Never mind your tax refund. Stimulus check money is the real reason to file early this year

There’s always a good reason to file your taxes when the IRS starts processing returns (which is Feb. 12 this year), as opposed to waiting until the April 15 deadline. For example, you’ll get your federal tax refund sooner. However, this year gives you two more motives to start preparations ahead of time for tax season 2020By setting up direct deposit with the IRS, you’ll most likely receive your third stimulus check sooner, especially a new stimulus payment arrives during tax season. By filing as early as you can, you’ll also be able to recover any unpaid stimulus check money you’ve been owed since the Jan. 15 IRS deadline.

At least 8 million people who should’ve been eligible for stimulus check money didn’t receive the check they were due — and millions more may not have gotten all the funds they were entitled to — because of a clerical error or some other issue. Some folks had problems with custody and child support, missing money for child dependents in general, or accidental garnishment.

Whatever your individual situation, we’ll explain how filing early can help you get your absent stimulus check money (along with a tax refund, if you qualify). Then we’ll show you how to estimate your total and what you need to do to get the stimulus check tax credit on your 2020 tax return. In addition, here’s everything to know about stimulus checks and your 2020 taxes, the top facts you should keep in mind and when it’s time to contact the IRS or set up a payment trace.

Important dates to remember: When you could get the missing stimulus money and your tax refund

Though you can still technically file your taxes by post and request a paper check, the fastest way to get the money you’re owed is to file electronically and have funds deposited directly into your bank account. This year, the IRS won’t begin accepting tax returns until Feb. 12, making that the soonest you can submit your own (April 15 is the last day to file). The IRS says 90% of filers will receive their refunds in 21 days or sooner, but it could also take even less time than that.

The IRS says its Where’s My Refund tool will reflect the status of your refund within 24 hours of filing, which could include a confirmation that your refund has been issued. From there, it could take anywhere from one to three days for the money to appear in your bank account…Read more>>

Source:-cnet

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