IRS announced a new method to track your missing first and second stimulus payments. Most of these accounts could be settled in the third wave of stimulus checks through the plus-up payment or recovery rebate credit system.
If you're losing some money from your stimulus payments, there are some steps you need to take.
The important thing to note is that some eligible people find their money missing, not only in this third stimulus payment wave but also since the first wave. The Internal Revenue Service (IRS) is adapting its online system to help you track your stimulus payments faster, including the checks from the first and second waves.
Stimulus Check Tracker: How Much You Should Receive
Use some available online calculators to check how much money you should receive in these stimulus payments. The IRS uses your 2019 or 2020 tax return to check how much you qualify to receive. Remember that the income or dependents you officially announced in your records would be used to determine how much you will get.
However, IRS is aware that some people experience drastic changes during these times. People who have recently added a dependent baby in 2020 or lost their jobs would greatly be affected in income and need additional money. IRS declares that those earning $72000 or less is "owed" to this money in the form of stimulus credit. Eligible Americans can file the monetary request through recovery rebate credit online through this system.
Recovery Rebate Credit Online
First, you need to file an updated 2020 tax return. IRS will base the money they send out on your tax returns information. As you update it, do not forget to input if you lost your job, earn an income of $72000 or less, or gain new dependents to declare.
You can file through the IRS Free File Program, which provides downloadable File Fillable forms according to your category. Opening the link will redirect you to choose your income going above or below the $7200 marker. Complete the information required of you accordingly.
After this, you also need to complete the 2020 Form 1040 and Form 1040-SR. At the bottom segment of this form will be the section for Recovery Rebate Credit. You have to know exactly how much you are entitled to receive as you fill-up the form. Being accurate in the number would help IRS create a proper investigation and hasten the computing process of your credited stimulus payment.
After you finish filling these forms electronically, remember to check if you have listed the right bank that IRS will directly deposit in. IRS might also require you to provide the amount received from the 1st and 2nd economic impact payments when calculating your 2020 recovery rebate credit. You can get this information by viewing your IRS online account or the IRS letters mailed as Notice 1444 delivered to your address.
Related Article: Stimulus Check Tracker and Updates: How to Check Your Plus-Up Payment Online--Requirements, Status and More