In 2021, the U.S. government allocated over $930 billion for coronavirus relief, including three rounds of stimulus checks.
Millions of eligible recipients have not yet collected their 2021 Coronavirus stimulus check, as revealed by a recent report from the Treasury Inspector General for Tax Administration (TIGTA)
These 2021 Coronavirus stimulus checks, part of COVID-19 relief measures, essentially constituted advance payments of a fully refundable tax credit, known as the Recovery Rebate Credit, applicable for both the 2020 and 2021 tax years.
Remarkably, roughly 3 million individuals may not have availed of this credit, resulting in unclaimed credits amounting to $4.7 billion, according to TIGTA‘s scrutiny of 2021 tax returns. Despite the government’s assurance that all stimulus funds were disbursed, a number of taxpayers still await their full 2021 coronavirus stimulus check.
For those who missed out, there’s still an opportunity to obtain their 2021 coronavirus stimulus check by filing or amending their 2021 tax return within a three-year window. Approximately 2.9 million individual taxpayers failed to claim the Recovery Rebate Credit in their 2021 tax returns, making them potentially eligible for the 2021 coronavirus stimulus check.
Eligibility criteria for the 2021 Recovery Rebate Credit mirror those of the third stimulus payment, contingent on an individual’s 2019 or 2020 tax information
Individuals stand to receive up to $1,400, while married couples could qualify for up to $2,800. Moreover, eligible taxpayers may receive $1,400 for each qualifying dependent.
If you believe you qualify but haven’t received the full amount, filing a tax return for that year is imperative to claim the Recovery Rebate Credit, even if you didn’t file previously.
TIGTA urges the IRS to intensify its outreach to potentially eligible taxpayers, encouraging them to file or amend returns for the Recovery Rebate Credit. The agency, in turn, commits to informing the public about the credit’s availability and the process of claiming the 2021 Coronavirus stimulus check.
The IRS has been proactive in reaching out to eligible individuals, sending Letter 6475 last year to assist them in deciding whether to claim the Recovery Rebate Credit on their 2021 tax returns, even before TIGTA’s recommendation.
READ ALSO: Property Tax Bills Remain Low In 12 Areas Across The Country
Leave a Reply