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You Can Still Claim Missing Stimulus Funds From 2021, According to the Latest Stimulus Update. How to Get Started

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Many people suffered significant financial losses as a result of the COVID-19 epidemic. Fortunately, the government intervened with a series of stimulus checks, the most recent of which was granted in March 2021 for up to $1,400.

Don’t worry if the $1,400 check never arrived in your account but you believe you were eligible. Even though the year 2021 has passed, you may still get the money you deserve if you do one thing.

Make Certain to Claim Your Stimulus Money When Filing Your Taxes

A tax return is not compulsory for everyone. Lower-income people, for example, are frequently excluded. Even though you aren’t required to file a tax return, you may wish to do so this year if you are owed stimulus money from 2021.

The IRS was busy mailing out stimulus checks to qualified beneficiaries between March and December 2021. However, you may not have received the money due to a variety of factors, including failure to file a recent tax return and failure to register for a stimulus payment as a non-filer.

You may have been eligible for a stimulus payment if your income changed in 2021. The IRS determined eligibility for such checks based on tax return data from 2019 or 2020. However, if your income dropped in 2021, you could have been eligible for reimbursement.

Single taxpayers earning $75,000 or less, and married couples earning $150,000 or less, were eligible for the entire stimulus payment. Individuals earning $75,000-$80,000 and couples earning $150,000-$160,000 were eligible for a half payment.

If you were single in 2020 and earned $100,000, but only $70,000 in 2021, you may have been eligible for a stimulus but did not get it. That’s why it’s critical you submit a tax return this year and use the Recovery Rebate Credit to collect the money you owe.

Furthermore, you may not have gotten a stimulus payment for your new dependant if you had a kid in 2021. In that instance, you’d wish to deduct the stimulus from your taxes in 2021.

 

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When Is the Best Time to File Your Tax Return?

Although tax returns aren’t due until mid-April, the IRS routinely begins taking them around the end of January. If you are ineligible for stimulus funding, it is in your best interest to file your return as soon as the IRS permits it. Your stimulus payment will be handled faster if you submit your return as soon as possible.

Keep in mind that your stimulus will come in the shape of a tax refund in this situation. You may not receive your stimulus in whole or at all if you owe the IRS money. However, if you had no tax due and were entitled to the entire stimulus but did not get it, you might be in line for a $1,400 windfall.

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