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Check Stimulus update: Cheque de bonificación de $1000 dólares ¿Cuándo se enviaron, quiénes van a recibirlo y por qué?
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Missing stimulus payments, tax credits? Here is what you need to know before you file taxes
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CHICAGO (WLS) The ABC 7 I-Team is finding out what you need to know to get a tax credit for missing stimulus money.
Thousands of people who didn t get the first or second stimulus payments they were owed have been told to recoup their money at tax time. But it s not so easy.
Before you file a stimulus credit on your taxes, you need to make sure your missing payment has been officially traced. If you didn t get your economic impact payments or if you think you qualify for more than you received, don t worry, if you re eligible you can claim a recovery rebate credit when you file your 2020 tax returns this year, said Kemberly Washington, Forbes advisor and tax analyst.
Unemployment Extension Update: Senate Democrats Sidestep Stimulus Trap
03/05/21 AT 3:01 PM
Congressional Democrats have changed the stimulus bill to extend unemployment benefits through September, ensuring the benefits won’t run out while Congress is in recess. Unemployment benefits are gaining importance as long-term unemployment approaches record levels, CNBC reports.
The move was led by Sen. Ron Wyden, (D-Ore.) Chair of the Senate Finance Committee. Wyden sounded the alarm on Wednesday.
“I’m going to fight like hell to get this extended to September,” he said. “It defies common sense for Congress to set up another cliff, and it’s in the middle of August.”
While the IRS is sending out the second round of stimulus payments, some are reporting problems with the money being deposited into a bank account they don t recognize.
The IRS states for those consumers getting this payment status not available or who don t get the stimulus money that they re owed, they will have to claim the Recovery Rebate Credit
listed on line 30 on Form 1040
on their 2020 taxes. A refundable credit that can come in and lower your tax liability and actually give you a refund, said CPA Faith Bynum.
Bynum said it will take time but you will eventually get the stimulus money you re owed.
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