If you still haven’t received one of your stimulus checks or monthly advance Child Tax Credit payments, you may still be able to receive your money. The IRS recently released new deadline dates to facilitate late filers applying and being eligible for these benefits.
Child Tax Credit Money
If you requested to file an extension on your 2020 tax return, you still might be eligible to receive child tax credit payment money. The IRS issued a press release stating that those who file and have their 2020 return processed on or before Nov. 1, may be eligible for the next two monthly advance payments for the child tax credit. These payments would amount to half of the total benefit to be received, depending on the number of eligible dependents you have.
People who file and have their return processed on or before Nov. 29 may similarly be eligible for one payment amounting to half of the total benefit, depending on how many eligible dependents you have.
Those who are eligible for an extension are urged to file as soon as possible in order to give the IRS enough time to process the return and make sure you are eligible for the child tax credit monthly payments, especially if they experienced a major change such as the birth of a child in 2020. Once the return is processed, the IRS can calculate the credit based on the 2020 return and pay it out in full over the remaining months in 2021.
Stimulus Check Money
What if you still didn’t receive the first two rounds of stimulus payments? Don’t worry, you’re still eligible to receive them. People who did not get a first or second round of stimulus checks — or got less than the full amounts — can still get the money if they are eligible for it. But they will need to act soon, says the IRS.
The most important step to receive a stimulus check is to file a 2020 tax return or use the Child Tax Credit non-filer sign-up tool even if they do not usually file taxes in order to register with the IRS. The agency will then automatically evaluate your eligibility for the third stimulus payment when the 2020 return is processed.
Then, the IRS will continue to assess eligibility for the third economic impact payment and plus-up payment through the end of 2021. File as soon as possible to give the IRS enough time to process your return and issue the payments before the end of the year.
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