You may still be eligible to receive a check from the IRS worth $1,400 or more that was issued to most Americans during the COVID-19 pandemic.
But if you are eligible, you’re on a tight deadline to receive the money, which is called the Recovery Rebate Credit.
What is the Recovery Rebate Credit?
The purpose of the recovery rebate credit was to assist individuals who did not receive all their stimulus payments, known as Economic Impact Payments, during the COVID-19 crisis.
Who is eligible?
Individuals who have not yet submitted their 2021 tax return may qualify for this credit. The Internal Revenue Service (IRS) has stated that filing a tax return for that year is still possible and can result in receiving the credit.
However, you must do so by April 15, 2025.
You must file even if your income from a job, business or other source was minimal or non-existent.
The amount of the payment can reach up to $1,400 per person (along with a potential $1,400 for each eligible dependent); however, the actual sum will differ based on the individual’s income and other considerations for the year 2021.
Many taxpayers may have already been paid
Even some people who filed a 2021 tax return didn’t get the money right away.
A million tax filers got letters from the IRS in December indicating they had money coming to them because they were eligible to receive the 2021 Recovery Rebate Credit but didn’t claim it on their 2021 federal tax return.
Those checks were sent out by late January, the IRS says. The payments totaled roughly $2.4 billion.
They were made either by direct deposit or by paper check, depending on the filer’s preferred method for getting refunds.
“The payment will be sent to the bank account listed on the taxpayer’s 2023 tax return or to the address of record,” the IRS said.
If you’re eligible to get a payment but have closed your bank account since filing your 2023 tax return, the agency added, “the bank will return the payment to the IRS and the refund will be reissued to the address of record.”
If you are eligible and have not received your payment, don’t miss this deadline!
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