This year the IRS gave taxpayers one more month to file their taxes, but that extra time will end this Monday 17 of May
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Friday, November 15
You could lose your stimulus check payment if you don't file your tax return by Monday
If you want to receive the money from the stimulus check this year you will have to file your tax return for 2020 this year , but you may be able to get a little more money with next year’s return.
The United States federal government has authorized three separate Economic Impact Payments (PIE) over the past year, better known as stimulus checks . These are prepayments of the Recovery Refund Credit, two of them for the fiscal year 2020 and the third for the fiscal year 2021.
In this last round eligible Americans are receiving $ 1, dollars of direct payments that must be paid by the Internal Revenue Service (IRS) before the end of the year.
As in the two previous rounds, you will be able to claim the money that you missed and that you have the right to receive.
Part of the confusion about stimulus check payments comes from the fact that they are paid based on your income the previous year, but the eligibility requirements are for the year in which they were authorized.
Before you communicate to the IRS what your financial situation is, the federal agency sends you a payment that is based on the information that was available in that moment. So you could receive a check that is insufficient.
During the last round of payments of the third stimulus check the IRS has been sending additional payments or ‘plus-up’ as it processes the tax returns of 2020.
This is the reason why if you file your tax return before this Monday 17 of May you will be able to claim any money that you lack from the two stimulus checks of $ 1, 200 and $ 600 dollars via Recovery Refund Credit of 2020.
Any money pending the tax credit that corresponds to you da will be sent as part of your tax refund minus any taxes you owe .
Related:
What is the most efficient way to ship to IRS tax return before 17 of May
Will you lose your stimulus check if you don’t file your tax return?
If you cannot file your tax return of 2020 before the 17 of May you can request an extension to gain time until 15 October, this will give you more time but will delay any payments you may receive . In any case, you will have to present the return to receive any corresponding stimulus money.
The IRS gives taxpayers three years to claim a tax refund to From the filing date set the year the tax return should be filed or the date you filed your return this year. If you owe money you could face fines and penalties for not filing your return on time .
After this 17 May the government withhold the money . This would be the case for stimulus payments also three to four years from now if you don’t owe any tax for or 2021. Since the stimulus payments are an advance payment of a refundable credit, if the money has not been paid you can claim it as a taxes devolution. It would be best if you file your return as soon as possible.
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