We could all use a little extra money in our pockets. The pandemic has put a strain on the economy, and many are hurting from it. There are some ways you can ease the burden.
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The U.S. government has been issuing stimulus checks to help citizens, but some problems and confusion surround this process. There have been multiple rounds initiated and multiple batches of checks sent out during each phase. You may have gotten a letter from the IRS regarding your last check. Read on to find out why you’ll want to keep it around.
Three’s a charm?
The third round of stimulus checks began in March this year. Did you receive a letter from the IRS even after you received your check? Did you not receive a check or had issues with payment and received a letter? Either way, don’t get rid of that letter.
The letter confirms your stimulus payment, so keep it around in case there’s a problem. The notice’s official title is 1444-C and is labeled “Your 2021 Economic Impact Payment” on a page on tax tips on the IRS website. The description goes on to say, “The IRS is mailing this letter to people who received a third Economic Impact Payment. People should keep this letter with tax year 2021 records.”
The IRS sent out similar letters after previous stimulus payments. They included information on the amount you received, how the amount was calculated and how to report an issue such as non-payment. You may have received multiple letters following each check.
The IRS says that the letters are simply sent for information purposes and should be filed with tax records. Don’t lose it, as you can’t get another copy from the IRS.
The letter can help your claim
If you didn’t receive a check or believe you received the wrong amount, the IRS letter serves as a record. It shows how much money was sent out and whether it was mailed or deposited directly into your account. Notice 1444-C can help you claim any funds that you are missing.
Let’s say you made less money in 2020 than you did in 2019 or had more expenses last year. The IRS may have calculated your payment based on your 2019 income and expenses rather than the following year. You may be eligible for more money in this case.
Watch out for scams
The IRS plainly states that it will never contact a taxpayer via social media or text message. If there’s an issue, you will usually get your first notification by mail.
This information alone should help you ward off scammers who use all sorts of mediums to contact their victims. If you are unsure whether or not you owe money, view your tax account information at irs.gov/payments/view-your-tax-account.
Scams related to COVID-19 have been going on since it began. Tap or click here for information on some of the worst ones people are falling for.