Will Filing Late Taxes Qualify You for the Stimulus Check?

Introduction

Many taxpayers are concerned about whether filing their 2019 or 2020 taxes will qualify them for the stimulus checks. Here's what you need to know.

Filing Your Taxes

To receive the stimulus check, you must file your 2020 tax return. The Internal Revenue Service (IRS) requires this information to ensure that the stimulus payments are accurately calculated and distributed to eligible individuals.

According to the IRS, if you last filed a return in 2019, your bank account and address information are too outdated for the IRS to use effectively. Therefore, you might not have received the second stimulus check, which was also based on having filed 2019 taxes. Filing your 2019 return again would enable you to claim both the second and any upcoming stimulus checks.

Official IRS Website

If you want to make sure your information is correct and up-to-date, visit the official IRS website. Use the non-filers tool as soon as it is available. This will help you determine if you meet the eligibility criteria for the stimulus payment.

Eligibility Criteria

The eligibility for the stimulus check includes individuals who filed their 2018 or 2019 tax returns. If you did not file a return, you should do so immediately to ensure you receive the payment. The stimulus checks are not automatically sent to people who did not file taxes in 2019 or 2020.

Special Cases

There are specific instances where the standard rules do not apply. For example, if you receive Social Security, Supplemental Security Income (SSI), or Veterans Affairs (VA) benefits, the IRS already has your bank account information. Consequently, you will automatically receive the check without needing to file a tax return. However, other individuals must file their return to qualify for the payment.

Conditions for the Stimulus Check

The stimulus check is based on your income as reported on your 2019 tax return. The amounts vary based on your marital status and dependents:

Individuals: $1,200 per person Couples: $2,400 Each child under 17 years old: $500

However, the payments phase out based on your income. For individuals earning over $75,000 and couples earning over $198,000, the amount decreases by $5 for every additional $100 earned above these limits. Individuals making more than $99,000 and couples making more than $198,000 do not qualify for the payment.

Conclusion

If you find yourself in a situation where you did not file taxes in 2019 and are now doing so in 2020, it's crucial to take action. Your eligibility for the stimulus check is directly tied to your tax filing status. If you haven't filed yet, visit the official IRS website and complete your return as soon as possible. This step will help ensure you receive the payment and comply with any potential tax obligations.