KANSAS CITY, Mo. — If you still haven’t received your stimulus check, you may be wondering “where’s my money?”
Experts say there is a solution, if you file your taxes.
“It’s called a stimulus rebate credit,” Michael Martin, principal tax preparer with Mike Martin and Associates says. “Even if they don’t normally have to file a tax return, the IRS says if you want that rebate, and you didn’t get it through the original channels, you’ve got to file a return to get it.”
Once the papers are filled out, tax filers may expect a separate stimulus payment check, but Martin said it doesn’t necessarily work that way.
“This rebate recovery credit could reduce taxes you otherwise owe and maybe not down to zero,” he said. “Therefore, you might not get a check, because it’s reducing the taxes that are owed now.”
So how do you maximize your return?
Martin urges tax filers to continue to pay attention to standard deductions like whether you are married or single, and inputting itemized deductions can maximize your tax return.
Plus, it’s not just federal taxes you should focus on, says Martin.
“Sometimes Kansas and Missouri allow deductions that you don’t use on federal return” he said. “But they are usable on state return if somebody knew you could.”
Martin adds those waiting for stimulus rebates through their taxes should be patient and take a good look at what documents are required to maximize your return. Hopefully soon, he says, you will see the money they are owed.