Many Americans were unable to receive the third stimulus check, so this tax season they can claim it.
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Those who did not receive the full amount of the third stimulus check corresponding to last year, will be able to claim it through the 2021 Refund Recovery Credit, but must file the 2021 tax return, even for those who do not file taxes, because they have a range very low salary, to claim it.
The Internal Revenue Service (IRS) indicated that the Refund Recovery Credit will reduce any tax you owe in 2021 or be included in your refund due this tax season.
To receive the missing check, the following points must be considered:
Income
If your annual compensation is $73,000 or less, then you can file your federal income tax return electronically for free through the IRS Free File Program. The fastest way to get your tax refund is to file this way and you will have a direct deposit in your bank account.
Late Payments and Tax Filing
If you did not receive the full amounts of the first and second stimulus checks, then you may be eligible to claim the 2020 Refund Recovery Credit, but you do need to file your 2020 tax return.
The IRS directed that the taxpayer not include any information about the first and second stimulus checks or the 2020 Refund Recovery Credit on their 2021 return.
How to calculate the amount owed to you
To determine the money that corresponds to the taxpayer, you must access your online account, an online IRS application that allows you to securely access your individual account information.
The amounts of the stimulus checks can be found in the Tax Records section under the Information About Economic Impact Payments section. If the taxpayer and their spouse received joint payments, then they will need to log into their own account to retrieve their separate amounts.
If the couples received joint payments, the notices show the total amount of each payment. If you file separate 2021 tax returns, each spouse must enter half of the payment amount shown on Notice 1444-C. People who received additional payments received another Notice 1444-C after the payment was issued.
It is important that taxpayers who are owed a payment consult their documentation to define exactly how much money they needed to ensure their refund in the current tax season that ends in April.
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Source-laopinion.com