Stimulus Check 2023: It Could Be Your Last Chance To Collect Any Unclaimed Federal Stimulus Check

0
101
stimulus check

It is more than two years since the last federal stimulus check was sent out by the federal government after incoming President Joe Biden signed the American Rescue Plan Act. It was the most comprehensive of the three economic impact payments. But like the other two rounds, millions of deserving Americans missed out on the stimulus checks for various reasons. 

Between 2020 and 2021 the federal government deposited three stimulus checks in the bank accounts of qualifying Americans or sent a paper check or debit card through the US Postal Service. This money helped Americans struggling with an economic downturn due to the COVID-19 pandemic and the prolonged lockdown that followed. 

Most people received their stimulus checks within weeks of the payments being declared. But a small percentage missed out, and the foremost reason was that such families were not on the records of the IRS. But this small percentage still meant close to ten million individuals and families. 

The IRS made a final push to reach out to such families and collected data from other sources, advising them to collect multiple federal stimulus payments. And it is still not too late to claim any milled stimulus check payments. You will need to file an income tax return for 2020 to get the first two rounds of the economic impact payments and the income tax returns for 2021 to get the final federal stimulus check, the third economic impact payment. 

The payment for the third stimulus check signed under the American Rescue Plan Act by President Biden was worth up to $1,400 for each eligible adult plus each qualifying dependent in a family. So, for instance, a family of four would receive up to $5,600.

The income requirement to claim the final economic stimulus check was the same as the first and the second payments. There was no minimum income needed to qualify for the payment. 

Households with an adjusted gross income (AGI) of up to $75,000 for individuals and up to $150,000 for married couples filing jointly. For heads of households, the income limit to receive the full amount of the stimulus check was $112,500.

The third stimulus check starts to phase out for people with income above the stipulated AGI. The qualification requirement for the stimulus check was simple. Other than the income restriction there were few other rules. Any family member having a Social Security Number qualifies for the payments. 

It is vital to realize that the three stimulus checks were authorized and delivered in different tax years. So those who are missing all three tax payments will have to file the income tax returns both for 2020 and 2021 to get all three pending payments. For the first two rounds of the stimulus checks, you would need to file the 2020 income tax returns and for the third economic impact payment, a filer will have to submit their 2021 income tax return. 

Having pending taxes would be a set as you will have to pay both the tax and any fines and penalties that you may incur. But the good news is that if you do now owe any taxes for these two financial years, you only have to submit a late return without incurring a penalty for failure to file.

You can submit your forms and get any refund you are owed. This includes stimulus money that went unpaid, without any adverse consequences to you.  And if you have filed an income tax return but did not claim the credits, you can submit an amended tax return. 

Are You Eligible For The Unpaid Federal Stimulus Checks?

If you missed out on the stimulus checks you were owed, you should have received a letter from the IRS reminding you that you are entitled to several stimulus checks including the three payments and the Child Tax Credit stimulus check, and if you did not react to this letter despite receiving the letter you should go for it immediately and get your income tax file submitted fast. 

Alternatively, you can also check your IRS account online. You can access your tax records and find the total number of all three economic impact payments. This will help you determine if any of the stimulus payments have been missed. 

If you did not receive all or any of the payments and realize that you are owed the stimulus checks, do not delay any more. Submit your income tax returns ASAP for the relevant years and collect the money the government owes you. You will be losing out on thousands of dollars if you have other family members. And this money is not a loan and could help you out in these trying times even as rages of goods and services keep increasing at an alarming rate. 

State Stimulus Check Continues Into Second Quarter Of 2023

As with 2022, 2023 too may well turn out to be the year of full support from the states to citizens to cope with the debilitating inflation rate.

Seven more states are considering more stimulus checks in the current year. Even as the 2022 stimulus check comes to an end with the completion of the Golden State Middle-Class Tax Relief funds, 

The last of the large stimulus checks offered by the states include the Middle-Class Tax Refunds by California, the third stimulus payment paid by it since the pandemic lockdown. Citizens received between $200 and $1,050, with the highest going out to low-income joint filers with at least one family member considered a dependent. The amount given to dependents is limited to one person even though there may be more than one dependent. 

As long as individual filers did not have an AGI above $250,000 for individuals and double that for married couples, 

Idaho is one of the few American states that has plans to keep sending out money through 2023. The date has already declared two tax rebates for full-time residents who have filed for both the 2020 and 2021 income tax returns by 2028. 

There is a new payment also for residents of Maine in 2023. They should have lived in the state full time and filed their income tax return for 2021 no later than October 31 last year. Called the Winter Energy Relief Payment, it goes out to individuals with a 2021 state AGI of less than $100,000 and double for married couples.