This week, the Internal Revenue Service declared that certain taxpayers have limited time to request refunds for unpaid stimulus payouts.
In 2020, 2 Economic Impact Payments, or stimulus cheques, were given out by the federal government. Since they failed to submit a tax return for the given year, certain people have yet to claim the money.
People who qualify for stimulus checks during this period have until May 17 to claim the payments, which could be worth thousands of dollars, according to a press release from the IRS last week.
To be eligible for stimulus payments, file your 2020 tax returns
Early stimulus checks in a total of $1,200 for singles and $2,400 for couples filing together were sent out in April 2020 to those who are eligible for the entire amount. Instalments of $600 were then deposited starting in December 2020.
However, checks were delayed for millions of qualified taxpayers. The problem primarily impacted Americans with lower incomes who don’t often submit federal tax forms.
Even if individuals had no revenue in 2020, the procedure for receiving their stimulus checks required them to file a tax return for the following year.
To file for the stimulus money as a refund that would be given as a tax refund, the IRS advised everyone who is eligible for a check to submit a 2020 return by May 17 if they haven’t already done so.
You claim this amount, which is referred to as a 2020 Recovery Rebate Credit, on Line 30 of your 2020 tax return.
Your claim to a tax refund ends 3 years after the tax deadline, which is why the deadline is approaching. Since there was a pandemic expansion, tax day was actually observed on May 17, 2021, earlier than usual during filing season. Three years from that date is the approaching deadline.
In 2021, up to $1,400 in stimulus checks were given out to people. If you weren’t already, you have until April 15, 2025, 3 years after the 2021 tax filing due date, to file for this money.