IRS Urges Eligible Individuals to Claim 2020 and 2021 Stimulus Payments
Stimulus checks are a lifeline for many individuals and families, especially during challenging times like the Covid-19 pandemic. The good news is that the IRS is offering a way for those who missed out on these crucial payments to claim what they are owed. The mechanism for this is known as the “recovery rebate credit.”
The recovery rebate credit is essentially a refundable credit designed for those who did not receive one or more Economic Impact Payments, which include the stimulus payments that were issued in 2020 and 2021. While many Americans received these payments, there are still individuals and families who are eligible but haven’t yet claimed them. To access these unclaimed funds, taxpayers need to take action by filing a tax return.
To be eligible for these stimulus checks, certain criteria must be met. First and foremost, individuals must have been U.S. citizens or residents in the respective years, 2020 and 2021. Additionally, they must not have been claimed as dependents by another taxpayer during those years. It’s also essential to possess a valid social security number issued before the due date of the tax return, one that is authorized for employment in the United States.
For those seeking to claim the 2021 recovery rebate credit, the same eligibility criteria apply. They must have been U.S. citizens or residents in 2021, not claimed as dependents by another taxpayer, and hold a valid social security number that meets the employment requirements.
It’s crucial to be aware of the deadlines for filing tax returns to claim these credits. For the 2020 tax year, the deadline is May 17, 2024, providing ample time for eligible individuals to submit their claims. For the 2021 tax year, the deadline is April 15, 2025, offering another opportunity to access these unclaimed funds.
To check whether they have received any Economic Impact Payments and to determine the total amounts, individuals can use their IRS Online Account. This valuable tool provides transparency and allows taxpayers to stay informed about their financial status.
In summary, the IRS is making it possible for those who missed out on stimulus payments during the Covid-19 pandemic to claim them through the recovery rebate credit. Eligible individuals and families should take advantage of this opportunity by filing their tax returns and ensuring they meet the specified criteria. With the deadlines still a few years away, there is ample time to access these much-needed funds and provide financial relief in these challenging times.
