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Never mind the tax refund. Stimulus check money is why you should file early this year News 

Never mind the tax refund. Stimulus check money is why you should file early this year

Sure, you may get your federal tax refund quicker if you file as soon as the IRS starts processing returns on Feb. 12. But this year, you have two more good reasons to start preparing now for tax season 2020By setting up direct deposit with the IRS, you mostly likely will receive your third stimulus check sooner, especially if it happens during tax season. By filing as soon as you can, you’ll also be able to quickly recover any unpaid stimulus check money you’re owed.

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

Whatever the case, we’ll explain how filing early will 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.

Calendar dates: When you could get missing stimulus money and tax refund

Though you can still technically file your taxes by post and request a paper check, the fastest way to get 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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