You Could Be Eligible For Thousands Of Dollars In Stimulus Checks And Tax Credits
Most Illinoisans are eligible for stimulus checks from the Federal government and many may also qualify for more money through tax credits like the Child Tax Credit and the Earned Income Tax Credit.
Even if you have little to no income you may be eligible, but you may need to take action.
Need a breakdown of each of the three rounds of the stimulus checks? . If you’re looking for a simpler PDF to download and/or print, .
What If I Threw Away A Card Loaded With Stimulus Money
Fortunately, the IRS said you dont need to know the number on that card to request a replacement. You can call 800-240-8100 .
Once you get that card, its possible to transfer it to a bank account if you want.
The new limit for electronic transfers to your bank account is $2,500 per transaction up from a previously announced $1,000. See EIPcard.com to review the process. Transfers should post to your bank account in one to two business days.
What Should I Do Now
There are several things you can do now ahead of a third stimulus payment to ensure things go as smoothly as possible.
- Make sure the IRS has direct deposit information for you so you will be among the first to receive a stimulus payment.
- If you havent filed your 2020 taxes, consider any difference between 2019 and 2020 income. If the IRS uses your 2019 taxes and you receive more than you would have using 2020 taxes, then you likely wont have to pay that money back.
- Conversely, if you receive a stimulus based on 2019 and actually qualify for more in 2020, then you can claim the difference as a Recovery Rebate Credit when you file your 2021 taxes in 2022.
- If you have a refund coming in 2020 or have makeup prior stimulus credits coming, then you may want to file now to get that money.
- To avoid not receiving your third stimulus and having to claim it as a credit in 2022, even if you dont normally have to file income taxes, consider doing it this year to make sure you are in the IRS system.
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If I Am Incarcerated Am I Eligible For The Stimulus Checks
Yes, if you are incarcerated you are eligible to receive the stimulus checks if you meet the other eligibility criteria.
Eligibility for first stimulus and second stimulus checks:
Eligibility for third stimulus check:
Check The Status Of Your Third Economic Impact Payment
All Third Economic Impact Payments must be issued by Dec. 31, 2021 in accordance with the American Rescue Plan Act of 2021, signed into law on March 11, 2021.
The IRS mailed Notice 1444-C to people who received a third Economic Impact Payment. You should keep this letter with your tax year 2021 records.
Check when and how your payment was sent with the Get My Payment tool.
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What If Letter 6475 Says That I Received Money But I Didn’t
First, the IRS recommends that you check your bank account records for 2021 to make sure. They particularly advise looking for deposits from the IRS in spring or early summer.
Next, check your online IRS account. The info on the IRS website will be more up to date than Letter 6475, particularly if a payment was returned. If your online account says that you received stimulus payments, but you didn’t see the money, you should contact the IRS immediately to see if a payment trace is required.
How To Get Your Stimulus Check
Using stimulus funds can help you manage your entire financial picture, including getting a handle on The guide helps you understand if you are eligible in these cases:
- If you havent filed federal taxes or have no income
- If you dont have a bank account or a pre-paid debit card
- If you have moved since you last filed taxes
- If you receive Social Security Benefits
- If youve already filed taxes and are signed up for direct deposit
The vast majority of Americans will be eligible to receive a third stimulus check from the federal government. Even if you have no income, you are still eligible but need to take action.
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What If My Spouse Or Ex
If you did not get all or some portion of your Economic Impact Payments you can file a 2020 tax return and claim these amounts on line 30 of the form. The IRS is referring to this as the recovery rebate and will allow you to claim any of the EIPs that you did not get in advance. You may get a denial letter from the IRS, but that is the opportunity to reply and explain your situation to the IRS.
Vermonters with a low income can contact us for help at the Vermont Low-Income Taxpayer Clinic by filling out our form or calling 1-800-889-2047.
How Much Money Will I Get From The Third Stimulus Check
Most households that received an earlier stimulus check will get one again, but the amounts are different this time. The baseline:
- $1,400 to each adult
- $1,400 to each dependent meaning, anyone claimed on a tax return, including older adults, disabled adults, and child dependents of any age
- For example, a family of four could potentially receive $5,600
The dependent eligibility is different from the second stimulus check, but there are a lot of caveats to be aware of. Its important to read through the information on the IRS website or this CNN article. A few important highlights:
- Dependents dont receive their own stimulus checks funds are sent to the household
- If you share custody of a dependent, both you and the other parent could get stimulus checks, depending on how you file your taxes
- You are still eligible to receive a stimulus check if you owe child support
- If you have more or fewer dependents since the last time you filed taxes for instance, a new child was born into your family you should update your number of dependents by filing your 2020 tax return
Payments will be sent out in a few weeks via direct deposit, as physical checks, or via Economic Impact Payment debit cards.
Tip: Signing up for direct deposit with the IRS could help you get your refund even faster than waiting for a check or Economic Impact Payment debit card to arrive in the mail.
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What To Do About Payment Scams
Though it’s uncommon, you may believe you’ve been scammed out of your payment or had it stolen. The Federal Trade Commission has a website where you can report a stolen stimulus check. If you’re worried about theft, you can sign up for a free USPS service that will send you a picture of every piece of mail coming your way — including your stimulus payment.
Do I Have To Repay My Stimulus Money
No, unless you obtained your stimulus check fraudulently.
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Recovery Rebate Credit: What It Is And How To Claim It
The third stimulus payment was technically an advance on the 2021 tax credit. And because the IRS did not yet have access to your 2021 tax information when the advance payments were sent out, they relied on the most recent information they had on file for you to determine how much to send.
