The American Rescue Plan Act gave many people and families access to thousands of dollars in stimulus funding in 2021. The COVID-19 relief legislation allowed the IRS to pay out a large portion of the monies set aside to assist suffering families over a year by depositing the funds into people’s bank accounts.
Even though the funds were disbursed over time rather than during tax season, each stimulus payment was basically an advance on a tax credit that Congress had granted. This implies that anyone who did not receive the stimulus monies they were entitled to can file a 1040 form during tax season to claim the tax credits, just like everyone else.
To Claim Your Funds, You Must File Your Taxes.
Millions of families are still due money, including those who haven’t filed tax returns in a while, those who acquired additional dependents in 2021, and those who only received a portion of the Expanded Child Tax Credit.
And the Internal Revenue Service (IRS) has begun receiving tax returns that must be filed to get this money. The IRS will deliver tax refunds that include any remaining stimulus funds once those returns have been completed and processed.
The IRS also published a news alert recently advising individuals how to check the status of their refunds to see when their stimulus payments and other refunded funds will come. Here’s everything you need to know about it.
Use These Tools to Figure Out Where Your Stimulus Funds Are Going.
Taxpayers may track the progress of their tax refunds using two separate platforms, according to a recent IRS press release. This includes the following:
- “How come I haven’t received my refund?” The IRS.gov website has an online tool.
- The IRS2Go Mobile app can be found on Google Play, the App Store for iOS devices, and Amazon.com.
If you file your taxes electronically, you can check the status of your refund as soon as 24 hours after the IRS receives your forms. If you mailed your tax return, however, you will have to wait four weeks to verify your refund status after sending your documentation to the IRS. You’ll need the amount of your refund as well as the Social Security number or taxpayer-identification number connected with your returns.
“Those who don’t ordinarily have to file a tax return may wish to do so this year, more than ever before, to obtain child-related tax credits that were enhanced by the American Rescue Plan,” the IRS said, encouraging individuals to use this service.
If you file your forms and are awarded this stimulus money, the payments will be added to any money you owe the IRS that you have overpaid. If your employer withheld more taxes from your paycheck than you owed, this can involve extra monies withdrawn from your paycheck.
You’ll get a single refund check that includes all of the money the government owes you. And these tools will tell you when that money will arrive, allowing you to put it to good use.