As the country continues to recover from the COVID-19 pandemic’s effects on the economy, many people may be surprised to learn that the IRS still has relief checks that have not been claimed.
The purpose of stimulus checks is to help the economy right away and also get people to spend more when they can not afford to.
If you have not gotten your stimulus check yet or think you might be able to get more money, you may get a much-needed bonus at the end of the year.
Understanding Stimulus Checks and Eligibility
During times of economic trouble, stimulus checks are usually given out at random. As part of the federal response to the COVID-19 problem, groups of stimulus checks were sent out in more than one round recently.
The first payment from the IRS came in March 2020. The second payment came in December 2020, and the third payment came in March 2021.
For each round, there were specific requirements for who could apply based on their income, family size, and tax filing status.
If you did not get a payment during these rounds or think you should get more money because of changes in your finances, you may still be able to claim your check, even though the rounds happened almost four years ago.
People can ask the IRS for unclaimed payments by using their tax records. Remember that you might still be able to get a stimulus payment even if you do not have to file taxes every year.
How to Claim Your Unclaimed Stimulus Check
It is easy to get your lost stimulus check, but you do need to follow some steps. Keep in mind that you can not apply for the 2020 Recovery Rebate Credit anymore, but you can still apply for the 2021 Recovery Rebate Credit.
The IRS says you have until April 15, 2025 to file a claim for the credit. If you want to get the refund, you will need to file a tax return, even if you do not usually do that because your income is too low.
Making sure you can claim before you file your taxes early is important. The “Get My Payment” link on the IRS’s website is a useful tool that lets you see where your payments are in the process.
If you think you missed a payment, look over the requirements for getting one of the stimulus checks that were sent out. You need to file a federal tax return if you think you failed to make a payment. You can either e-file or mail your tax return.
You can claim the Recovery Rebate Credit on your 2023 tax return. This credit can help you get any aid payments that you are still owed.
Make sure that all of the information about your income and family is correct so that the process goes smoothly. The credit would either make your tax return bigger or lower the amount of taxes you owe.
The IRS recommends VITA to assist with the process
It is suggested by the IRS that people who are having trouble with their tax return use the Volunteer Income Tax Assistance program, or VITA.
The link to VITA is https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers. You can also talk to a tax expert who can help you get the benefit you are owed.
People who want to claim the Recovery Rebate Credit must be U.S. citizens or legal residents of the U.S. during the tax year in question.
You can not be claimed as a dependent by another taxpayer, and you need a valid Social Security number that was given before the due date of your tax return, even if you got an extension.
It may seem hard to deal with the paperwork and administration needed to file for returns, but if you are eligible for one, you should make sure you get it to help your finances.
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