When you receive Letter 6475, compare the amount you received against how much you were eligible for based on your 2021 tax information. If you think you received less than you were entitled to, you might be able to recover those funds by claiming the balance via the recovery rebate credit on your 2021 tax return. This could happen if, for example, you welcomed a newborn in 2021 or will be claiming a new qualifying dependent on your 2021 taxes.
On their website, the IRS states that most people who were eligible for the third round of payments have already received the funds. But if for some reason you were eligible for the payment but never received it, you also might be able to recover that money via the recovery rebate credit.
Page 59 of the instructions for Form 1040 has a worksheet to help you calculate how much to claim, and many quality tax-prep software programs will help you to claim the credit if you’re eligible. Do make sure you carefully review the information you supply to the IRS math errors or miscalculations can delay your refund.
How Do I Get It
- The stimulus payments will be processed by the IRS.
- If you have already filed a 2019 tax return, you will get the stimulus payment automatically. You will receive it in the same form as your tax refund. If you requested direct deposit, then the stimulus will be direct deposited. If you requested a paper check, then the stimulus will be mailed to the same address on your 2019 tax return.
- If you entered your information into the IRS non-filer portal earlier in 2020, you will get the stimulus payment automatically. You do not have to do anything.
- If you receive one of the following benefits, you will get the stimulus payment automatically. You do not have to do anything.
- Social Security
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Didnt Get The Full First And Second Payments Claim The 2020 Recovery Rebate Credit
If you didnt get the full amount of the first or second Economic Impact Payments, you may be eligible to claim the 2020 Recovery Rebate Credit by filing a 2020 tax return. The third Economic Impact Payment will not be used to calculate the 2020 Recovery Rebate Credit.
For the latest updates, check IRS.gov/coronavirus.
Unclaimed Federal Tax Refunds
If you are eligible for a federal tax refund and dont file a return, then your refund will go unclaimed. Even if you aren’t required to file a return, it might benefit you to file if:
Federal taxes were withheld from your pay
You qualify for the Earned Income Tax Credit
You may not have filed a tax return because your wages were below the filing requirement. But you can still file a return within three years of the filing deadline to get your refund.
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How Much Will I Get
The third coronavirus stimulus package calls for individual payments of $1,400 to each qualified adult and $1,400 to each dependent.
Single taxpayers will receive the full $1,400 payment with a 2020 adjusted gross income of $75,000 or less. For couples, its $2,800 with an AGI of $150,000 or less. If you havent filed your 2020 taxes by the time checks go out, then your stimulus will be based on your 2019 AGI. The amount you receive will phase out and disappear at $80,000 for an individual and $160,000 in the case of a joint return.
After passage by both houses of Congress, President Biden signed the legislation into law on March 11, 2021. Direct payments of $1,400 to individuals are expected to begin within days of the legislation becoming law.
Write A Letter Of Explanation
If your expired IRS refund check or expired stimulus check is more than a year old, youll need to write a short letter to the IRS that includes the statement Return of expired check because . . . and explain that you are returning the check because it has expired. Note the check number and issue date in your letter.
Request that the IRS reissue the check and send a replacement check to you. Include your current mailing address and telephone number.
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How Much Money Will I Get
- Adults whose adjusted gross income is less than $75,000/year will get $1,400 for each adult, plus $1,400 for each dependent no matter how old they are. This applies to heads of households who make less than $112,500, as well.
- The IRS will use income information from your 2020 tax return if they received that return before sending your money. Otherwise they will use information from your 2019 tax return.
- If the IRS sends your payment based on a 2019 return and then your 2020 return says you qualify for more , they will send an additional payment to make up for the difference. To get the additional payment, you must file the 2020 tax return by 90 days from the filing deadline or September 1, 2021, whichever is earlier.
Advance Child Tax Credit
Even if you dont pay any taxes, you may qualify for a refund of the CTC.
The CTC was expanded under the American Rescue Plan Act of 2021 for tax year 2021 only. If you are eligible, you should have begun receiving advance Child Tax Credit payments on July 15. The payments will continue monthly through December 2021. Under ARPA, families are eligible to receive:
- Up to $3,000 per qualifying child between ages 6 and 17
- Up to $3,600 per qualifying child under age 6
The Internal Revenue Service began sending out letters in early June to more than 36 million families who may be eligible for the monthly payments. Most families do not need to do anything to get their payments, as long as theyve filed their 2020 or 2019 tax return. Learn more about the letter and how it can help you determine your eligibility.
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I Dont Have A Bank Account How Can I Receive My Stimulus Payment
If youre one of the 14.1 million Americans who dont have a bank account, youll still be able to receive a stimulus payment. The IRS will mail your check to the address it has on file for you. However, it may take a while to arrive.
If you log in to the IRSs online Get My Payment tool with your Social Security number, date of birth and mailing address, youll be able to track your payment. However, if you dont usually file a tax return, the IRS says your data might not be in the system yet.
Individuals without bank accounts could use the paper checks to open up a checking or a savings account. However, as Hasen explains, many people who dont have bank accounts face multiple barriers to opening one some lack an ID, or its hard to access a physical bank location, especially as many are limiting operations during the coronavirus outbreak. In those cases, people can cash their checks at cash checking businesses though they may be subject to a fee or use offerings like Squares Cash App, which allows for direct deposits without a traditional bank account.
How Can I Check The Status Of My Stimulus Check
Follow these steps to check the status of your stimulus money:
2. Provide the following information:
Social security number or individual tax ID number
Your date of birth
Your street address
Note: if you recently moved, use the same information the IRS would have on file from your last tax return
Your 5 digit zip code
3. Hit the continue button for an update on your status
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