The Internal Revenue Service may have already sent out nearly one hundred seventy million coronavirus stimulus checks under President Joe Biden’s American Rescue Plan, but there appear to be several more batches of payments just waiting to be disbursed.
In fact, there is still roughly 13 percent of the $450 billion total allotted for the current third round of stimulus payments that have yet to be direct deposited or mailed off via USPS.
Like these folks in the 13 percent, there have also been plenty of reports of eligible Americans who have been forced to the sidelines while their neighbors and friends all received and spent their stimulus funds.
What can they do? Fortunately, there are several great options to take advantage of.
First, one should take the time to check to see if they even qualify for the new stimulus, as the IRS has reminded all U.S. taxpayers that the income levels in this third round have changed somewhat. The tax agency noted that some people won’t be eligible for this particular payment even if they received a first or second stimulus check without any issues.
Keep in mind that individuals who earn as much as $75,000 in adjusted gross income, or couples making $150,000, qualify for the full $1,400 per person. But an individual with an income of $80,000, or a couple with $160,000, will receive nothing this time around.
The IRS is also pushing Americans to file their taxes as soon as possible, as the agency needs certain information, such as an address and bank account numbers, to properly disburse the stimulus checks. Take note that the May 17 Tax Day deadline has already passed, so do apply for an extension and file by the October 15 deadline.
“Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit,” the IRS said.
If one applies for an extension, these people can now utilize the Recovery Rebate Credit that has been added to all returns this tax season, which makes it possible to claim stimulus funds from the first two rounds.
“If you didn’t get any payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file,” the IRS wrote.
Be aware that some taxpayers have received Notice 1444, Notice 1444-B, or Notice 1444-C from the IRS stating that their payment was issued even though they have yet to received it. For these folks, they should request an IRS payment trace by calling 800-919-9835 or mailing or faxing a completed Form 3911, known as “Taxpayer Statement Regarding Refund.”
Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.