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Missing stimulus payments, tax credits? Here is what you need to know before you file taxes WLS Share: Share: CHICAGO (WLS) -- The ABC 7 I-Team is finding out what you need to know to get a tax credit for missing stimulus money. Thousands of people who didn't get the first or second stimulus payments they were owed have been told to recoup their money at tax time. But it's not so easy. Before you file a stimulus credit on your taxes, you need to make sure your missing payment has been officially traced. "If you didn't get your economic impact payments or if you think you qualify for more than...

Unemployment Extension Update: Senate Democrats Sidestep Stimulus Trap 03/05/21 AT 3:01 PM Congressional Democrats have changed the stimulus bill to extend unemployment benefits through September, ensuring the benefits won’t run out while Congress is in recess. Unemployment benefits are gaining importance as long-term unemployment approaches record levels, CNBC reports. The move was led by Sen. Ron Wyden, (D-Ore.) Chair of the Senate Finance Committee. Wyden sounded the alarm on Wednesday. “I’m going to fight like hell to get this extended to September,” he said. “It defies comm...

While the IRS is sending out the second round of stimulus payments, some are reporting problems with the money being deposited into a bank account they don't recognize. The IRS states for those consumers getting this payment status not available or who don't get the stimulus money that they're owed, they will have to claim the Recovery Rebate Credit listed on line 30 on Form 1040 on their 2020 taxes. "A refundable credit that can come in and lower your tax liability and actually give you a refund," said CPA Faith Bynum. Bynum said it will take time but you will eventually get the stimulus mo...