This week, many Americans woke up to find their bank account a little bit fuller. Many people have already received the third round of stimulus checks via direct deposit. Any individual who makes less than $75,000 and any couple who makes less than $150,000 qualifies.
If you qualify for a stimulus check, that means you should be getting $1400 per person in your household. That’s $1400 for each adult and $1400 for each dependent. The IRS uses the information on your last tax return to determine whether or not you’re eligible for the payment and how much you’re eligible for. For many people, that means they’re using 2019 tax returns.
Many people have seen their lives change drastically since they last filed their taxes. For example, they may have had a baby or might be pregnant and expecting a baby in 2021. These people can still get stimulus check payments for their newborn or unborn child. All you have to do is use the Recovery Rebate Credit when you file your taxes. If you had a baby in 2020, you could claim the credit when you do your 2020 taxes. If you are currently expecting, you’ll need to wait until you file your 2021 taxes in 2022 to get the stimulus check.
If you have recently adopted a child or end up adopting a child in 2021, you can also use the Recovery Rebate Credit to get another stimulus check for the new addition to your family.
If your income has changed since your last tax return in a way where you didn’t qualify for a stimulus check in 2019 but now you do, file your taxes. You can use the Recovery Rebate Credit to get the 1st and 2nd stimulus checks that you missed out on earlier in 2020.
In order to check on the status of your stimulus check and to see how much you will receive, you can use the IRS’s Get My Payment tool.
Are you going to use the Recovery Rebate Credit when you file your taxes? Do you know anyone who is currently pregnant or who is in the adoption process?