WASHINGTON – If you are among the over 1 million U.S. taxpayers entitled to a payment of up to $1,400 from the federal government, you must act quickly. The deadline to claim this money is April 15, which is just a week away.
This payment comes from the final round of economic stimulus checks released as part of the response to the COVID-19 pandemic. Approved in March 2021 through the American Recovery Act, eligible individuals can receive $1,400 per filer and dependent.
However, around 1.1 million taxpayers who may qualify have not yet submitted their 2021 tax returns (the returns that would have been filed in 2022), according to the Internal Revenue Service. If they do not file by April 15, they risk forfeiting this money.
“According to the law, taxpayers generally have three years to file their tax returns and claim refunds,” noted a recent IRS notice. “If they fail to file within this period, the funds become the property of the U.S. Treasury.”
Once the April 15 tax deadline passes, any unclaimed money will revert to the U.S. Treasury.
In December, the IRS revealed that about 1 million individuals who filed returns for 2021 had overlooked claiming the recovery payment. It began sending automatic checks to those who either left the relevant line blank on their return or incorrectly filled it as $0.
The agency indicated that many more taxpayers might be eligible but stressed the importance of acting before April 15.
“Eligible taxpayers who haven’t filed must submit a tax return to claim a Recovery Rebate Credit, even if they had little or no income from job or business,” the IRS stated.
The stimulus money available to these taxpayers is in addition to the estimated refunds that those 1.1 million unfiled individuals may qualify for. The IRS estimates that over $1 billion remains unclaimed by taxpayers who have not submitted their Form 1040 for the 2021 tax year.
The estimated median refund for 2021 is $781. This indicates that half of the unclaimed refunds may exceed $781, while the other half may be less, according to the IRS.
