What to do if you didn’t get previous stimulus
TOLEDO, Ohio (WTVG) - President Joe Biden officially approving another round of stimulus checks for most Americans late last week. $1400 plus additional funds for dependent children should be hitting most bank accounts this week.
But what do you do if you still have not seen the first two stimulus payments? It’s not too late to get them.
Your 2020 tax return might be more valuable than you expected. This is the place to get a stimulus payment you didn’t get but you think you are entitled to.
The Davis’ always file a joint tax return. For stimulus payments, they’ve expected the same amount at the same time. Round one, the $1200, arrived. Round two, the $600 ones, have not.
“We figured there would be a delay just like the first one was,” said Toledoan Gordon Davis.
His wife received a letter saying a debit card is on the way but Gordon has heard nothing from the IRS. The online portal said his payment was still processing.
“It’s like you dropped out of the system some kind of way,” said Davis.
“All these payments were advances on this new credit,” said Charlie Heid, CPA from Gilmore Jaison and Mahler.
Heid says there’s hope if you didn’t get your payment. If you believe you should have received either the first or second stimulus you can claim them as a credit on your 2020 tax return under the following circumstance.
“You’re only claiming it if you never received it and you never heard any word from the IRS,” said Heid.
If the IRS site said the payments are processing or in the mail, you need to assume they’re coming so you don’t count them twice to “Uncle Sam.” Also since the first two stimulus payments were based on 2018 and 2019 incomes if you made much less in 2020 you might now qualify for stimulus.
“2020 is the year the actual income on your 2020 return will determine ‘am I eligible this this credit,’” said Heid.
Stimulus check three is on the way. The hope is that it’s easier for families like the Davis’ to get it.
“I don’t know since they didn’t get the second one right, I don’t know about the third one at all,” said Davis.
If you’re going to file your taxes and claim the stimulus you didn’t get as a tax credit look for the box that says “rebate recovery payment.”
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