(NewsNation) — The deadline for taxpayers to access the 2021 Recovery Rebate Credit is approaching rapidly.
According to Forbes, billions in pandemic financial aid remains unclaimed. The third stimulus check related to the COVID-19 pandemic can provide up to $1,400 per individual for those who may have overlooked it.
It’s important to note that you must file a 2021 tax return before the deadline to claim this credit.
What is the deadline for stimulus checks?
April 15 marks Tax Day for 2024 returns, and it is also the cut-off date to claim any tax refunds or credits from the 2021 tax year — including the $1,400 Recovery Rebate Credit.
This deadline is legally non-extendable, as taxpayers are given a three-year period to request refunds or credits from previous tax years, as reported by NPR. If you do not claim the stimulus funds owed by the deadline, these funds will become property of the U.S. Treasury.
Am I eligible for the pandemic-era stimulus check?
To qualify, you must have been a U.S. resident in 2021 with a valid Social Security number and not be claimed as a dependent on anyone else’s 2021 return.
Income limits also apply. Single filers can receive the full $1,400 if their adjusted gross income is up to $75,000. Married couples who filed jointly can qualify for $2,800 with a combined adjusted gross income of up to $150,000.
You could still receive a stimulus check even if you did not file a 2021 return, according to the IRS. You would need to back-file a tax return to claim the credit, regardless of whether your earnings from a job, business, or any other source were minimal or nonexistent.
Unclaimed stimulus checks: How did this happen?
Forbes indicates that some individuals missed out on the final $1,400 stimulus payment because they filed their 2021 taxes without claiming the Recovery Rebate Credit. Others may not have filed a return at all in 2021.
However, if you did not file, you would have missed receiving the third stimulus check.
In 2024, the IRS reviewed its internal data, revealing that approximately 1 million eligible taxpayers did not claim this third stimulus. In December, the IRS made special payments to this group, with direct deposits or paper checks anticipated by January 2025.
If you were eligible, you should have received a notification from the IRS via mail. However, this resolution only covered individuals who filed a 2021 return without claiming the stimulus credit. The IRS stated, “Eligible taxpayers who did not file must submit a tax return to claim a Recovery Rebate Credit, even if their income was minimal or nonexistent.”
How do I claim my stimulus check?
To claim your stimulus check, you must file a 2021 federal tax return and request the Recovery Rebate Credit. If you did not file previously, you will need to complete a 2021 Form 1040 tax return before the cut-off. Input the Recovery Rebate Credit on line 30 of the 2021 Form 1040.
The IRS stated that checks will be sent via mail or deposited into the bank account indicated on your 2023 return. A separate notification letter will be dispatched with your payment details. The IRS also provides resources on its website to help determine how much stimulus you have received and to locate any missing credits.
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