The checks have also encouraged economic spending within the economy during this period of high cost-of-living. During COVID19, three batches of Stimulus Checks were released by the IRS across the nation to help ease the financial distress the pandemic brought with it. However, if you never claimed this payments, you now have the opportunity to do so. Throughout the year, states have been granting much needed Stimulus Checks to stay on top of financial expenses.
If you did not claim your Recovery Rebate Credit, now is your chance
During COVID19, both the Trump and Biden administration released several rounds of stimulus checks to families and individuals across the nation. Many people suffered financially during and post-pandemic with loss of income being a major challenge experienced during COVID19. Stimulus Checks were a much welcomed relief in the wake of this financial distress. However, if you never received or claimed your check, you still have a chance to do so now.
While the deadline to receive the 2020 Recovery Rebate Credit has passed, the IRS has announced that you can still claim for the 2021 Recovery Rebate Credit if you never received it previously or received less than what you were entitled to. The Recovery Rebate Credit is a tax return on your income for the 2021 tax-year. Many people who do not file taxes due to receiving too low an income thus missed out on this payment even though they are entitled to it.
New deadline for claiming payments
The IRS has established a new deadline for claiming the unclaimed 2021 Recovery Rebate Credit, providing a renewed opportunity for those who did not receive their payments. To claim your unclaimed stimulus checks, you must file a tax return for the relevant tax years—2020 and 2021—by the new deadline of April 15, 2025. This means that individuals who missed claiming their payments during the previous years still have time to act.
Even if you do not need to pay tax, you must still file a tax return to receive your unclaimed rebate. So long as you meet the income requirements to receive the payment, you will benefit from filing your taxes. Ironically, those who do not usually file their tax returns are the ones who are most in need to receive the rebates as they are low-income earners. It is therefore essential to do this as the rebate can go a long way to help those in need.
How to claim your payments
Ensure that you leave enough time before April 15th 2025 to have your tax return be turned in on time. Those who have never filed for a tax return before and need assistance can make use of the IRS’ Free File program or other tax preparation services and professionals who can help simplify the process. Make sure that you first check your eligibility criteria and check how much you have already received in Economic Impact Payments so far.
If you already received your benefits, you will not be able to claim the rebate again. Once you have ensured that you are entitled to the rebate, submit your tax return either with your tax preparation software or use the Recovery Rebate Credit Worksheet included with Form 1040. Ensure that you have Letter 6475 on hand which details the amounts of the third Economic Impact Payment you received. This letter was sent to taxpayers at the beginning of 2022. You can also check your IRS online account to verify any payments you have received.
Once you have verified everything and filled out the relevant documentation, submit your return to the IRS and expect a refund to come your way.
