NEARLY GONE
Americans have just days to claim $1,400 ‘recovery’ stimulus checks before April 15 deadline – or they lose cash forever
Read on to find out what you need to do to claim your money before it's gone forever
AMERICANS still have time to get a $1,400 recovery stimulus check before the April 15 deadline which is approaching rapidly.
The IRS has stated that over 1 million people in the US can still claim this relief package that is intended to support working people.
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The US Sun recently reported that the Recovery Rebate Credit is in place to allow taxpayers to receive a refundable credit.
It specifically applies to those who missed their tax refund as a result of not submitting their 2021 tax return.
The first two windows for this program have already gone, but April 15 is the third and final opportunity to grab some cash.
The maximum $1,400 that can be claimed will either be deducted from the amount of taxes owed for 2021 or be issued as part of the overall refund.
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This way, those who did not submit their 2021 tax return will be properly compensated.
The way to claim the money is submitting your 2021 tax return, along with your 2024 one, by the April 15 deadline.
The US Sun also reported on the finer details of the credit, including the fact that the estimated amount of payments going out comes to $2.4 billion.
IRS Commissioner Danny Werfel said: "The IRS continues to work hard to make improvements and help taxpayers.
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"These payments are an example of our commitment to go the extra mile for taxpayers.
"Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible.
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"To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it."
The IRS will only send out payments for the 2021 Recovery Rebate Credit to taxpayers where IRS data shows they are eligible for the credit.
The first round of checks was automatically sent last December. and the second round arrived in late January.
HOW MUCH WILL YOU BE PAID?
There are some mitigating factors which will effect how much you are paid, such as your adjusted gross income (AGI).
The amount decreases the higher the income.
What we know about the third stimulus check
A THIRD round of stimulus checks has been approved by lawmakers. Here is what we know about them so far.
- The third check will be worth $1,400.
- Income requirements may be tightened after Democrats passed a motion calling for "upper income taxpayers" to be excluded.
- Checks could be sent for dependents regardless of their age.
- Checks are sent automatically to those who are eligible by the Internal Revenue Service.
If a married couple files jointly with a total AGI of $150,000 or less in 2021, they are only eligible for up to $2,800 from the Recovery Rebate Credit.
However, the credit is completely phased out for those earning $160,000 or more.
This means that anyone over this threshold will be ineligible for the cash.
Americans who are yet to file their 2021 tax return also need to be on the lookout for Earned Income Tax Credit (EITC).
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This is usually there to benefit moderate to low-income taxpayers with children.
This could bring in as much as $6,728.
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