No stimulation check yet? This is what you should do

No stimulation check yet? This is what you should do

The IRS has distributed all of the $600 checks from the stimulus package passed in December.

If you still have a shortfall, you will need to claim the rebate on your 2020 tax return.

The law approved by Congress at the end of 2020 included updated check and direct deposit processing and shipping deadlines. The IRS deposited and mailed more than 147 million "legally authorized" payments before the January 15 deadline. Some checks may still be mailed, but no additional money will be remitted.

Those who were eligible to receive a second check but did not receive one should take the next step and apply for a Recovery Rebate Credit on line 30 of their 2020 Form 1040 or Form 1040-SR. They may also claim the credit if they believe they are eligible but did not receive the amount they were entitled to receive.

In the U.S., the tax filing season began on February 12.

In addition to being able to claim the shortfall, filing your 2020 tax return early will allow you to receive a larger third check (if any).

The first two stimulus payments were based on income reported on 2019 or 2018 tax returns, but the IRS will likely use the most recent returns for any additional funds sent once the next relief bill is signed.

This means that if you had less income in 2020 than you did in 2019 due to unemployment or furloughs, you may be eligible to receive more stimulus money based on your 2020 return.

The White House's current plan for the third check provides $1,400 to individuals with income up to $75,000 ($150,000 for married couples filing jointly), with dependent children and elderly parents also receiving the full amount.

There are other proposals from both Republicans and Democrats with different check totals and income thresholds.

House Speaker Nancy Pelosi (D-CA) is aiming to have Biden sign the next bailout package before federal unemployment benefits expire on March 14. This leaves less than a month before the 2020 filing deadline if more benefits are expected to be available.

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