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.
CHICAGO (WLS) Dozens of viewers have reached out to the I-Team with problems getting the second round of stimulus money.
From missing stimulus payments to money coming through unexpected methods, here are answers for frustrated anyone who desperately needs this financial lifeline. I can t pay the bills that I need to pay. Everything is behind, said Ursula Haskell of Calumet Heights. I got the very first check. The second stimulus check was sent into a closed account.
Haskell said the second stimulus deposit went into an account she was forced to close due to civil unrest over the summer. She said she s been calling and going online, but has been unable to get her new bank account information to the IRS.
Remember, there are already laws to protect people so most can stay in their homes. So things like rent, mortgage, credit card payments, medical bills can wait.
You should also reach out to creditors and tell them about your situation so you can work out a payment plan or some type of temporary forgiveness. Don t just ignore the situation.
Joe Biden is unveiling a $1.9 trillion coronavirus plan to turn the tide on the pandemic, speeding up the vaccine rollout and providing financial help to individuals, states and local governments and businesses struggling with the pandemic.
The proposal will include sizable direct payments to American families, significant state and local funding including for coronavirus vaccine distribution and other emergency spending measures to help those struggling during the pandemic.