WASHINGTON – American taxpayers are urged to act promptly to check their eligibility for refunds that could offer essential financial relief – before it’s too late!
Here’s a look at the potential tax refunds you may qualify for, along with an update regarding the possibility of DOGE dividend checks:
$1,400 stimulus payments for those who did not claim Recovery Rebate Credit
Key points to consider:
The Internal Revenue Service (IRS) revealed plans in December 2024 to automatically issue payments to individuals who failed to claim the Recovery Rebate Credit on their 2021 tax returns.
The Recovery Rebate Credit is a refundable credit intended for those who did not receive one or more Economic Impact Payments (EIPs), commonly known as stimulus payments.
According to the IRS, most eligible taxpayers have already obtained their payments or credits, but those who have yet to file their 2021 tax returns may still be able to qualify.
Eligible taxpayers must submit their returns and claim the Recovery Rebate Credit by the April 15, 2025, deadline. Payments will differ based on individual situations, with a maximum amount of $1,400 per person. The IRS estimates the total payments to be around $2.4 billion.
You can find more information from the IRS available online.
READ MORE: Deadline approaches to claim $1,400 IRS stimulus check – are you eligible?
Over $1 billion in unclaimed refunds for tax year 2021
Key points to consider:
The IRS estimates that over $1 billion in refunds are still unclaimed by taxpayers who have not filed their Form 1040, Federal Income Tax Return, for the 2021 tax year.
The agency estimates that the median refund amount for 2021 is $781. This figure does not encompass the Recovery Rebate Credit or any other applicable credits.
Under current regulations, taxpayers typically have three years to file and claim their tax refunds. If they fail to file within this timeframe, the funds become owned by the U.S. Treasury.
The impending deadline of April 15, 2025, is fast approaching! More resources from the IRS can be found online.
READ MORE: IRS owes millions to DC, Maryland & Virginia taxpayers – claim yours now
$5,000 DOGE Dividend Checks status update
Key points to consider:
Earlier this year, President Donald Trump showed support for the idea of returning a portion of savings from Elon Musk’s Department of Government Efficiency (DOGE) to U.S. citizens as a type of dividend.
Trump indicated that his administration is investigating a proposal to distribute 20% of the savings achieved by DOGE’s cost-cutting measures to American taxpayers, with an additional 20% aimed at decreasing the national debt.
In an interview with FOX News’ Dana Perino, James Fishback, founder of investment firm Azoria Partners, elaborated on how this could be implemented and who would qualify.
“The plan is straightforward, Dana. We project DOGE will save $2 trillion in total. You take 20% of that—which is $400 billion—and distribute it among the American households that will pay federal income tax this year. That amounts to $79 million,” Fishback explained.
“This would translate to $5,000 for every American taxpaying household next summer. It will bear President Trump’s signature since without his leadership, this would not be feasible.”
“The conditional aspect of the tax refund (available solely to federal income tax payers in CY 2025) encourages labor force participation because only net payers of federal income tax in CY 2025 will be able to receive President Trump’s ‘DOGE Dividend,'” Fishback stated on his website, mydogedividend.com.
Currently, there have been no updates regarding the status of the DOGE Dividend proposal.
READ MORE: Trump DOGE Dividend Checks: Status and who could qualify for payment if it occurs
The Source: FOX 5 DC, FOX NEWS & The Associated Press
