There Is A New Stimulus Check Hitting Bank Accounts, And It Has Nothing To Do With The Child Tax Credit
More than 2.3 Million stimulus checks — that amounts to about $4.2 BILLION — were just sent out to a bunch of lucky Americans, and I’m hoping I’m one of the ones that’s going to be getting money!
You could potentially get another $1,400 per person — including up to another $1,400 per eligible dependent — that means your kids!!
Do you know how much I could get done with an additional $1,400 per family member?
Hello, summer trip to Disney World!!
Now, just like with the previous payouts, there are some stipulations — your family has to fall under a certain income threshold, and it must also meet certain other requirements.
So, How Will You Know If You Qualify For This Money?
Well, this all has to do with filing your 2020 tax return.
First of all, they have what is known as the “Plus-Up” Payments.
This means, if you filed your 2020 Tax Return, and they found that you were still owed some money that you didn’t previously get in another stimulus, you will get a check.
So, the previous stimulus payments dealt with your 2019 Tax Return, but if you had a major change during the year, and your 2020 Tax Return reflects that, you may get a check.
Maybe you had a baby? Maybe your employment changed in the last year? Maybe — well, a slew of other things could affect your 2020 Tax Return.
Next, if you had never previously filed a Tax Return, but then decided to file in 2020, you need to listen up.
The IRS now has your information on record, and can send you the stimulus money you might be owed.
About $1.9 BILLION in checks went out to individuals who fall under the second category.
If you have not received your $1,400 stimulus check — or the previous two $1,200 or $600 checks — you can still claim the money by filing a federal tax return.
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Like I said, it’s all based on filing your 2020 Tax Return — so if you haven’t done so, DO IT!!
Even if you, or someone you know, is homeless or part of the rural poor, YOU WANT TO FILE A TAX RETURN for 2020.
This could mean HUGE things for your financial situation.
If you HAVEN’T filed, and want to do so, the IRS offers FREE Tax Preparation Services to those who qualify.
You also want to remember — and this is for parents — that you may be eligible for the monthly Child Tax Payments that go from July through the end of the year.
