by Christy Bieber | June 17, 2021
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Make sure the IRS has your updated information so you can get any money you're owed from past stimulus checks as well as any future payments.
In response to the novel coronavirus, the U.S. government has been very generous with providing stimulus money to American citizens. President Donald Trump authorized two economic impact payments in his term, while President Joe Biden provided for one direct payment in the American Rescue Plan Act. Biden also expanded the Child Tax Credit and changed the way it is being delivered.
All of these stimulus payments, including the three stimulus checks as well as the expanded Child Tax Credit, are being handed out by the Internal Revenue Service. And that's good news for some people because the IRS has their bank account information and financial details from past tax returns already on file. But it's a problem for others, because they don't file returns so the IRS doesn't have their information.
If you are one of those taxpayers who hasn't filed recent past returns, you may need to take action to get money you are due from past payments as well as to receive the upcoming Child Tax Credit payments. Here's what you should do.
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The IRS has recently created a new tool that you can use to help you claim the expanded Child Tax Credit money, which the government will begin depositing into eligible parents' bank accounts as early as July 15.
This tool isn't just for future payments, though. As the IRS has indicated, you can also use it if you didn't receive the full amount of the first or second stimulus payments that were authorized in 2020.
The IRS tool can be found at the IRS website and the agency indicates that you should use it to report qualifying children who were born prior to 2021 if you didn't file a 2020 tax return, aren't required by law to file a 2020 return, and you do not plan to do so. If you plan to use the tool for this purpose, you should also make sure that you have had a main home in the United States for more than half of the year.
You should also use the tool if you didn't file a 2020 tax return, were not required to do so, do not plan to do so, and you did not receive the full amount of the first or second stimulus payments but you wish to get this money.
When you provide your information, the IRS will use it to determine if you are eligible for more money from either of the first two payments, or if you are eligible for the Child Tax Credit. If you are, the agency will send your money based on the provided information. If the IRS determines you aren't eligible after you use the form, they simply won't send payment and you will not have to do anything further.
There's no reason to miss out on free money, so if you're one of the people who the IRS has created this form for, fill it out ASAP so you can make sure you get your promised funds deposited into your bank account.
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