NEW YORK – American taxpayers are urged to take action swiftly to determine their eligibility for refunds that could provide crucial financial assistance – before the opportunity slips away!
Below are the tax refunds you might qualify for, along with an update regarding DOGE dividend checks:
$1,400 stimulus payments for individuals who missed the Recovery Rebate Credit
Key information:
The Internal Revenue Service (IRS) indicated in December 2024 that it plans to automatically distribute payments to individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns.
The Recovery Rebate Credit is a refundable credit available to those who missed one or more Economic Impact Payments (EIPs), often referred to as stimulus payments.
While the IRS has reported that most eligible taxpayers have already received their payments or credits, those who have yet to file their 2021 tax returns might still be eligible.
Qualifying taxpayers need to file their returns and claim the Recovery Rebate Credit by the April 15, 2025, deadline. The payments will vary depending on individual situations, with a maximum payment of $1,400 per person. The IRS estimates total payments will reach around $2.4 billion.
For further details, visit the IRS website.
READ MORE: Time is running out to claim $1,400 IRS stimulus check – are you qualified?
Over $1 billion in unclaimed refunds for tax year 2021
Key information:
The IRS estimates that over $1 billion in refunds have not been claimed by taxpayers who have not submitted their Form 1040, Federal Income Tax Return, for the 2021 tax year.
The IRS estimates the median refund for 2021 is $781, not including the Recovery Rebate Credit or other potentially applicable credits.
Typically, taxpayers have three years to file and claim their tax refunds under the law. If they fail to file within three years, the funds automatically belong to the U.S. Treasury.
The approaching deadline of April 15, 2025, is fast approaching! More resources are available online from the IRS.
READ MORE: IRS owes millions to taxpayers in DC, Maryland & Virginia – claim what’s yours now
Update on $5,000 DOGE Dividend Checks
Key information:
Earlier this year, President Donald Trump voiced his support for the proposal of returning a portion of savings from Elon Musk’s Department of Government Efficiency (DOGE) to American citizens in the form of dividends.
Trump indicated that his administration is considering a proposal to allocate 20% of the savings generated by DOGE’s cost-saving initiatives to U.S. citizens, with another 20% targeted at reducing the national debt.
In a conversation with FOX News’ Dana Perino, James Fishback, founder of investment firm Azoria Partners, elaborated on how this could be implemented, as well as who may qualify.
“The plan is very straightforward, Dana. We estimate DOGE will save $2 trillion in total. Taking 20% of that yields $400 billion. Dividing that among the American households that will pay federal income tax this year translates to $79 million,” Fishback remarked.
“This would provide $5,000 to each American taxpaying household by next summer. It will carry President Trump’s signature, as his leadership has made this feasible.”
“Since the tax refund is conditional (available only for federal income tax payers in CY 2025), it encourages participation in the labor force because only net payers of federal income tax in CY 2025 will be eligible for what President Trump labels the ‘DOGE Dividend,'” Fishback mentioned on his website, mydogedividend.com.
Currently, no updates have been released regarding the status of the DOGE Dividend proposal.
READ MORE: Trump DOGE Dividend Checks: Current status and who may qualify for payment if realized
The Source: FOX 5 DC, FOX NEWS & The Associated Press
