People who still haven’t claimed their recovery rebate credit have received an important warning from the Internal Revenue Service (IRS). It stresses the importance of filing a tax return immediately to get the money you owe. With the deadlines approaching, eligible individuals are encouraged to take immediate action to ensure they receive the financial support they are entitled to.
IRS Urges Eligible Non-Filers: Claim Your Recovery Rebate Credit Before Time Expires (Photo: Bing)
Deadline Alert: Act Now for Your Recovery Rebate Credit
As the deadlines for claiming the 2020 and 2021 credits loom, the IRS urges eligible non-filers to act swiftly. People who missed out on one or more economic impact payments made in 2020 and 2021 can get a return through this recovery rebate credit.
The IRS thinks that some people and families may still be eligible for these payments, even though most have already gotten them. The 2020 Recovery Rebate Credit eligibility criteria require individuals to have been U.S. citizens or U.S. resident aliens, not dependent on another taxpayer, and possess a valid Social Security number issued before the tax return’s due date for employment in the United States.
Similarly, for the 2021 Recovery Rebate Credit, individuals must fulfill the citizenship criteria, not depend on another taxpayer, and have a Social Security number issued or claim a dependent with an Adoption Taxpayer Identification Number by the tax return’s due date.
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With the clock ticking, individuals with little or no income from a job, business, or other sources are strongly advised to file a tax return to make their claim. Furthermore, the 2020 Recovery Rebate Credit can be claimed for individuals who passed away that year, highlighting the significance of this essential financial support for individuals and families.
For those who may still need to receive previous economic impact payments, now is the time to ensure they receive the support they deserve. The deadlines to file a return and claim the 2020 and 2021 credits are approaching rapidly: May 17, 2024, and April 15, 2025, respectively; hence, eligible non-filers are urged to take prompt action to secure their entitled funds.
It is essential to know about changes to tax rules because the IRS continues to prioritize helping people and families and running taxes efficiently. The Recovery Rebate Credit is a lifeline for people who may have missed earlier relief payments. This shows how important it is to immediately understand and claim these significant credits.
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