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Are you one of the millions missing out on the $1400 pandemic stimulus checks? If you haven’t claimed your Economic Impact Payments (EIPs) yet, the time is running out. The IRS has announced that Americans have until April 15 to file their tax returns for 2021 and potentially claim unclaimed refunds, including these crucial stimulus payments. Let’s delve into everything you need to know about claiming your check and ensuring you don’t miss out on this last chance.
The IRS reports that approximately 1.1 million individuals are owed an estimated $1 billion in unclaimed refunds for the tax year 2021. This includes those eligible for payments that were issued during the pandemic. Although the majority of eligible Americans have received their checks, some may have overlooked this important opportunity during tax season, especially if they did not file a return for 2021.
So, what exactly do you need to know about claiming these funds? Below is a summary of the key steps and relevant information regarding the stimulus checks:
- Eligibility: Individuals could receive up to $1,200 per filer and $500 per child in March 2020 under the CARES Act, $600 per filer and child in December 2020, and $1,400 per filer and child in March 2021 under the American Rescue Plan Act.
- Filing Requirement: To claim your stimulus payments, you must file a tax return for the 2021 tax year by the April 15 deadline. This includes anyone who was unemployed or had minimal income in 2021.
- Recovery Rebate Credit: Many taxpayers who missed claiming the Recovery Rebate Credit can still file their tax returns. Some may have left the relevant data blank or incorrectly listed it as $0.
It’s essential to act fast! The IRS has encouraged taxpayers to start gathering necessary documentation as soon as possible to ensure they can file their return before the deadline. Here are some steps to help streamline the process:
- Log into your IRS online account to check your status and access necessary documents.
- If you need copies of documents, request them from your employer or bank.
- If necessary, file a form 4506-T to request a wage and income transcript, but be aware that this process can take several weeks.
Additionally, it’s important to note that any refund you receive may be withheld if you haven't filed tax returns for subsequent years (2022 and 2023). Ensure that your financial records are up to date and that any outstanding debts to the IRS, state tax agency, or federal debts are settled, as refunds can also be applied to those amounts.
For those who prefer to track their refund status, the IRS specifies that updates should display within 24 hours of electronically filing a current year return, three to four days after filing a previous year return, and about four weeks after sending a paper return.
As you get ready to file your tax return, remember that recent budget cuts to the IRS have reduced staffing, making it more challenging to get answers to your questions. Stay informed by checking the IRS website or leveraging online resources before reaching out directly.
In conclusion, if you haven’t claimed your pandemic-era stimulus check, now is the time to ensure you file your taxes by the April 15 deadline. Don’t miss out on this opportunity to receive your rightful payments and maximize your financial recovery from the pandemic. Start the process today and secure your funds before it’s too late!
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