Time is running out for over a million Americans who could still be eligible for a stimulus payment of up to $1,400, the Internal Revenue Service (IRS) is warning.
The Recovery Rebate Credit (RRC) offers taxpayers who have not yet filed their 2021 federal tax return until April 15, 2025, the opportunity to receive what could be a substantial financial boost.
This payment is a component of the third round of stimulus checks that were distributed under the American Rescue Plan, which was approved in 2021 to help families and people get over the financial crisis brought on by the COVID-19 epidemic.
Many Americans missed their payments, even though the majority were paid automatically. The IRS is giving them one last chance to get their money back.
Reasons You Could Still Qualify
Many qualified persons either failed to complete their 2021 return or filed it erroneously, leaving the RRC field empty or declaring the amount as zero, according to the IRS.
This frequently occurred as a result of people thinking they didn’t have to file a return because they had little or no income, particularly those who depend on nontaxable income like Social Security or veterans’ benefits.
The IRS is now automatically correcting people who filed but misrepresented their credit, and they are seeing payments come in the mail or through direct transfer.
However, those who have not yet filed at all risk losing their $1,400 payment forever if they don’t submit by April 15, 2025.
Who Meets the Requirements?
In order to qualify, you had to:
- Possess a current Social Security card.
- No one else’s 2021 tax return will list you as a dependent.
- Despite having little to no income, you should still file your 2021 taxes.
Since this credit is refundable, you can still get it even if you have no outstanding tax debt.
Those who don’t normally file taxes and low-income households are especially encouraged by the IRS to act before the deadline.
You Can Get Free Filing Assistance
The IRS is also reminding taxpayers that the agency’s own website offers free filing choices.
Volunteer Income Tax Assistance (VITA) and Free File are two tools that can help those who may not be comfortable with filing taxes by walking them through the process step-by-step.
The eligibility window ends on April 15, 2025, so for many, this is their last chance to get a stimulus payment that could offer much-needed financial assistance.
Now is your chance to take action if you or someone you know might qualify.
Source: Marca
