Missing stimulus money? These tips may help
JACKSON, Tenn. — There some tips you need to know if you may have missed out on the first couple of stimulus checks.
There are many Americans who only received part of the first two stimulus checks, and some who missed out entirely.
Before you file your 2020 taxes, you might be able to receive some of that money. The IRS has what they label a “Recovery Rebate Credit.”
Essentially, the credit can help address any big changes that happened in your income.
If you look at the 1040 form, all the way down at line 30 you’ll see this.
It’s going to be your key for getting money.
Let’s say you were a student in 2019 and your parents claimed you as a dependent on their taxes.
That means you didn’t receive any stimulus money, but if you are filing your own taxes for 2020 (and no longer qualify as a dependent), you can claim the Recovery Rebate Credit and get up to $1,800 worth of stimulus money.
The IRS does give you a worksheet to fill out if you want to do it yourself.
But if not, a tax professional is probably your best bet, especially if you have any new dependents or a major drop in your income.
This also helps for those who may have been furloughed in 2020.
If you didn’t receive the full amount of stimulus because of your 2019 income, the Recovery Rebate Credit is your way of getting some of that money back.
Others are wondering about the third stimulus check as well.
As a reminder, it is the middle of tax filing season, so the checks are going out in waves. If you still haven’t received yours, you’ll have to wait until the 2021 tax returns to claim the rebate.
To see if your stimulus check has been mailed out or deposited, click here.