In 2020, millions of Americans received one or two Stimulus Checks also known as Economic Impact Payments (EIP). That means that this year your tax return form will be slightly different. Greenlight Financial can help you file your tax returns and ensure you receive any money you are eligible for.
Who qualifies for a stimulus check?
In early 2020, stimulus check eligibility was determined by the adjusted gross income (AGI) shown on your filed 2019 Tax Return. The income cap went as follows:
- Single Filer: $75K
- Head of Household: $112.5K
- Married/Joint Filer: $150k
How much money should you have gotten?
Assuming you landed in the above referenced income filing categories, the first stimulus check amount should have totaled $1,200 or $2,400 for joint filers. The second round of stimulus payments were 50% less; it should have been a total of $600 or $1,200 for joint filers.
When should you have gotten your Stimulus Check(s)?
Economic Impact Payments were given in two rounds, the first round was paid out beginning in April 2020 and the second began in December ending distribution by mid January 2021.
Payouts were distributed by either direct deposit or physical check sent to the mailing address on your tax return.
What if you qualified but did not receive the full amount?
Some qualified individuals may have received stimulus checks that did not total the full payment amount or did not receive one at all. The IRS has issued an alert that all Economic Impact Payments have been distributed and can no longer be tracked or claimed.
This year’s Tax Return form will contain a new line item called the Recovery Rebate Credit. So, in order to receive your missing money, you will need to file a 2020 tax return and claim it.
Filing your 2020 Tax Return including the Recovery Rebate Credit
In order to calculate how much you should claim, you first need to know the exact amount you received on both or one check. This is where things can get tricky. We recommend using a professional tax advisor or software to prepare your taxes.