JACKSON, Tenn. – There are some tips you need to know if you missed the first stimulus checks.
There are many Americans who received only a portion of the first two stimulus checks, and some who missed it entirely.
Before filing your 2020 taxes, you may be able to receive some of that money. The IRS has what they call “Recovery Rebate Credit”.
In essence, the loan can help address any big changes in your income.
If you look at the 1040 form all the way to line 30, you will see this.
It will be your key to getting money.
Let’s say you were a student in 2019 and your parents claimed you were dependent on their taxes.
This means that you did not receive any stimulus money. However, if you file your own 2020 taxes (and no longer qualify as dependent), you can claim Recovery Rebate Credit and receive up to $ 1,800 worth of stimulus money.
The IRS gives you a worksheet to fill out if you want to do it yourself.
If not, a tax advisor is likely your best bet, especially if you have new dependents or if your income is falling significantly.
This also helps for those who might have been on vacation in 2020.
If you didn’t get the full incentive based on your 2019 income, Recovery Rebate Credit can be used to get some of that money back.
Others also wonder about the third stimulus check.
As a reminder, it’s the middle of the tax return season, so checks are running out in waves. If you haven’t received yours yet, you will have to wait until your 2021 tax return to receive the discount.
Click on to determine whether your stimulus check has been sent or stored Here.