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More on Covid relief. While it's possible that some paper checks or debit cards are still in the mail, there could be some eligible recipients who haven't received their money and will have to claim it on their tax return.
The IRS was required to issue the payments by mid-January so that it could move on to processing this year's tax returns. Eligible people who have moved or changed bank accounts since they filed their tax returns may not have received the money but can claim it on their tax return.
Those who aren't required to file federal taxes because they earn too little may have also missed out and will have to file a return this year to get the cash. More than million payments were issued for the second round, which was authorized by Congress in late December. Read More. Who is eligible? The first two rounds of stimulus payments were based on a taxpayer's income. That means that someone who lost their job or otherwise saw their income drastically fall in may be eligible for more money than they first received.
If that's the case, they may claim a "Recovery Rebate Credit" on their tax return. The credit eligibility and the credit amount will be based on the tax year income. Those who may have earned more in than are not required to pay back money they have already received.
Congress is considering a third round of payments. Congress is negotiating a fresh stimulus package that may include a third round of stimulus checks. But not everyone who received a previous stimulus check would be eligible for this round. The payment will 600 Steamboat Road Greenwich Quote be calculated based on either or income. Unlike the previous two rounds, adult dependents would be eligible for the payments. Lawmakers hope to get legislation passed by mid March. The full House may vote on the bill as soon as next week, but it could face hurdles in the Senate.
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