Those who filed their taxes last year but did not receive any stimulus monies in the third round of payments, which were distributed to the vast majority of taxpayers, have one final opportunity to receive those cash this tax season.
If you or your dependents haven’t received your $1,400 payment, or if you received less than you were entitled to, you must claim the 2021 Recovery Rebate Credit on your tax return.
This is your only opportunity to get your 2021 stimulus money unless you file an updated 2021 tax return later.
According to the IRS, the Majority of People Have Received All of the Stimulus Money They Are Entitled to
- In the year 2021, you gave birth to a kid.
- In the year 2021, you added a new dependant, such as a parent, grandmother, or niece.
- In comparison to 2020, you lost money in 2021.
- You were not given a stimulus payment but are still eligible.
Assume you were a single filer in 2020 with an AGI of $80,000.In theory, you would not have been eligible for any kind of stimulus payment.If your AGI falls below $75,000 in 2021, you will be entitled for the full $1,400.
Alternatively, if your AGI in 2021 was $80,000, putting $5,000 to a traditional IRA — which you can still do — would cut your taxable income enough to qualify for the full stimulus payout.
To reap the benefits, you must do so before filing your 2021 tax return.
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