During the COVID-19 pandemic, the U.S. government issued three rounds of stimulus checks under various acts to support Americans financially. However, many eligible taxpayers either didn’t receive these checks or received an incorrect amount. If you’re among them, there’s still time to claim what you’re owed, but be aware of the approaching deadlines.
Firstly, it’s important to note that, despite circulating rumors, the IRS has confirmed there won’t be a fourth round of stimulus checks in 2024. This makes it even more crucial for those who missed out on previous payments to take action now.
Understanding the Pandemic-Era Stimulus Checks
March 2020 – CARES Act: This act provided up to $1,200 per adult and $500 per child under 17. The payment amount decreased for individuals with an adjusted gross income over $75,000 and $150,000 for married couples filing jointly.
December 2020 – Tax Relief Act: This authorized additional payments of up to $600 per eligible adult and child, with the same income thresholds for reduced payments.
March 2021 – American Rescue Plan Act: This offered up to $1,400 for eligible individuals and dependents, including adult dependents.
Claiming Your Missed Stimulus Checks
Many taxpayers missed claiming their 2021 stimulus checks. The good news is that you can still claim these payments by filing a tax return and claiming the Recovery Rebate Credit.
Here’s how you can claim your missing stimulus checks:
Check your status: Use your IRS Online Account to verify if you’ve already filed or received the credit.
Claim the 2020 Recovery Rebate Credit:
- Be a U.S. citizen or resident alien in 2020.
- Not be a dependent of another taxpayer for 2020.
- Have a Social Security number valid for employment in the U.S., issued before the due date of your tax return.
Claim the 2021 Recovery Rebate Credit:
- Be a U.S. citizen or resident alien in 2021.
- Not be a dependent of another taxpayer for 2021.
- Have a Social Security number, or claim a dependent with a Social Security number or an Adoption Taxpayer Identification Number, all issued by the due date of your tax return.
File electronically: For faster processing and refund receipt, file your returns electronically.
Know the deadlines: The deadline to file a return and claim the 2020 credit is May 17, 2024, while for the 2021 credit, it is April 15, 2025.
Key Pointers for Taxpayers
Include the amount you did receive from the stimulus checks when filing for taxes in 2024 if you didn’t receive the full amount, especially if the discrepancy involves dependents.
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Remember, there’s no penalty for a late-filed tax return if you’re due a refund.
In conclusion, if you haven’t received your stimulus checks or got less than you were eligible for, it’s crucial to act promptly. The deadlines are fast approaching, and this could be your last chance to claim these valuable payments. By following the outlined steps and understanding the eligibility criteria, you can ensure you receive the financial support you’re entitled to.