Stimulus check: Here's how you can get more money

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Stimulus check: Hither'south how you tin can go more money

(Image credit: Rohane Hamilton/Shutterstock)

If you didn't receive the full amount of money yous were eligible for with stimulus cheque 1 or 2, you may exist able to get a credit on your 2020 taxes to make up the difference.

The IRS used data from 2019 and 2018 to determine eligibility for the $1,200 and $600 payments sent out last year — even equally many individuals' and families' financial situations shifted drastically in 2020.

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The Recovery Rebate Credit allows taxpayers who made less money in 2020 than they did in previous years to merits funds that they would have received had their get-go two stimulus checks been calculated using their 2020 render.

This means that if you didn't become a full payment for either you lot or your dependents with stimulus checks 1 or ii, you may be able to use this credit every bit long every bit you complete your 2020 taxation return by May 17 (the adjusted deadline for about filers).

How to claim your Recovery Rebate Credit

To get your taxation credit, yous'll need to know exactly how much money you received with stimulus checks 1 and ii. The IRS sent out letters (Notices 1444 and 1444 - B) to qualifying individuals showing the amount of each payment, but if yous don't have those notices handy, you lot can also find the information by logging in at irs.gov/account.

Adjacent, you'll need to fill out a worksheet to determine whether you qualify for the credit and how much you can claim. This amount goes on Line xxx of your Class 1040 or 1040-SR.

If you lot are eligible for the credit, information technology will be sent every bit a revenue enhancement refund (or applied toward taxes you owe). According to the IRS, the fastest way to become your funds is to file your return electronically and set up directly deposit into a bank account.

Nevertheless, the IRS may too adjust the credit you lot claim, meaning you may non go the exact amount you expect. At that place are a few reasons for this correction:

• Someone else claimed yous equally a dependent.
• You didn't provide a valid Social Security number.
• Your qualifying child was over 17 on Jan. 1, 2020.
• You calculated your credit incorrectly.

Finally, if you've already filed your 2020 taxes and didn't take the Recovery Rebate Credit (simply believe you're eligible), you lot can file an amended return using Course 1040-X. The IRS volition not automatically give you a credit if you do not merits information technology.

Emily Long is a Utah-based freelance author who covers consumer applied science, privacy and personal finance for Tom's Guide. She has been reporting and writing for nearly x years, and her work has appeared in Wirecutter, Lifehacker, NBC Amend and CN Traveler, amid others. When she's non working, you can find her trail running, educational activity and practicing yoga, or studying for grad school — all fueled by java, apparently.

Source: https://www.tomsguide.com/news/stimulus-check-rebate-credit

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