Here’s why you NEED to keep the IRS notice you were sent confirming your $1,400 stimulus check

MILLIONS of Americans have now received a third round of Covid relief payments and a notice from the IRS in the mail confirming this.

But while many may be considering tossing the letter in the trash, you should keep hold of it for your records as it may come in useful.

Within 15 days of receiving a $1,400 stimulus check, you should receive a letter that confirms the amount allocated to you and your dependents – called a Notice 1444 or Notice 1444-B.

The IRS online tracker tool, while handy to find out when you should receive your check, does not confirm the amount, unlike the letter, which does.

This document will become a game changer if you need you've received less money than you're due and need to claim more or if you haven't had any cash.

The letter could be the quickest way to get what you're owed.

It is important to keep it safe, as it could be several months before you are able to file for missing money.

As the checks are being sent in the middle of the tax season, you could find you're entitled to more money than you're given, for example if you had a baby or if the IRS calculated your total from your 2019 taxes, but you earnt less in 2020.

The IRS advises you to keep hold ofthe notice for your tax records too.

Meanwhile, if you haven't received your $1,400 stimulus check yet, it might have been seized by a debt collector

If you have unpaid debts, private debt collectors are able to confiscate your third stimulus payment.

During the first round of stimulus checks, some states and local governments brought in rules to protect creditors from getting their hands on the cash.

But the Senate was unable to include the same protection in the latest round of payments due to budgetary rules, USA Today reports.

If you think there's been a mistake and you think your third check might have been seized by debt collectors, you need to start by contacting your bank or credit union.

It comes as the push for a fourth stimulus check and additional recurring payments is being backed by up to 74 lawmakers.

Around two weeks after President Joe Biden signed the $1.9 trillion stimulus package into law, more than 20 Senate Dems joined the call for recurring payments in the next stimulus round.

And now more congressional members have joined the progressive push for a continued cash injection into people’s bank accounts.

The American Rescue Plan, the third stimulus package signed into law that saw millions of households receiving a $1,400 stimulus check, doesn't just approve a one-time stimulus check payment.

Instead, it allows for more payments that go straight to those struggling the most, and could even end up as an additional recurring payment.

There are a number of ways this direct payment could look like, including recurring payments through Biden's infrastructure bill that is being called on by Democratic Senators to add additional payments.

Another way would be to pass the minimum wage hike, which would move the current minimum wage from $7.25 an hour to $15, vastly improving the lives of over 32 million Americans.

Others want to renew federal unemployment payments to after September, while a new bill would expand the child tax credit to low and middle-income families with children.

Regardless, a fourth stimulus check could help lift over seven million people out of poverty according to the Urban-Brookings Tax Policy Center.

Source: Read Full Article