Opportunity for Those Who Missed Stimulus Checks to Claim Recovery Rebate Credit
U.S. Government Issued $931 Billion in COVID-19 Stimulus Checks
According to Market Realist, during the peak of the COVID-19 pandemic in 2020 and 2021, the U.S. government issued stimulus checks totaling about $931 billion to help Americans cope with financial hardships. Last year the IRS reported holding onto approximately $1.5 billion in unclaimed funds with an average of $893 per person. Many citizens have not yet claimed these funds which are still available to them in the form of tax rebates. However time is running out as these funds are set to disappear this spring, making this possibly the last chance for individuals to claim them.
Citizens who did not file taxes for 2020 and 2021, and therefore missed out on stimulus checks or received partial payments still have the opportunity to claim a Recovery Rebate Credit. This credit mirrors the eligibility and income requirements for the stimulus payments, allowing those who were eligible but did not receive the full amount to claim the credit. Applicants need to file their taxes for the missed years and complete the IRS Form 1040 and include the recovery rebate worksheet along with other required forms and schedules. Most tax preparation software can assist applicants through this process.
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US Stimulus Comeback: Don’t Let Your Missed Payments Slip Away!(PHOTO: getty images)
IRS Urges Eligible Individuals to Act Promptly to Claim Unclaimed Money
The IRS holds unclaimed income tax refunds for three years meaning individuals who missed stimulus check payments in 2020 and did not file their tax return have until May 17 2024 to claim the rebate. Those who missed 2021’s stimulus checks and did not file their tax return can do so until April 15 2025 to claim the missing money. It is crucial for eligible individuals to take action before the deadlines to ensure they receive the funds owed to them.
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