AMERICANS still have a chance to receive a $1,400 recovery stimulus check ahead of the quickly approaching April 15 deadline.
The IRS has announced that over 1 million individuals in the United States may still be eligible to claim this relief package, designed to aid working families.
According to a recent report by The US Sun, the Recovery Rebate Credit allows taxpayers to receive a refundable credit.
This applies specifically to those who missed out on their tax refund due to not filing their 2021 tax return.
The initial two phases of this program have passed, but April 15 marks the third and final chance to obtain some funds.
The maximum $1,400 that can be claimed will either be subtracted from the taxes owed for 2021 or issued as part of the overall refund.
This ensures that individuals who did not file their 2021 tax return will still receive appropriate compensation.
To claim the funds, individuals must submit their 2021 tax return, along with their 2024 return, by the April 15 deadline.
The US Sun has also highlighted key details about the credit, noting that the total estimated payments to be distributed amount to $2.4 billion.
IRS Commissioner Danny Werfel remarked: “The IRS continues to strive for improvements and support for taxpayers.
“These payments are a testament to our commitment to doing more for taxpayers.
“Reviewing our internal data, we discovered that one million taxpayers missed claiming this complex credit, even though they were eligible.
“To alleviate issues and ensure these funds reach eligible taxpayers, we will make these payments automatic, meaning these individuals won’t have to navigate the tedious process of filing an amended return to receive it.”
The IRS will only issue payments for the 2021 Recovery Rebate Credit to taxpayers whose IRS data indicates they qualify for the credit.
The first batch of checks was automatically dispensed last December, followed by a second round in late January.
HOW MUCH WILL YOU BE PAID?
Various factors will determine the amount you receive, including your adjusted gross income (AGI).
The payment amount decreases as income rises.
A married couple filing jointly with a total AGI of $150,000 or less in 2021 can be eligible for up to $2,800 from the Recovery Rebate Credit.
However, the credit completely phases out for those earning $160,000 or more.
This means anyone surpassing this income threshold will be ineligible for the funds.
Americans who have yet to file their 2021 tax return should also look into the Earned Income Tax Credit (EITC).
This credit is typically aimed at assisting moderate to low-income taxpayers with dependents.
It could provide as much as $6,728.
