Stimulus Check News: What Are Your Options if You Miss A Payment?

There are a number of reasons why you may not get stimulus checks in 2022.

Following the pandemic’s onset, both Trump and Biden’s administrations issued stimulus payouts, formally known as Economic Impact Payments. Low- and middle-income households received three distinct stimulus checks: one for $1,200 in April 2020, one for $600 in December 2020, and one for $1,400 in March 2021.

Some individuals, on the other hand, have yet to claim the entire amount of stimulus money they were meant to get. But it’s not too late; these folks may still be able to backdate their stimulus payments.

The IRS states that “those who are missing a stimulus payment or received less than the entire amount may be able to claim a Recovery Rebate Credit on their 2020 or 2021 federal tax return.”

Also Read: Letter 6475: What It Is and How to Find Stimulus Information Online

Stimulus Check Update: Recovery Rebate Credit

Stimulus Check News: What Are Your Options if You Miss A Payment?

On the IRS website, there is a section that explains how the Recovery Rebate Credit works.

“You may be qualified to claim the 2021 Recovery Rebate Credit when you submit your 2021 tax return if you didn’t qualify for a third Economic Impact Payment or received less than the full amount,” the IRS notes.

Also Read: Stimulus Checks 2022: How is the American Rescue Plan going to affect Stimulus Money?

“Even if you don’t generally submit a tax return, you must file one to claim the credit.” Because the credit is calculated using information from your 2021 tax year, any third Economic Impact Payments you get will diminish the amount of credit you’re entitled to. Your 2021 Recovery Rebate Credit will either diminish or be included in your tax refund for 2021. To claim the 2021 Recovery Rebate Credit, you’ll need the whole amount of your third Economic Impact payment, plus any top-up payments.”

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