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The IRS is steadily working on distributing the third coronavirus stimulus payment. These payments, which are valued at $1,400 per eligible adult and qualifying dependent, have already been deposited into some American's bank accounts. And you can use the IRS Get my Payment tool to find out where your check is.
Unfortunately, even as the third check is being distributed, some people never received their second COVID-19 payment (or even their first one). The second payment was for $600 per eligible adult and dependent and was authorized at the end of December. The law required that the IRS complete the distribution of payments by Dec. 31, 2020.
The IRS Get My Payment Tool no longer provides updated information on the status of the second check. However, if you did not receive it by now, you will no longer be able to get the money automatically.
You can still obtain your missing funds, though -- but you must take action to do it.
Here's what you should do if you didn't get your second stimulus check
If you did not get your second stimulus check (or your first one), you will need to file a 2020 tax return in order to claim the money. Specifically, you'll file a return to claim the Recovery Rebate Credit, which is the name given to the first two payments.
See, both of the payments were actually a tax credit. However, the money was advanced rather than claimed when filing your taxes, which is what happens with most tax credits. Sadly, if the IRS was unable to advance your money last year, you'll no longer have the chance to receive it automatically.
Your only option is to file a tax return and claim the Recovery Rebate Credit on it -- even if you would not ordinarily file a return.
How to file a tax return to claim your credit
If you have to file a tax return to claim your credit, it's easiest to submit your return electronically. If you make under $72,000, you are eligible to e-file your taxes for free. The IRS has a website with a list of free e-file partners. Select one of those partners, and it will walk you through the process of filing your return.
If you already received some of your past stimulus payments, you will need to know the amount you were paid in order to claim the Recovery Rebate Credit. As the IRS explains, you can sign into -- or create -- an online account to find out if you already received any of your stimulus credit so you can include that information when you file your return.
It's also important to note that when you file a tax return to claim your second check, the amount you receive will be based on the income you report on that 2020 return. For people who already got their payments last year, the IRS used 2019 or 2018 tax return data (whichever was more recent). That's because the agency didn't have 2020 information yet. Since you'll be requesting your credit by filing your 2020 return, the IRS will have the correct amount of income for last year.
In some cases, this could help you get a larger payment if you have a new dependent in 2020 that you didn't have when you filed your most recent return, or if your income fell last year and you became eligible for the full check when previously you wouldn't have been based on 2018 or 2019 earnings.
The IRS is already accepting tax returns for 2020. So there's no reason to wait to file your return to claim your second stimulus payment. Taking action to get your past payment can also help the IRS deliver your third payment more quickly if you provide them with bank details or information about your dependents that they otherwise wouldn't have had.
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