Recently, IRS stimulus checks, which are officially called “Economic Impact Payments,” have been a lifeline for millions of Americans who are having a hard time with money.
Although these payments are given to a lot of people, not everyone is eligible for them, and it can be hard to figure out what the requirements are. It is important to know if you qualify so that you can get the money you are entitled to. Here is a simple guide to help you figure out if you can get an IRS stimulus check.
Determine Your Eligibility for Upcoming IRS Stimulus Payments
Your income is a very important factor in deciding if you can get a stimulus check. Your Adjusted Gross Income (AGI), which is shown on your tax return, is used by the IRS to decide if you are eligible.
Single people with an AGI of $75,000 or less, married couples filing jointly with an AGI of $150,000 or less, and heads of household with an AGI of $112,500 or less can get full payments.
Partially paid amounts go down as income goes up. For example, single filers who make more than $99,000 a year or couples who make more than $198,000 a year usually do not qualify.
It is very important to file your taxes. The IRS mostly looks at information from your most recent tax return to decide if you are eligible and how much money you may get.
If you have not already, you might need to file a tax return for the years in question in order to get your stimulus check. You might still be able to get it even if you do not file taxes and have little to no income. The IRS made a special tool to help people who do not file taxes when stimulus payments were being given out.
Citizenship and Residency Requirements EEUU
To be eligible for a stimulus check, you must meet certain criteria:
- Be a U.S. citizen or a resident alien.
- Non-resident aliens are typically not eligible.
- Possess a valid Social Security number. However, there are specific exceptions for families with mixed immigration statuses.
Being claimed as a dependent on someone else’s tax return disqualifies you from receiving a stimulus payment. This is particularly relevant for:
- College students
- Elderly individuals
- Others who might be listed as dependents
There are a lot of changes in life, and sometimes these changes can affect your ability to get a stimulus payment. It is important to know how things that happen in your life can affect your money. We will talk about some important events in your life that could change your eligibility status below.
Changes in Your Circumstances
Significant life events can influence your eligibility for stimulus payments. Here are some examples:
- Marriage or Divorce: These events can alter income thresholds, especially if you file jointly with your spouse.
- Having a Child: The arrival of a new family member entitles you to additional stimulus amounts for eligible dependents.
- Income Loss: A decrease in your income might make you eligible based on your updated tax filings.
Claiming Missing Stimulus Payments
You can get the money you were supposed to get from a stimulus package if you did not get it or got less than you thought you would. When you file your next tax return, you can ask for the Recovery Rebate Credit. This credit makes sure that you get any money that you are owed.
People may not be able to get a stimulus payment for a number of common reasons. Some of these are:
- Your income is above the maximum threshold limits.
- You are claimed as a dependent on another person’s tax return.
- You are a non-resident alien without a valid Social Security number.
How to Check Your Eligibility
The IRS has made a number of tools and resources available to help people figure out if they are eligible for stimulus payments. These tools can help you figure out if you are eligible and what to do next.
At first, it can be hard to figure out how to track and claim your IRS stimulus payment. You can make the process easier, though, by focusing on the important things like income, tax filing status, and citizenship. It is very important for people who think they are eligible but have not received their payment yet to act quickly. You can get your payment by filing your tax return or using the IRS’s tools.
People who meet the requirements are only a step away from getting financial help. Please do not miss this chance. Make sure you know what you need to do to stay eligible and do it today!
How claim my stimulus payment if missed the filing deadline?
If you missed the original tax-year filing deadline, you can usually still claim your stimulus through one of the following methods:
Filing a Late Tax Return:
- The IRS generally allows taxpayers up to three years from the original filing deadline to submit a late return and claim a refund.
- For example, if you missed claiming the first or second EIP on your 2020 return, you can still file a late 2020 tax return (or amend your return if already filed without the credit).
Amending a Previously Filed Return (Form 1040-X):
If you already filed a return for the year you’re trying to claim the credit but missed including the Recovery Rebate Credit, you can file an amended return using Form 1040-X.
According to the IRS, make sure you enter the correct credit amount and include any necessary paperwork.
