There is still time to receive a $1,200 Economic Impact Payment from the Internal Revenue Service (IRS), but the clock is ticking.
Americans who have yet to receive a stimulus check and don’t normally file a federal income tax return are required to submit their personal information by 3 p.m. ET on Saturday.
HUNDREDS OF COMPANIES THAT GOT STIMULUS AID HAVE FAILED
Each individual may also be eligible to receive a $1,200 payment for a spouse as well as $500 per child that meets the qualifications.
However, all is not lost if the deadline passes.
Payments will still be available in 2021, but claimants will have to list the stimulus as a recovery rebate credit on the upcoming 2020 federal income tax return.
“When people file their 2020 taxes next year and they weren’t eligible for an Economic Impact Payment this year, they may be eligible for the Recovery Rebate Credit,” the IRS explained in a release on its website. “The Recovery Rebate Credit is figured like the Economic Impact Payment, except the amounts are based on tax year 2020, instead of tax year 2019 or tax year 2018 information.”
To register to accept payments for this year, Americans can use the IRS’s Non-Filer tool or file a simplified paper return.
However, those who have already received the full Economic Impact Payment will not be able to obtain the credit.
Individuals must meet specific guidelines to get a direct payment, including having a valid Social Security number, not having been claimed as someone else’s dependent on a federal income tax return, and holding U.S. citizen or resident alien status.
Millions of Americans have already received their Economic Impact Payments authorized by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was passed in March.
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“In partnership with the U.S. Treasury Department, the Bureau of the Fiscal Service, Social Security Administration and the Department of Veteran’s Affairs and software industry partners, the IRS has issued about 160 million Economic Impact Payments totaling approximately $270 billion,” the release noted.
Lawmakers have remained in a stalemate during months over further relief, and now have less than two weeks to work through their legislative agenda ahead of the Thanksgiving recess.