The Internal Revenue Service said this week that it has finished issuing stimulus checks to all of the eligible taxpayers that it has on file -- meaning some Americans will need to ask for the money when they file their 2020 tax return.
Starting last April, the IRS sent more than 160 million stimulus checks worth $270 billion. In the latest round, which began in early January, the IRS said it has issued more than 147 million payments, totaling more than $142 billion.
Some payments may still be in the mail, but otherwise, you will have to use a recovery rebate worksheet to calculate how much you should receive and claim that amount on Line 30 on your 2020 tax return. The IRS will include your stimulus payments as part of your refund check
The IRS opened up Free File, free online tax preparation software, for taxpayers who earn less than $72,000 to prepare and file their income tax returns. Americans can also claim their stimulus check using the tool.
The first stimulus check was based on either your 2018 or 2019 tax return, while the second check was based on your 2019 return. But millions of Americans lost their jobs, or saw their income reduced, last year as a result of the pandemic, meaning that many individuals who didn't initially receive the money based on their 2018 or 2019 tax returns may now qualify.
It's worth double-checking to see how much money the federal government should have sent to you as part of its coronavirus relief efforts: You can use this free stimulus check calculator from Omni to determine how much money you should have received from the first payment, and use this calculator to see how much you should have received from the second payment.
The CARES Act, passed in March, provided cash payments of up to $1,200 for adults ($2,400 for couples filing jointly) and $500 per child under 17. And the $900 billion coronavirus relief package, approved at the end of December, authorized additional payments of up to $600 per adult ($1,200 for couples) and up to $600 for each qualifying child under 17.