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Even though the U.S. government has deployed some $ 90 million in $ 1,400 stimulus checks, you may still be wondering, “Where’s my money?”
The IRS and the Treasury Department announced last week that they had sent the first batch of stimulus checks totaling more than $ 242 billion.
Congress and President Joe Biden authorized the $ 1,400 stimulus payments earlier this month. This time, payments are up to $ 1,400 per person, as well as $ 1,400 per dependent child or adult.
As with the first two sets of stimulus controls, you must meet certain income thresholds in order to qualify. Generally, people with adjusted gross income of up to $ 75,000 will receive a full payment. That amounts to $ 112,500 for heads of households or up to $ 150,000 for married couples filing together.
This time, however, payments are removed more quickly. Checks have a maximum limit of $ 80,000 for individuals, $ 120,000 for heads of households, and $ 160,000 for married couples.
Other eligibility rules also apply.
Millions more payments will be distributed in the coming weeks by direct deposit, paper check or debit card.
If you do not receive a payment or less than expected, you may be afraid of losing it. If so, here’s what you can do.
File your 2020 tax return
$ 1,400 stimulus checks will generally be calculated on your 2019 or 2020 tax returns, the one you filed most recently.
If the IRS has received and processed your 2020 submission, your third stimulus check will be based on that.
This is important to know, because if your income went down in 2020, your stimulus check could be higher as a result, as long as you meet the income and other qualifications requirements.
If the government submits your payment based on your 2019 return, it will assess whether it should have been higher once your 2020 return has been processed and potentially complete it with an ongoing payment.
The filing of the 2020 tax return quickly has several advantages.
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New stimulus controls for unpaid debts could be adorned
Who meets the requirements to get $ 1,400 stimulus control
What to look for if you’re expecting a $ 1,400 stimulus check in the mail?
First, you can update your direct deposit information, if necessary.
Second, filing it as soon as possible may reveal that it was eligible for additional stimulus funds from the previous two rounds of payments.
Third, there may be other incentive benefits for which you meet the requirements. Includes income tax credit, child credit, or other tax benefits.
The IRS has no plans to reopen the tool that did not feature files that was available last year. Instead, people who do not yet have their information registered with the government are advised to file a tax return to receive their money.
The IRS has more information about free submission tools on its website.
See the “Get my payment” site
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 send new or different bank account information.
Be patient
It may take time for your money to arrive.
According to the IRS, for most taxpayers, no action is required to request a payment.
The money will be automatically sent to individuals and families who meet the requirements that the government has registered.
It includes those people who do not normally file tax returns who used the tool they did not apply for last year or who filed a special simplified return.
It also includes federal beneficiaries who receive Social Security benefits, supplemental security income, railroad retirement, or veteran affairs.