As always, if you cannot file your US Individual Tax Return (Form 1040) by the April 15 deadline, the Internal Revenue Service (IRS) says, “No Problem.” Just file Form 4868, Application for Automatic Extension of Time to File US Individual Tax Return and you now have until October 15 to file your return.

But what if you have “missing” your stimulus money?  The only way to claim it at this point is by filing your 2020 tax return and claiming it there. And what happens if there is yet a third stimulus payment before you get around to filing your 2020 return?

You can still get all your stimulus money if you file an extension. But the only way you’ll get it is by filing a Recovery Rebate Credit on your taxes — even if you are not otherwise required to file a tax return (for example, you don’t meet the filing requirements because your income is too low.). The morale is that the longer you wait to file, the longer it will take to get your tax refund and your missing stimulus payment.

The 2020 tax return instructions include a worksheet (Page 59) you can use to figure the amount of any Recovery Rebate Credit for which you are eligible. The worksheet requires you to know the amounts of your Economic Impact Payments.

How long you will have to wait before receiving your stimulus payment depends on when you file. Even though you have until October 15 to file your return if you extended it, that doesn’t mean you should wait until then to file.  File it as soon as you have all your information together to speed up the money coming to you. Plus, the sooner you file, the sooner the clock starts ticking on the 3-year statute of limitations, during which time the IRS can question your return.

So, should you wait until your third stimulus payment arrives before filing your 2020 return? That’s a good question and one we’ll need the IRS to weigh in on. Keep in mind that Congress has not yet passed a third stimulus check, and might not do so. Stay tuned for future developments! 

An extension of time to file your return can be requested by filing Form 4868 either on paper or electronically. To file by mail, file a paper Form 4868 and enclose a payment for the amount you estimate you might owe. Make sure it’s sent by certified mail and postmarked on or before April 15. You can also file Form 4868 electronically by accessing IRS e-file using your tax software or by working with a tax professional who uses e-file. Make sure you have a copy of your 2019 tax return because you will need that to verify your identity on the IRS website.