June
18, 2021
Read for 3 minutes
This story originally appeared on ValueWalk
The IRS is likely in the final stages of the third stimulus check as the agency is now mainly sending out the “plus-up” payments. However, there are still many who have not yet received the full payment they were entitled to under the first and second economic cycles approved last year. Now the IRS has developed a new tool to help such individuals claim their missing coronavirus stimulus check amounts from the first and second round of stimulus payments.
Hedge fund letters, conferences, and more in the first quarter of 2021
New IRS tool to claim missing coronavirus stimulus check
The IRS only recently developed this tool to help people apply for the Child Extended Tax Credit. People are expected to start getting the enhanced CTC on their bank accounts from July 15th.
However, this IRS tool is not just for child tax credit application. According to the IRS, people can also use this tool to claim the money from the first or second stimulus payment.
“If you haven’t received the full amount of the first and second Economic Impact Payment, you can use this tool …”, says the agency.
However, not everyone who missed the payment in the first and second round is allowed to use this tool. The IRS says that only those who are not required to file a 2020 tax return, have not filed and are not planning to do so, can use the tool. Those who “claim the 2020 Recovery Rebate Credit and want to receive your third Economic Impact Payment” can also use this tool.
The IRS has also made a list of people who cannot use this tool. This includes those who have filed or are planning to file their 2020 tax return, as well as those who have filed all of their family members on a 2019 tax return or provided the information using the Non-Filers tool in the past year. To learn more about who can’t use this tool, visit this link.
What information do people need to provide?
Once users provide the required information in the tool, the IRS will automatically determine their eligibility for both the child tax credit and the lack of incentive payment from the first two rounds.
“After you’ve given us your information and we’ve determined you’re eligible, you don’t need to do anything to get the prepayment,” says the IRS.
You will need to enter the following information into the tool: name, current mailing address, email address, date of birth, social security numbers (or other tax identification numbers) for you and your loved ones, bank account number and personal identification number for identity protection (IP-PIN), if any .
This is a good opportunity for those who need to claim their money if they missed the stimulus checks in the first two rounds or did not receive the full amount. Note that users can only use this tool to claim a missing payment from the first two rounds, not the third. With the third round of payments still pending, the IRS will likely open the tool for the third round later.
