Stimulus Check, Recovery Rebate Credit, and More: How to File Your 2020 Tax Return Online to Get Monetary Benefits

Stimulus Check, Recovery Rebate Credit and More: How to File Your 2020 Tax Return Online to Get Benefits
The IRS strongly recommends you to file your 2020 tax return to avail the monetary support the government has implemented. Here's how you can do it online. Photo : Sean Gallup/Getty Images

Reports are coming in that the IRS has released a new wave of stimulus check payments. This would be the seventh wave of Economic Impact Payments released by the American Rescue Plan. If you have not received your payment yet, keep an eye out on your bank and mailbox. The delivery might be coming in anytime soon.

Eligible individuals are entitled to receive monetary support from the government in the form of stimulus check payments. The IRS is currently sending out its third check. However, some individuals find their payments lacking from the amount promised. The problems include missing money even from your first stimulus check payment.

IRS is willing to pay you back any missing money from the first and second stimulus check payments. It is also ready to provide monetary support to individuals who have not updated their tax returns to reflect on their current income status. If you have a new baby born around 2020, IRS will also enlist it as a new dependent. However, to receive any of this money, you have to file a Recovery Rebate Credit. You also have to know precisely how much money the IRS owes you when filing.

IRS Breakdown of the 7th Wave Events

Fox8 reported a quick overview of the events involving these stimulus payment accounts. If you are eligible for any of these circumstances, take note as it might result in the government owing you more money than you received.

  • The seventh wave of stimulus payments is estimated to be at approximately $4.3 billion.
  • Over $3 billion of this payment went to eligible individuals who updated their information by filing a recent tax return.
  • This batch includes ongoing payments for people who received money based on their 2019 tax returns instead of the 2020 tax returns. Approximately $1.3 billion of the value will be used as "plus-up" payments.
  • The seventh wave of payments included $2.5 billion by direct deposit and $1.8 billion by paper checks.

Read Also: Tax Refund 2021 Tracker: 2 Online Tools to See Refund Status While Waiting for Your Stimulus Check 

File Your 2020 Tax Return Online

The IRS strongly recommends you to file your 2020 tax return to avail the monetary support listed above. Filing your 2020 Tax return also gives you benefits to file the 2020 Recovery Rebate Credit, Child Tax Credit and Earned Income Tax Credit.

Luckily, IRS also made an article to help you file your Federal Taxes online and for free. Head to the IRS website and scroll at the bottom to see available online programs.

IRS would help you file your tax returns through their partnered sites. Depending on your income earned, you can choose "IRS Free File Program" or "Free File Fillable Forms."

IRS Free File Program is an option for individuals earning $72,000 and below. The program does your state tax filing for you, with some other offers, and provides a guided preparation for filing other benefits after answering some simple questions. This program would do all the math calculations for you.

Free File Fillable Forms is an option for individuals earning above $72,000. This program gives you free electronic forms to fill out and basic calculations with limited guidance to other benefits.

Related Article: Fourth Stimulus Check Tracker: Updates on New Payment, Tools, Calculators for Proposed $2000 Relief

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