How many checks are availanle?

[legendarii]

As of September-5 2021: how many Stimulus checks are actually available? For instance; if you didn't get the first two, can you still get them now? And if there's another one coming, and you recieved one or all of the first three; then can you claim a 4th? Do they all have different prerequisites, or is it possible to claim them all? I know this probably came up before, and should be "clear", but in layman's terms: is anyone allowed more than one check? Both previous and future ones?

[DoninGA]

There were two stimulus payments for tax year 2020.  The first, EIP1, was sent out to taxpayers in early 2020.  The second, EIP2, was sent out to taxpayers between December 2020 and February 2021.  

You report the stimulus payments received or not received on your 2020 federal tax return.  When you report a payment as Not received, a Recovery Rebate Credit is reported on the federal tax return, Form 1040, on Line 30.  This Credit is included in the federal tax refund or reduces the amount of federal taxes owed.

If you were a dependent on someone else's tax return in 2020 you are not eligible for either of these two payments so the question of receiving the payments would not be asked be the TurboTax software.

There was a third stimulus payment being distributed by the IRS in 2021 for those that are eligible.  The payment is based on either the 2020 federal tax return or the 2019 tax return, whichever one was available to the IRS at the time of disbursing the payment.

Go to this IRS website for the third stimulus payment information - https://www.irs.gov/coronavirus/get-my-payment

There is Not a fourth stimulus payment.

[VolvoGirl · Accepted solution]

There have been 3 so far.   
#1 was 1,200 (2,400 married) plus 500 for each dependent under 17.

#2  was 600 per person 

#3 is 1,400 per person no age limit.

If you didn't get any of the first 2 or qualify for more you claim it on your 2020 tax return line 30 Recovery rebate credit.

The 3rd one comes separately and may still be going out.   You do not claim it on your 2020 tax return.

IRS INFO

2020 Recovery Rebate Credit | Internal Revenue Service

[legendarii]

Thanks, I honestly can't understand how the IRS put it

[Opus 17]

• Stimulus check #1 was issued in April-July 2020 and was $1200 per adult and $500 per qualifying child dependent.
• Stimulus check #2 was issued in December 2020-February 2021 and was $600 per adult and $500 per qualifying child dependent.
• If you did not receive the stimulus round 1 or 2, it could be claimed as a recovery rebate on your 2020 tax return.
• Stimulus check round 3 was issued from March-June 2021 and was $1400 per adult and $1400 per dependent.
• If you did not receive the round 3 payment, it can be claimed as a recovery rebate on your (upcoming) 2021 tax return.
• There is no 4th stimulus check.

In all cases, the amounts were reduced if your income was more than $75,000 or $150,000 for married filing jointly.  If you were paid less than the maximum amount based on your income and dependents you claimed on your 2020 or 2021 tax return, the difference would be added to your tax refund.  If you got a check that was more than you are entitled to on your tax return (based on your income and number of dependents) you don't have to pay it back.

There is also the advanced child tax credit.  If you have dependents under age 18, you are eligible for a $3000 child tax credit (up from $2000) and this can be received as advance payments of $300 per month per child starting in July, or whenever the IRS gets their figures correct.  However, the advance credit is different than the stimulus.  If you receive the advance credit, but don't qualify for the child tax credit (perhaps because you can't claim the child as a dependent due to a divorce or separation) then you will have to return the advance payments.