For the 2020 and 2021 fiscal years, the government provided $931 billion in Stimulus Checks to assist Americans to get through the worst of the Covid-19 outbreak. But, some people still have not gotten their money more than a year and a half after the last stimulus payments began to be distributed.
You might be eligible to claim the stimulus debt as a “recovery rebate” tax credit on your 2020 or 2021 federal tax return if you are one of the many people who are due money from the stimulus program. Only if the IRS did not issue you a stimulus payment or if you received a partial payment can you qualify for the recovery rebate credit. Pandemic stimulus checks were distributed three times in 2020 and 2021.
Stimulus Checks Can Still Be Claimed
Your 2018 or 2019 tax information served as the foundation for the first two payments. If an individual’s adjusted gross income (AGI), which is income less some deductions, was $75,000 or less ($150,000 for married couples), they were eligible for the full stimulus payments. For every $100 earned beyond the income levels, the IRS cut the stimulus funds by $5.
For the first complete round of stimulus payments, single people received $1,200, married couples received $2,400, and qualifying dependents received $500. During the second full stimulus payment, single people received $600, married couples received $1,200, and each dependant received $600. Earnings over $99,000 ($198,000 for married couples) disqualified you from receiving the first stimulus payment. Your second stimulus payment was decreased to $0 after your AGI reached $87,000 for single people and $174,000 for married couples with the second stimulus check.
Your 2019 or 2020 tax information was used to calculate the third stimulus check. The fact that a stimulus payment is not taxable must be understood. You are not required to include the sum in your gross income or pay taxes on the money, according to IRS advice.
