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Last chance for stimulus money. E-file your taxes (even if you don't normally file)

If you didn't get the stimulus money you think you're eligible for, your last chance to claim that money is the Recovery Rebate Credit on your taxes.

GREENSBORO, N.C. — Don't miss this: Your last chance to get the stimulus money could be on your 2020 tax return. 

If you got the IRS Get My Payment message of "Status Unavailable" for the first or second stimulus payment, or you feel you were slighted by how much payment you received, the 2020 tax return is where you can possibly make up the money.

Side note: I know many of you are asking "WHY" did you get the first stimulus and not the second. Only the IRS knows and while we can go around and around about the possible reasons, 2WTK would rather give you a solution. 

“In some cases, there may be people who didn't get one or both stimulus payments, but by filing the 2020 tax return and making sure line 30 is completed, they may be able to get a refundable credit if they did not get a check in the mail or direct deposit,” said Kevin Robinsons of Robinson Tax and Accounting Services. 

The Recovery Rebate Credit is the stimulus money. It is line 30 on your 2020 tax return. 

WHAT IF YOU DON'T NORMALLY FILE TAXES?

This is the ONLY way for you to possibly claim the rest of the stimulus money. The IRS has nine options for you to file for FREE electronically. In fact, any taxpayer or family making less than $72,000 a year can file for free. 

Check out the IRS FREE e-FILE options.

ARE YOU ELIGIBLE FOR THE RECOVERY REBATE CREDIT?

The IRS confirms you may be able to claim the Recovery Rebate Credit if

*You are eligible but not issued the payment
*Or your payment was less than $1,200 for an individual ($2,400 married) plus $500 for each qualifying child you had in 2020

WHO IS ELIGIBLE?

A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200  ($2,400  for a joint return) if you (and your spouse if filing a joint return)  are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

  • $150,000 if married and filing a joint return
  • $112,500 if filing as head of household or
  • $75,000 for eligible individuals using any other filing status
    Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.

You are not eligible for a payment if any of the following apply to you:

  • You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
  • You do not have a Social Security number that is valid for employment.
  • You are a nonresident alien.
    The following are also not eligible: a deceased individual or an estate or trust.