Subscribe to Entrepreneur for $5
Subscribe

This May Be Last Opportunity To Claim 2020 Coronavirus Stimulus Checks

More stimulus checks this year are highly unlikely now, but there are many who haven’t yet claimed their 2020 stimulus payment. If you are one of those, then you need...

By
This story originally appeared on ValueWalk

More stimulus checks this year are highly unlikely now, but there are many who haven’t yet claimed their 2020 stimulus payment. If you are one of those, then you need to hurry up as one of your last opportunities to claim your 2020 coronavirus stimulus checks will expire this week.

777546 / Pixabay - Valuewalk

Q3 2021 hedge fund letters, conferences and more

File Tax Return To Claim 2020 Coronavirus Stimulus Checks

October 15 is the tax extension deadline that is approaching fast. Initially, the due date was May 17. Though October 15 is the last date to file taxes, taxpayers technically do get up to three years from the due date to file taxes and get the refund.

Still, every financial expert will recommend that you file your taxes within the deadline or as early as possible. The IRS is also encouraging taxpayers to file their returns before the end of the year.

By filing their 2020 tax return, the taxpayers eligible for a stimulus check and haven’t yet claimed it, will be able to claim their 2020 coronavirus stimulus checks.

A point to note is that by filing the 2020 tax return, taxpayers won’t be able to claim the third stimulus check because it was sent this year. A taxpayer would be able to claim the third check on their 2021 tax return. However, as per the IRS, it would automatically disburse the 2021 stimulus check on the basis of the 2020 information.

Though this October 15 deadline applies to all, there are a few exceptions. Those living in federally declared disaster areas, members of the military, or those serving in a combat zone usually get more time to file their return and pay taxes.

File Return To Get Additional Money As Well

Congress approved two stimulus checks last year, including the first stimulus check of up to $1,200 and the second of up to $600. Generally, taxpayers with AGI (adjusted gross income) of up to $75,000 (married couples filing jointly earning up to $150,000 and heads of households earning up to $112,500) qualified for the full stimulus payments. The payment amount phases out for those with AGI above these income levels.

The stimulus checks sent out last year were first sent on the basis of the taxpayers’ 2019 tax return. However, those whose income dropped in 2020 or had a child could qualify for more money on the basis of their 2020 tax return.

Those who have already got the stimulus checks, but are eligible for more money on the basis of their 2020 tax return, won’t get a new check. Rather, the additional money will be part of their tax refund.

Before you apply for the additional money you are eligible for, it is important that you know the amount you already got from the IRS. For this, you can refer to your bank statement, or log-in to your IRS online account.

Along with helping you to claim your 2020 stimulus checks, the 2020 tax returns are also being used to determine the monthly child tax credit payments.