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This tax season is your last chance to get a $1,400 stimulus check – NBC Chicago

This tax season is the last chance applicants have to receive any stimulus money they may have missed from the third round of payments that have already been made. disbursed to most people last year.

If you haven’t received a payment of $1,400 for yourself or your dependents – or received less than you qualify for – you will need to claim the 2021 Cash Back Credit on your tax return. me. This is your last chance to receive your 2021 stimulus payments, unless you file a revised 2021 tax return later.

According to the IRS, most people have received all of the stimulus money for which they were eligible. But there are several reasons you might claim credit:

  1. You had a child in 2021.
  2. You added a new dependent, such as a parent, grandparent, or niece, in 2021.
  3. Friend lost income in 2021 vs. 2020.
  4. You did not receive a payment stimulus but qualified.

Again, you must respond income eligibility requirements to receive money for yourself or your dependents.

Let’s say you’re the only moviegoer with an adjusted gross income (AGI) of $80,000 in 2020. Technically, you wouldn’t qualify for the stimulus test. But if your AGI drops to $75,000 in 2021, then you can claim the full $1,400.

Also, if your AGI is $80,000 in 2021, contribute $5,000 to a Traditional IRA – you can still make it for 2021 – will reduce your taxable income enough to achieve $75,000 AGI Eligible Limit for Stimulus Full Payment. You need to do that before filing your 2021 tax return to reap the benefits.

If you haven’t already, you should received a letter from the IRS detail the stimulus amount you have received and the amount you are eligible for. This can help you with your tax return. The tax software will prompt you with questions about your stimulus payments, making it easier for you to get a Recovery Refund Credit if needed.

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Do not miss:

https://www.nbcchicago.com/news/business/money-report/this-tax-season-is-your-last-chance-to-get-your-1400-stimulus-check/2742020/ This tax season is your last chance to get a $1,400 stimulus check – NBC Chicago

DUSTIN JONES

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