With the, you have a lot of things you need to keep straight: — if — where to , . But there are a lot of smaller, unusual facts you want to watch out for, too, if you want to make sure you get the right amount of money.
For example, did you know that there’s a deadline for how long you have to cash a stimulus check? Or that a married couple could get two checks, each for half the amount they are due?
The IRS started $335 billion. The agency is still sending payments out, however, with next in line for the $1,400 checks. Here are 9 finicky details about stimulus checks. You may also get much more money in the and with . Here’s what we know about whether a is in the works.a month ago, and has now delivered more than 130 million payments worth approximately
The IRS may send you a ‘plus-up’ payment if it shorted you your full amount
While the IRS is letting youyou are as a credit on your taxes this year, if your income was lower in 2020 than 2019 or you added a to your 2020 tax return, you may qualify for a larger check this time around.
Instead of making you wait till you file next year to claim the missing amount, the IRS is making “plus-up” payments this year. The IRS is automatically recalculating and then sending these plus-up adjustments, without your needing to request them in an.
If the IRS miscalculated your payment and overpaid you, you may be able to keep the difference
If your check is bigger than what you qualified for, say, youthan you did in 2019, but the IRS calculated your payment , you won’t be expected to .
However, if you received money for someone who died, for example, or a dependent who someone else claims on their taxes, the IRS does expect you to return that money.
You have one year to use a paper check
While most of this request a replacement for the expired check.have gone out as electronic transfers to bank accounts, if the IRS doesn’t have for you, it may send your payment . As with all US Treasury checks, you have one year to cash the check before it expires. If you miss that deadline, you can
If your check was lost, stolen or destroyed, you can request a replacement
If you suspect your payment by paper check was lost, stolen or destroyed, you can start the process of receiving a payment by requesting. You can also request a replacement for a lost .
Parents who share custody of a kid could both get money (for the first two checks)
With the first two payments, parents who aren’t married andcould each receive a payment for the same kid, if they alternated years claiming those children on their taxes. Congress closed off this loophole for the third check.
If you have a new dependent in 2021, they count toward your stimulus payment
If you addedor on your , you qualify for stimulus money for that addition, by claiming it on your taxes this year.
The same goes for this year, too. If you had a baby in 2021 — or adopted a child or added a dependent — you can get a stimulus payment for that new dependent. You will need to wait until you file your taxes in 2022, however, to claim that money as a rebate credit.
13.5 million more dependents qualify this time
With the CARES Act that authorized the 69.8 million dependents (defined as age 16 and younger) counted toward a family’s payment. With the new rules around dependents, now fall under that definition.a year ago,
You may qualify for a larger check if the IRS didn’t calculate your unemployment benefits correctly
The American Rescue Plan excludes up to $10,200 of unemployment benefits paid in 2020 from .
Some are reporting, however, that the IRS calculated the amount of the third stimulus payment before applying the exclusion, resulting in either a smaller stimulus check than they qualified for or . If you suspect you fall into this group, for how much you should receive. We’ve contacted the IRS for more information on what to do if this is your situation.
Married couples may get two checks
In some cases, the IRS said, married taxpayers who file a joint tax return may get their third payment as two separate payments. Half the amount may come as a direct deposit and the other half will go out in the mail. The checks could come within weeks of each other. The IRS suggests each spouse checks its using their Social Security number for the payment status. We’ve contacted the IRS for more information.
For more details, here’s how to third stimulus check and in your bank account or by mail., everything you need to know about the