If in the remainder of January, you do not receive the additional money for dependents from the second stimulus check distributed by the Internal Revenue Service (IRS) you must claim the payment due as a credit on the tax return of this year.
The IRS reported that as in the cases of beneficiaries who did not receive the payment in full, those who did not receive the extra funds for dependents must claim them as a “Recovery Refund Credit.”
The same applies to Americans who did not receive the first check or money for dependents under the CARES law.
Most of the people who must apply for the credit correspond to the group of those who are not required to file taxes, so the IRS does not have the personal information to process the “Economic Impact Payment.”
As part of the first round, the agency enabled the online tool “Non-filers” for eligible persons to submit their personal data to the entity. But this option is no longer available since last November 21.
From now on, any individual to whom the IRS owes stimulus payments, including those corresponding to minors in their custody, must claim the disbursement on their tax return.
The Supplemental Appropriations in Response and Relief to Coronavirus Act of 2021 establishes payments of $ 600 minimum to individuals with adjusted gross income in 2019 of up to $ 75,000 and $ 150,000 in the case of married couples filing joint taxes. The statute also stipulates the payment of $ 600 for each child under 17 in the family.
The law also establishes January 15, that is, this Friday, as the deadline for the IRS and the Treasury Department to complete the shipment of most of the second round payments.
Due to the above, tomorrow is considered a key day in the process of distribution of funds due to coronavirus.
If you do not receive the stimulus check in the next few days, you will most likely have to complete the process through your tax return to request the payment or payments due.
The distribution process began at the end of December with millions of direct deposits to Americans.