As the clock ticks down, Americans who missed out on their COVID-19 stimulus checks face a critical deadline, necessitating swift action. The IRS, in response to the pandemic, distributed Economic Impact Payments, commonly known as stimulus checks, on three occasions. However, a considerable number of eligible individuals either did not receive these payments or received amounts that fell short of their entitlement. This article serves as a comprehensive guide for those seeking to claim their pending payments before the impending deadline.
The initial round of stimulus checks, authorized under the CARES Act in March 2020, offered up to $1,200 per adult and an additional $500 per child. The subsequent round, sanctioned by the Tax Relief Act in December 2020, provided supplementary payments of up to $600 for each eligible adult and child. The final round, executed in March 2021 under the American Rescue Plan Act, extended up to $1,400 for eligible individuals and their dependents.
Individuals who did not receive the full entitlement amount can still claim their rightful funds. The process involves filing a tax return for the relevant year and accurately detailing the amount received. It is imperative for individuals to check their IRS Online Account to confirm eligibility and review past payments.
The deadlines for claiming the 2020 and 2021 credits are set for May 17, 2024, and April 15, 2025, respectively. Eligibility criteria encompass being a U.S. citizen or resident alien in the applicable year, not being claimed as a dependent by another taxpayer, and possessing a valid Social Security number. To expedite the refund process through direct deposit, filing returns electronically is highly recommended.
As the last chance to claim these crucial stimulus checks approaches, Americans are urged to familiarize themselves with the steps involved. Filing a tax return and ensuring accurate documentation of received amounts are paramount in securing the owed funds. The IRS Online Account serves as a valuable resource for confirming eligibility and reviewing past payment history.
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It is essential for individuals to recognize the significance of these stimulus checks in providing financial relief during challenging times. The guide presented here aims to empower those who may have missed out on their entitled payments, ensuring they seize this final opportunity to claim the support they are rightfully owed.