In 2020, many Americans received a total of $1,800 in US government stimulus funds through coronavirus relief programs. Families also received $500 for each child or dependent under age 17.
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You may not have received these funds if the IRS did not have an address or bank account on file for you, or if you had not filed a tax return in recent years.
But it’s not too late to claim that money as a tax credit on your 2020 taxes, reports taxoutreach.org. The website points out that you will need to file a tax return to claim this recovery rebate credit. The IRS.gov website verifies that you need to file a 2020 tax return to claim the money, even if you don’t normally file a tax return.
To calculate how much you can claim in recovery credits on your taxes, you’ll need the amount of any Economic Impact Payments (EIPs) you received in 2020.
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To claim your 2020 recovery rebate credit, you will need to file your 2020 tax return, which reflects your income, deductions, and tax credits for 2019. If you prepare your own tax return, you will need to print, sign and mail the tax return. return to the IRS.
Alternatively, you can hire a tax preparer to file your tax returns electronically – or take advantage of free or purchased tax software to file electronically. You can also file your taxes yourself, for free, electronically, through the IRS Free File program, but it’s only available until midnight, October 17, 2022. If you have an Adjusted Gross Income (AGI) $73,000 or less, you can use the free IRS Guided Tax Preparation program.
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If you are owed a refund, you have three years from that year’s tax deadline to file your return and claim your money, according to IRS.gov.
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