FINANCE
You have just one more day to claim the $1,200 stimulus check sent in 2020
Time is running out to claim the first of three stimulus checks sent in 2020 if you haven’t received it so far. Here’s how.
Act now! Tomorrow, Friday, 17 May, is the final day for eligible US citizens and permanent residents to claim their Economic Impact Payments, also known as stimulus checks, sent in 2020.
Who was eligible?
It’s important to understand the details. This upcoming deadline is your last chance to claim the Economic Impact Payments, also known as stimulus checks, which were distributed in 2020. These payments were provided to individuals earning below the income thresholds. For single filers, the threshold was an Adjusted Gross Income of $75,000, and for married couples filing jointly, it was $150,000. The value of the stimulus check gradually decreased for individuals earning up to a maximum of $99,000 ($198,000 for married couples filing jointly). If you haven’t received your payment yet, this month is your final opportunity to claim it. Don’t miss out!
Let’s clear up any confusion. If you didn’t receive your stimulus checks on time as part of your 2020 tax refund, you won’t be able to claim them after this final filing deadline. However, the other stimulus check, sent as a part of the American Rescue Plan after President Biden took office, will still be claimable until next year. There’s no need to wait; you can submit your 2020 and 2021 returns and potentially receive both if you haven’t already done so this year.
The tax authority published the video below, which provides critical information to those who want to submit a return by the 17 May deadline.
Filing a late return
Taxpayers have three years to submit a tax return and claim a refund; if they don’t, these funds become the federal government’s property. Those looking to submit a 2020 return should be aware that while the process is a bit more complicated because they must file a paper return, plenty of resources are available to ease the burden. A good first step is to contact the IRS and explain your interest in filing a return to the representative. The agency can be reached at 800-829-1040 or 800-829-4059 for TTY/TDD.
You can also request the wage and income-related documentation you will need to submit your return by submitting IRS Form 4506-T(Request for Transcript of Tax Return). Suppose you are looking for a free electronic option to help you gather the correct paperwork. In that case, you can use FreeFileUSA.com, which will allow you to print all the forms the IRS requires you to submit to receive a refund.
Be aware that when filing a paper return, you may not hear back from the IRS for six weeks as they have a backlog that takes time to work through.