Attention everyone: if you are among the millions who have yet to claim the $1,400 payment, time is of the essence! If you haven’t claimed the $1,400 recovery check, you must act by April 15. After that deadline, the funds may no longer be available. It’s true! The IRS estimates that nearly $1 billion remains unclaimed as of 2021, so there’s a lot at stake.
The application process is easier than you might expect. Simply file your 2021 tax return (that’s right, the one from three years ago) along with this year’s returns. It doesn’t matter if you’ve never filed taxes before: if you meet the eligibility requirements, this credit is yours for the taking. Remember, if your income exceeds $160,000 annually, you’ll need to look elsewhere. However, if your adjusted gross income is below that, you could receive up to $2,800 if you file jointly.
Don’t miss out on the $1,400 stimulus check
The critical deadline is April 15, but fret not: if you’re short on time, you can request an extension until October 15 using Form 4868. However, keep in mind that an extension does not exempt you from penalties if you owe taxes. A tip? Double-check your forms for accuracy. A wrong digit or missing info can delay your refund for weeks.
Additionally, if you have dependents (children, elderly parents, etc.), they also qualify for the $1,400, regardless of age. This isn’t limited to families with young children, so make sure to take advantage of this if you care for someone!
This year, according to the IRS, the average refund is approximately $1,928, a notable increase from $1,395 in 2024. If you choose direct deposit, that amount can rise to $2,069. Keep in mind that processing times vary: electronic returns are typically processed in about 21 days, while paper returns may take a month or longer.
This credit is specifically for individuals who have not filed for that year. If you’ve already filed, it won’t apply to you. However, if you postponed filing for any reason (busy life, pandemic-related delays, or simple forgetfulness), now is your opportunity. Just ensure you provide all the required information to avoid complications.
Don’t overlook the EITC tax credit
While organizing your paperwork, check if you qualify for the Earned Income Tax Credit (EITC), which could yield an additional $6,728. This benefit is designed for low- and moderate-income workers, so it’s certainly worth investigating.
The IRS offers a tool called Where’s My Refund? that becomes available 24 hours after you file your electronic return, or four weeks if you mail it. If you encounter delays, don’t worry: the IRS is inundated with paperwork, but keeping your information updated can help.
