What to do if you have a missing IRS stimulus payment
Following the outbreak of the coronavirus pandemic, both Donald Trump and Joe Biden's administrations organised stimulus checks, officially called Economic Impact Payments. Three different stimulus checks were sent out to low- and medium-income families, with a check of $1,200 in April 2020, one of $600 in December 2020 and one of $1,400 in March 2021.
However, some people haven't yet claimed the full amount of stimulus money that they were entitled to. It isn't too late, though, as these people might still be able to backdate their stimulus checks.
"People who are missing a stimulus payment or got less than the full amount may be eligible to claim a Recovery Rebate Credit on their 2020 or 2021 federal tax return," the Internal Revenue Service (IRS) explains.
What is the Recovery Rebate Credit?
There is a detailed section on the IRS website that details how the Recovery Rebate Credit process works.
"If you didn't qualify for a third Economic Impact Payment or got less than the full amount, you may be eligible to claim the 2021 Recovery Rebate Credit when you file your 2021 tax return," the IRS explains.
"You must file a return to claim the credit, even if you don't usually file a tax return. The credit is based on your 2021 tax year information, so any third Economic Impact Payments you received will reduce the amount of the credit you're eligible for. Your 2021 Recovery Rebate Credit will reduce any tax you owe for 2021 or be included in your tax refund. You will need the total amount of your third Economic Impact payment and any plus-up payments to claim the 2021 Recovery Rebate Credit."
Four reasons you may be due more stimulus check money in 2022
As well as those who didn't claim the money they were entitled to at the time, there are also some people who are now due extra stimulus money because their circumstances have changed.
There are four main situations where this could be the case, namely:
If you had a baby born in 2021 and claim the child as a dependent on your 2021 tax return.
If your family added a new dependent, such as a parent, grandchild or foster child, in 2021 and claim them as a dependent on your 2021 tax return.
If you're a single filer who had income above $80,000 in 2020 but less than that in 2021; if you're a married couple who had income above $160,000 in 2020 but less than that in 2021; and if you're a head-of-household filer who had income above $120,000 in 2020 but less than that in 2021.
If you're a single filer who had income between $75,000 and $80,000 in 2020 but less than that in 2021; if you're a married couple who had income between $150,000 and $160,000 in 2020 but less than that in 2021; and if you're a head-of-household filer who had income between $112,500 and $120,000 in 2020 but less than that in 2021.
Source
https://www.marca.com/en/lifestyle/us-news/2022/02/08/62023d1646163f224c8b458c.html