Struggling Americans given deadline to apply for 2020 stimulus checks worth up to $1,200 – here is how to claim yours
STRUGGLING Americans who missed out on 2020 stimulus checks have been given a deadline date to apply for their unreceived funds.
Some people didn't receive the first two rounds of relief that began back in April last year, while others received less than they should have.
Now Americans can claim their Recovery Rebate Credit – ideally before the October 15 tax extension deadline.
Although Friday is the last date to file in a "timely" manner, the IRS does offer up three years from the due date of the return to submit and receive a refund.
"This means you can file your return and receive your Recovery Rebate Credit through April 15, 2024," Mark Steber, chief tax information officer at Jackson Hewitt said.
Those who missed out on the third stimulus check can't claim it on their 2020 return as it was sent out in 2021.
But the IRS say it will be released automatically using information from last year once the claim is filed and if not, taxpayers can claim it on their 2021 tax return.
Some missed out on substantial cash with the first stimulus check, as it was worth up to $1,200, plus $500 for each eligible child.
The second round of aid was worth up to $600 per eligible individual and child.
To request your missed stimulus checks, eligible Americans can claim the credit on line 30 of Form 1040 or Form 1040-SR.
Read our stimulus checks live blog for the latest updates on Covid-19 relief…
By using the tax software, you can claim the additional funds. But you need to be aware of how much you have already received from the IRS.
Check bank statements or your online IRS account to find out the amount you were granted.
Those eligible will not receive a fresh check in the post – it will be included in their tax refund or it will lower the amount of tax owed to the IRS.
The 2020 tax returns are now also being used to calculate the worth of monthly child tax credit payments for eligible Americans.
The child tax credit was extended to $3,600 from $2,000 earlier this year by President Joe Biden.
The advance stimulus check, worth up to $300, will be sent out to millions of households from October 15.
Advance payments were first sent to households back in July and there will be six checks issued in total before the end of the year.
Families could pocket up to $1,800 per child before the end of the year and can claim the remaining cash when tax returns are filed in April.
And it seems more stimulus checks could be in the pipeline as a potential tax overhaul could raise enough cash for two more $1,400 payments.
Democrats are now set to draft a massive social spending package after approving President Joe Biden's $3.5trillion domestic spending package.
It's likely to be funded by tax hikes on the wealthiest Americans, investors, and large companies, Business Insider reports.
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