In this round, an additional 13.5 million dependents will receive a stimulus check for $ 1,400.
Photo: OZAN KOSE / AFP / Getty Images
With the arrival of the stimulus check, you have to take into account many things that are important such as who is entitled to receive a check and who is not, how much money you can receive and how you will receive it. But there are also some unusual things to pay attention to. if you want to make sure that you will receive the correct amount of money.
A month ago the Internal Revenue Service (IRS) began sending out the third round of stimulus checks. As of last week, the federal agency has delivered more than 130 million payments worth approximately $ 335 billion.
The agency continues to send payments of $ 1,400 to Social Security recipients beginning Wednesday. We share 6 facts you should know about the stimulus check.
1. The IRS may send you an additional payment
While the IRS allows you to claim any missing stimulus money from the first two payments as a credit on your taxes this year, if your income was less in 2020 than it was in 2019 or you added a new child or dependent to your tax return. 2020, so you may qualify for a bigger check this time.
Instead of making you wait until you file next year to claim the missing amount, the IRS is making additional payments this year. The federal agency is automatically recalculating your payment to send you your deposit without you having to request it on your modified tax return form.
2. You have one year to cash a paper check
Although most of this third round of payments have come out as wire transfers to bank accounts, if the IRS doesn’t have information on direct deposit, it could mail your payment as a paper check.
As with all United States Treasury checks, you have one year to cash the check before it expires. If you do not meet this deadline, you could request the replacement of the expired check.
3. If you lose your check you can request a replacement
If you suspect that your paper check payment has been lost, stolen or destroyed, you can start the process of receiving a payment by requesting a trace of the payment.
You can also request the replacement of your lost EIP debit card.
Related: What are the chances of a fourth stimulus check?
4. Parents who share custody of a child may receive money separately.
During the first two stimulus checks, parents who are not married and who share custody of a child they could each receive a payment for the same child. However, for the third stimulus check, Congress closed this possibility.
5. If you have a new dependent in 2021, account for your stimulus payment
If you have a baby this year or added a new dependent on your 2020 tax return, then you may qualify for an additional stimulus check, as well as a $ 1,100 claim on your taxes this year.
However, you will have to wait to file your taxes in 2022 to claim that money as a refund credit.
6. 13.5 million additional dependents will receive a stimulus check
With the CARES Act that authorized the first stimulus check a year ago, 69.8 million dependents under the age of 16 received the payment. With the new rules on dependents 13.5 million additional people will receive a stimulus check.
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