The Internal Revenue Service (IRS) recently announced that the deadline to receive stimulus check money from 2020 COVID pandemic times is fast approaching. You will have until May 17th to take advantage of this payment; otherwise, millions of Americans could lose the opportunity to receive the $1,200 relief payment check.
Recently, the IRS confirmed that some taxpayers are at risk of losing almost $1 billion in stimulus payments. After COVID-19 paused the world and governments had to develop relief programs to help their citizens, some have still not claimed their stimulus checks. However, since the Economic Impact Payments (EIPs) were released in 2020, the IRS established three years, so citizens had a considerable time frame to claim their stimulus payments.
Eligible non-filers still have time to claim the Stimulus check
In the past few weeks, the Internal Revenue Service (IRS) has reminded all eligible non-filers who may be eligible for the 2020 Recovery Rebate Credit due to the COVID-19 outbreak that there is not much time left to file a tax return and get reimbursement. People can still qualify for the stimulus check by filing their required tax return by April 15, 2025. Refund-due taxpayers will have three years from the filing deadline to file a claim and receive any money owed to them after those deadlines. The IRS also recommends that anyone who has not filed a 2020 tax return review their records, as they may be eligible for a tax refund that ends on May 17, 2024.
Economic Impact Payments (EIPs) round of payments
The $2.2 trillion CARES Act, which was approved in March 2020, authorized a variety of financial aid, including direct payments of up to $1,200 for adults and $500 for children. Legislators approved another round of stimulus checks in December 2020, with a maximum value of $600 per person. Federal government statistics indicate that the IRS paid out $141.4 billion in second-round payments and $271.4 billion in first-round payments.
Beginning in March 2021, a third phase of economic impact payments—up to $1,400 per person—was made possible under the $1.9 trillion American Rescue Plan. The deadline for filing a 2021 tax return to receive an unpaid third-round stimulus payout is April 18, 2025. After a person submitted a tax return, the IRS would settle any outstanding balances if they had missed the first round of direct payments or had not received the entire amount owed. The amount is referred to as a recovery rebate credit.
As Danny Werfel, the IRS’s commissioner, said, the federal tax agency does not want taxpayers to miss their last chance for the refund money. During the pandemic, people encountered some incredibly odd circumstances, which might have caused some of them to forget about a possible rebate on their 2020 tax returns. Individuals, including students and part-timers, might have simply missed these. Since the refund may be due to some individuals who are unaware of this, to avoid missing the May deadline, the IRS is encouraging everyone to check their files and begin compiling documentation as soon as possible.
IRS advice to claim your stimulus check
The IRS recommends that interest citizens obtain their tax forms from 2020 employers and other income sources, such as W-2s, 1099 forms, Form 1098s for mortgage interest, or Form 5498 for IRAs. If these forms are not available, the best approach is to get a tax transcript from the IRS. In this case, Form 4506-T can be used to seek a wage and income transcript, but written requests take time to process. Individuals must file their returns after gathering the necessary information, which they can accomplish through tax preparers, GetYourRefund.org, or Volunteer Income Tax Assistance (VITA) centers.