The IRS is giving people until October 15th to submit their information to receive the $1,200 stimulus checks through the Cares Act.
The Cares Act granted $1,200 to all U.S. citizens, permanent residents, and qualifying resident aliens in the wake of the coronavirus pandemic as long as they had a valid Social Security Number, could not be claimed as a dependent of another taxpayer and had an adjusted gross income under $75,000. The payment is considered an advance on a refundable tax credit, so if you do not submit your information by the October deadline, you will have to file a tax return next year to claim the $1,200. This also means it’s not considered income; therefore, you will not be taxed on it.
Many Americans have already received their payment in the form of direct deposit or a paper check, and in some cases, by a debit card.
For those still waiting to receive their checks, contacting the IRS may be your best bet, as they have experienced several delays for processing paper tax returns.
