Most eligible Americans already got the payments, the IRS said on its website. But if you are missing a payment, or got less than you were entitled to, you can claim a Recovery Rebate Credit based on your 2021 tax year information.
If you’re eligible, you’ll need to file a 2021 tax return even if you don’t usually file one. The 2021 Recovery Rebate Credit will reduce any tax you owe for 2021 — or be included in your tax refund.
If you file your 2021 tax return electronically this year, the tax software will help you figure your 2021 Recovery Rebate Credit, the IRS said. The credit can be direct deposited into your bank account as long as you provide routing and account numbers.
Keep on the lookout for an IRS notice, called Letter 6475, that will be sent to people who received 2021 economic impact payments. The letter will include a record of the money sent as well as notice of additional payments due for eligible recipients, CNBC reported.
Eligibility for the 2021 stimulus checks was determined using either 2020 or 2019 tax returns, which means you could get more money if you had a decline in income last year and didn’t receive the full amount you were due. The additional funds will either be applied to taxes owed or returned in your refund.
The full amount for the third and final stimulus check, sent out last year, went to those with an adjusted gross income of $75,000 for single filers, or $150,000 for those married and filing jointly. Even if you earned more than that in 2021, you would still be able to claim some of the money if your income was less than $80,000 for single filers, or $160,000 for those married and filing jointly.
You’ll need a record of this information to determine how much money you’ll get — using either the IRS Form 1040 Recovery Rebate Credit Worksheet or an online tax software program. Just be sure not to include missing first or second stimulus payments, which were sent out in 2020, on this year’s tax return. Instead, refer to “How to Claim the 2020 Recovery Rebate Credit” on the IRS website.
If you had a child born in 2021, you can also claim their stimulus check with the Recovery Rebate Credit, CNBC noted. You might also be able to claim the full child tax credit if did not receive the monthly advance payments that began last summer.
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