Most eligible Americans have already received the payments, the IRS said on its website. But if you miss a benefit, or have received less than what you were entitled to, you can claim a benefit Credit for recovery discount based on your data for the 2021 tax year.
If you qualify, you’ll need to file a 2021 tax return, even if you don’t usually file one. The 2021 Recovery Rebate Credit reduces the tax you owe for 2021 — or is included in your tax refund.
If you file your 2021 tax returns electronically this year, the tax software will help you calculate your 2021 Recovery Rebate Credit, according to the IRS. The credit can be deposited directly into your bank account, provided you provide routing and account numbers.
Keep an eye out for an IRS notice called Letter 6475 that will be sent to people who have received 2021 economic impact payments. The letter includes a summary of the money sent and a notice of additional payments for eligible recipients, CNBC reported.
Your eligibility for the 2021 incentive checks was determined using the 2020 or 2019 tax returns, meaning you could get more money if you had a drop in income last year and didn’t receive the full amount you owed . The extra money will either be applied to the taxes due or returned to your refund.
The full amount for the third and final stimulus check, sent out last year, went to those with adjusted gross incomes of $75,000 for individual applicants, or $150,000 for those who are married and applying together. Even if you earned more in 2021, you could still claim some of the money if your income was less than $80,000 for single applicants, or $160,000 for those who are married and filing jointly.
You’ll need a record of this information to determine how much money you’re getting — using the IRS Form 1040 Recovery Rebate Credit Worksheet or an online tax software program. Just make sure you don’t include the missing first or second incentive payments, which were sent in 2020, on this year’s tax return. Please refer instead: “How to Claim the 2020 Recovery Rebate Credit” on the website of the Tax Authorities.
If you had a child born in 2021, you can also claim their stimulus check with the Recovery Rebate Credit, CNBC noted. You may also be able to claim the full child discount if you haven’t received the monthly advances that started last summer.
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This article originally appeared on GOBankingRates.com: Stimulus Update: Still Missing the Final Check? Here’s how to get it