WASHINGTON — QUESTION:
What should you do if the stimulus check has not arrived, or it's less than expected, following this Jan. 15 deadline?
ANSWER:
Jan. 15 is the final deadline for the IRS to send out stimulus checks to those who qualify. If your check was not sent out by this date, you will need to claim any missing payment through a Recovery Rebate Credit on your 2020 taxes.
SOURCES:
- Text of the Bill, "Consolidated Appropriations Act, 2021"
- National Conference of State Legislatures, COVID-19 Economic Relief Bill Analysis
- Cari Weston, Director For Tax Practice and Ethics at the American Institute of CPA's.
- IRS, "Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans"
PROCESS:
The Verify team has been tackling the biggest questions about the second round of stimulus checks for weeks now. To see a full recap of the major questions, click here.
The checks will be for $600 for each qualifying individual. A couple filing jointly would be eligible for $1,200, assuming their income qualifies. Qualifying couples or individuals can also collect an additional $600 for each dependent who was under the age of 17 on their parent's 2019 tax filings.
To qualify for the payments, an individual needed to have made less than $75,000 on their 2019 tax filings. Couples would have needed an income less than $150,000.
What do I do if I haven't received a check, or it's less than what I expected?
Following the Jan. 15 deadline, the IRS will no longer be sending out stimulus checks. If you have still not received a payment, or it was less than expected, you will now need to apply for a Recovery Rebate Credit when filing your 2020 taxes.
"You're going to have to claim it on your tax return for 2020," said Cari Weston from the American Institute of CPA's.
"There's going to be a Recovery Rebate Credit worksheet that you're going to fill out," she continued. "And you'll put in how much you did or did not get in the first round of checks and the same with the second. And it's going to true you up for what you should have received."
To see if a payment has been issued by this Jan. 15 deadline, you can visit the IRS website and use the 'Get My Payment' tool. If payment is not on the way, one will need to rely on the Recovery Rebate Credit.
"If they have processed it," said Weston. "It will tell you when you should expect to receive it."
On the 1040 Tax Form, line 30 has been added, labeled "Recovery Rebate Credit." If you believe you were underpaid or not paid at all for either yourself or a dependent, this is where one can request a rebate.
"You're entitled to it anyway," said Weston. "So you want to make sure you get it even if just reduces the amount of taxes you owe."
New parents with a qualifying income will be able to claim money for their newborns, using this rebate credit as well.