $ 1,400 per child or adult dependents.
As with the first two sets of stimulus checks, you must meet certain income limits to qualify. Generally, individuals with up to $ 75,000 of adjusted gross income will receive full payment. This rises to $ 112,500 for heads of households or up to $ 150,000 for couples filing joint actions.
This time, however, payments are eliminated more quickly. Checks are limited to $ 80,000 for individuals, $ 120,000 for breadwinners and $ 160,000 for couples.
Other eligibility rules also apply.
Millions more payments will be made in the coming weeks by direct deposit, paper check sent by post or debit card.
If you don’t receive a payment or a deposit lower than expected, you may be afraid of losing. If so, here’s what you can do.
Submit your 2020 income tax return
$ 1,400 stimulus checks will generally be calculated on the 2019 or 2020 tax returns, whichever you most recently submitted.
If the IRS received and processed your 2020 deposit, your third stimulus check will be based on that.
This is important to know because if your revenue drops in 2020, your stimulus check may be higher, as long as you meet income and other qualifications requirements.
If the government sends its payment based on the 2019 return, it will assess whether it should have been higher after its 2020 return is processed and potentially complete it with a subsequent payment.
Promptly filing your 2020 income tax return has several advantages.
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What to watch for if you are expecting a $ 1,400 stimulus check in the mail
First, you can update your direct deposit information, if necessary.
Second, depositing as soon as possible can reveal that you were eligible for additional stimulus funds from the previous two rounds of payments.
Third, there may be other stimulus benefits that you qualify for. This includes earned income tax credit, child tax credit or other tax benefits.
The IRS does not plan to reopen the non-filing tool that was available last year. Instead, people who do not yet have their information registered with the government are encouraged to file an income tax return to receive their money.
The IRS has more information about free filing tools on its website.
Check the ‘Get My Payment’ website
The IRS Get My Payment website will show the status of payments.
This site will be updated regularly as payments are processed.
Unfortunately, it is not equipped to allow you to submit new or different bank account information.
Be patient
It may take some time for your money to arrive.
For most taxpayers, no action is required to request payment, according to the IRS.
The money will be sent automatically to qualified individuals and families that the government has registered.
This includes people who typically do not file tax returns who used the non-filing tool last year or who submitted a special simplified tax return.
It also includes federal beneficiaries who receive Social Security, Supplementary Pension Income, Railway Retirement or Veterans Affairs benefits.