This tax season is your last chance to get your $1,400 stimulus check
Tax season is the final chance for filers to obtain any stimulus money that they might have missed from the third round. disbursed to most people last year.
If you haven’t gotten your $1,400 payment for yourself or your dependents — or got less than you qualify for — you will need to claim the 2021 Recovery Rebate Credit on your tax return. If you do not file an amended tax return for 2021, this is your last chance to receive the 2021 stimulus money.
The IRS states that most individuals have been able to receive all the stimulus money for which they are eligible. However, there are certain reasons why you might still be eligible for the credit.
- In 2021, you had a baby.
- In 2021, you added a dependent (parent, grandparent, or niece).
- Please lost income in 2021 relative to 2020.
- The letter was not sent to you stimulus payment at all but are eligible.
You must also meet the requirements. income eligibility requirementsTo receive money for your family members or yourself,
Consider a single filer who earned $80,000 annually in adjusted gross income (AGI). You would technically not be eligible for the stimulus checks. However, if your AGI falls to $75,000 by 2021 then you would be eligible for the $1,400.
Alternatively, if your AGI was $80,000 in 2021, contributing $5,000 to a traditional IRA — which you can still do for 2021 — would lower your taxable income enough to reach the $75,000 AGI eligibility limit for the full stimulus payment. To reap these benefits, you would have to complete this before you file your 2021 tax returns.
Do it now! receiving a letter from the IRSDescribe the amount of stimulus money that you have received. You can use this information to help with your return. Software for tax should ask you questions about the stimulus payments. If necessary, this will make it easy to claim the Recovery Rebate Credit.