Color us green for surprised. On Jan. 12, several major news outlets, including Forbes and the Sun Sentinel, reported that instead of receiving $600 stimulus automated payments into bank accounts or a check in the mail, some citizens will instead receive a tax rebate.
“Any eligible individual who did not receive the full amount of the recovery rebate as an advance payment, also known as an Economic Impact Payment, can claim the Recovery Rebate Credit on a 2020 Form 1040 or Form 1040-SR,” reads a statement on the IRS website.
According to the Sun Sentinel, citizens who have yet to receive the $600 stimulus money, which passed a congressional vote on Dec. 21, are unlikely to receive the cold hard cash. They will, however, be eligible for a tax refund on 2020 taxes in that amount or be able to deduct it from money owed the IRS when next they file taxes.
The Treasury Department said the $600 stimulus money has already gone out to 80% of eligible Americans via mail, direct deposit, or reloading of EIP (Economic Impact Payment) debit cards. The IRS has until Jan. 15 to complete the fund distribution.
Recipients can check the status of their payment by visiting the IRS website at irs.gov/coronavirus/get-my-payment. The portal requires a social security number, home address and zip code. The information is updated daily and citizens are urged to continue to check back.
