About 3 million taxpayers still need to claim their 2021 stimulus check.
A recent report shows more than 3 million people can claim their 2021 stimulus checks.
As we all know, the federal government has issued three rounds of stimulus payments since the pandemic hit the USA. They gave more than $930 billion in direct Economic Impact Payments as part of its COVID-19 relief efforts:
These direct payments were technically advance payments of Recovery Rebate Credit. The Recovery Rebate Credit is a fully refundable tax credit.
However, millions of people have claimed these payments, but you can also claim them now.
According to the Treasury Inspector General, almost 3 million people can still receive the unclaimed Recovery Rebate Credit.
Although the government claims they have sent out all the stimulus payments, most
Americans have received their stimulus checks, but some still need them.
Also, some still need to get the total amount.
So, it’s a golden opportunity for you to claim your stimulus money. Suppose you are one of the above. Just file your 2021 2021 tax return and get it.
Eligibility Criteria for a 2021 stimulus check?
According to Money.com, about 2.9 million taxpayers have filed their 2021 tax returns. But they still need to claim their Recovery Rebate credit.
So they may qualify for it now.
Now, the IRS has recently received new Funding. So, they encourage potential eligible residents to file a tax or an amended return to claim their RRC.
However, the 2021 Recovery Rebate Credit’s eligibility criteria are the same as the third stimulus payment. It is based on your 2019 or 2020 tax year information.
But you must have a Social Security number.
Moreover, no age limits are applied to this Tax rebate. Even college students can apply but will not receive the payment themselves.
According to the TIGTA’s recommendation, the IRS will send information periodically on the availability of the credit. They will also inform you how to claim it.
Who is not Eligible?
You are eligible if you are
- Dependent on another taxpayer’s 2021 tax return
- You are not a U.S. citizen
- You don’t have a valid security number
So, if you have:
- Not qualified for the third stimulus check
- Not qualified for the total amount or
- You just forgot it.
Then you may qualify for the Recovery Tax Rebate now.
For example, Your income in 2019 or 2020 was above the limits but decreased significantly in 2021. So you will get full payment.
Also, you may qualify if you had a child in 2021 or added a dependant to your family.
How can you claim Your 2021 tax credit?
If you are eligible for the Recovery Rebate Credit, file a tax return for the year claiming the Recovery Rebate Credit. Apply even if you are a nonfiler.
You have a lot of time to claim your credits. As the IRS typically gives three years to taxpayers.
So, to submit or amend your 2021 return, you have time until the deadline for the tax year 2024.
There are two ways to file your return;
- Online or elctroniclaly
- Offline or physically
But online filing is the easiest way. You must complete the Form 1040 Recovery Rebate Credit worksheet and then submit it.
However, the worksheet will ask about
- Your adjusted gross income(AGI)
- How much of the third stimulus check you and your family received
So fill out the form carefully.
Also, you can change your previously filed return by using a Form 1040-X
After doing all the above, wait for the paper to return. If you qualify for the credit, they will either reduce your taxes, or you will receive tax refunds.