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Thursday, January 26, 2023

Stimulus Check 2022 Update- How To Claim An Unclaimed Payment?

During the height of the pandemic, the US federal government had approved the distribution of three stimulus check payments that would be dealing with the pandemic.

Now, while the IRS has already announced that they have finished sending the third payment- which has been referred to as the Economic Impact Payment- there are people who can still claim a sum of $1,400. Ideally, the taxpayers would be claiming the payment when they ended up filing their tax return for the fiscal year of 2021 utilizing the Recovery Rebate Credit.

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However, with the tax season for this year ending on the 18th of April, and the extension expiring on the 17th of October, it would be quite problematic for one to access their stimulus payment. Nevertheless, one would still be able to claim any money that they haven’t already received from the third Economic Impact Payment.

How To Claim Your Unclaimed Stimulus Check Payment? 

It must also be mentioned that the taxpayers in the country should ensure that they are eligible for the Recovery Refund Credit by checking if they did receive the letter 6475 from the IRS the previous year.

One would definitely be able to receive the money by filing for one’s return, however, with both of the deadlines passing already, the stimulus check payment one would be eligible for would be immensely reduced by refunds and penalties. On the other hand, people who were not really required to file for the tax return due to lower incomes do have until the 15th of November to ask for the third stimulus payment. 

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The requirements one must follow in order to receive the third stimulus check payment involve an annual income of less than $75,000 for individuals, $112,500 for heads of households, and a sum of $150,000 for married couples. 

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