Have you received a tax letter from the Internal Revenue Service related to the child tax credit? Don’t throw it away.
This letter is essential to help prepare your 1040 tax return for 2021 and possibly claim any more money than you’re due.
If you have already filed your tax return, you may be wondering where your refund is, don’t worry, the Internal Revenue Service (IRS) has two options available through which you can know the status of your return.
Usually, the IRS issues 9 out of 10 refunds within 21 days of filing the tax return. If after these three weeks you still have not received your refund, you can consult this tool on the IRS portal or through the IRS2Go mobile application, with which you can check the status of your refund, among other things.
In case you decide to consult the IRS portal, you will need your Social Security Number or ITIN, marital status for tax return purposes, and the exact amount of your refund.
Generally, refunds for electronic returns are available 24 hours after the IRS confirms the return. As for paper forms, taxpayers will have to wait 4 weeks before investigating the status of their return.
The IRS2GO mobile application will allow you to check the status of your refund, make a payment, seek free help services to prepare your tax return.
If you filed your tax return before July 1, your account information will be available in the Where’s My Refund? Application. until the second or third week of December. Also, you should know that your information will remain available for the entire following year until you file a return for a more recent year.
If the refund was lost, stolen, or destroyed?
You can initiate a claim and request a new check be mailed to you 28 days after the date the IRS sends you your refund. The Where’s My Refund? the application will provide you with detailed instructions on how to file a claim if this is your situation.
Should you call the IRS?
Although some refunds require additional time, the IRS issues most refunds in less than 21 days. You should only call if:
- 21 days or more have passed since you filed your return electronically
- More than six weeks have passed since you mailed your return
Note: The Where’s My Refund tool can instruct you on how to contact the IRS
Third Stimulus Check: Did you know that the tax return is related to the $1,400 payment? Here is why you should have filed yours on time.
From February 12, the IRS began to receive the 2020 tax returns. From that date until April 15, US citizens were allowed to accept and process the tax year returns.
File your return it could have enabled you to receive the Third Stimulus Check. According to the newspaper’s website, The Opinion, if a person had not filed the 2020 return before Congress approves the economic rescue package promoted by Joe Biden, the IRS will use the information from the 2019 return to calculate the amount of the third stimulus check. The main affected by this would be people who had a child in 2020 or who have lost their jobs during the mass layoffs due to the pandemic.
$1,400 would go to people who had incomes of $75,000 or more in 2020, while couples filing jointly would receive those $1,400 if they jointly earned less than $ 150,000. In addition, Congress considered additional amounts for each child who has a family, so those born in 2020 would not be considered if the latest data that the agency has are those of 2019.
How much do I have to earn to avoid paying 2020 taxes?
The minimum amounts to file the return depend on various issues, such as marital status and if filing jointly with a spouse.
- Single under 65: $ 10,400
- Single age 65 and over: $ 11,950
- Married couples filing jointly and under 65 both: $ 20,800
- Married couples filing jointly and both over 65: $ 23,300
- Married couples filing jointly and only one spouse is over 65: $ 22,050
- Married filing separately, regardless of age: $ 4,050
- Head of household under 65: $ 13,400
- Head of household aged 65 or over: $ 14,950
- A widower with a dependent minor and less than 65 years old: $ 16,750
- A widower with a dependent minor and 65 years or older: $ 18,000
Always visit the official page of the Internal Revenue Service before making a decisive Tax decision