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Even if the U.S. government used about $ 90 million in $ 1,400 stimulus checks, you may still be asking, “Where’s my money?”
The IRS and the Treasury Department announced last week that they had sent out the first batch of stimulus checks worth more than $ 242 billion.
The $ 1,400 incentive payments were authorized by Congress and President Joe Biden earlier this month. This time the amount is up to $ 1400 per person, as well as $ 1400 per child or adult dependent.
As with the first two sets of stimulus checks, you must meet certain income thresholds to qualify. In general, individuals with an adjusted gross income of up to $ 75,000 will receive a full payment. It rises to $ 112,500 for housekeepers or up to $ 150,000 for cohabiting couples.
This time, however, the payments are phasing out faster. The checks are limited to $ 80,000 for individuals, $ 120,000 for household heads and $ 160,000 for married couples.
Other eligibility rules also apply.
In the coming weeks, millions more payments will be paid out by direct deposit, by postal check or by debit card.
If you do not receive a payment or a smaller deposit than you expected, you may be afraid of missing it. If so, you can do it.
Submit your 2020 tax return
The $ 1,400 stimulus checks are usually calculated on the 2019 or 2020 tax returns, depending on what you recently submitted.
If the IRS has received and processed your 2020 submission, your third stimulus test will be based on it.
This is important to know, because if your income were to decline in 2020, your stimulus test could consequently be greater, provided you meet the income requirements and other qualifications.
If the government sends you payment based on your 2019 return, they will evaluate whether it should have been larger once your 2020 return has been processed, and possibly supplement it in a subsequent payment.
Submitting your 2020 tax return immediately has several benefits.
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Who qualifies for $ 1,400 stimulus checks
What to look for if you expect a $ 1,400 per post stimulus test
First, you can update your direct deposit information, if needed.
Second, if submitted as soon as possible, you may be eligible for additional incentive funds from the previous two payment rounds.
Third, there may be other stimulus benefits that you qualify for. This includes the income tax credit, child tax credit or other tax benefits.
The IRS does not plan to reopen the instrument that was not available last year. Instead, people are encouraged to file a tax return to receive their money.
The IRS has more information about free file tools on its website.
Check the ‘Get my payment’ website
The IRS Get My Payment website shows the status of the payments.
This website will be updated regularly as payments are processed.
Unfortunately, it is not equipped to submit your new or other bank account information.
Be patient
It can only take time before your money arrives.
According to the IRS, for most taxpayers, no action is required to request a payment.
The money will be sent automatically to individuals and families who keep the government on record.
This includes people who do not normally file tax returns who used the non-importer tool last year, or who have filed a special simplified tax return.
It also includes federal beneficiaries who receive benefits for social security, supplementary security income, railroad retirement, or veteran matters.