Millions of individuals may be eligible for a federal government incentive payment, but may need to take action to obtain it. It may be possible to start collecting your COVID-19 payments as early as the end of January if you are qualified.
Are you qualified for more incentive?
In a recently published article in A furry foolIf you have not received any of the COVID-19 relief money that you should have received during 2021, you may be eligible for an incentive payment as of the end of this month.
The American Rescue Plan Act authorized the disbursement of $1,400 in incentive funds to individuals and dependents who were eligible for the program. Because the American Rescue Plan Act was passed, you may be missing out on a tax benefit that can be up to $3,600 per qualified child.
For the most part, everyone has already received their checks for $1,400 and half of the new, higher child tax credit. There were those who disagreed. You may not have received all of your incentive money if:
- The IRS was not aware of your income or the number of dependents you had since you had not filed a recent tax return and had not submitted your information online.
- Until 2021, the Tax and Customs Administration was not aware of the addition of a new surviving relative to your family.
- In 2021 you saw a decrease in family income.
In addition, parents eligible for the increased child tax credit received only half of the money, which was delivered monthly between July and December 2021. Due to the age of their family members, they may be eligible for $1,800 per child.
Claim more Incentive Check this month
If the IRS hasn’t already sent you stimulus funds, you’ll need to file a 2021 tax return to claim them. Now that 2021 has come to an end, the IRS can receive these returns as soon as possible.
The official start date for the IRS’s tax return processing has not yet been announced, although it is usually the end of January. So if you start preparing your tax forms now and file them immediately when the filing season starts at the end of this month, you’ll be on the right track to collect your missing incentive funds.
Don’t delay filing your tax return if you receive both incentive payments and the Enhanced Child Tax Credit, as you may be entitled to thousands of dollars more from the IRS.