Time is running out for Americans to secure a $1,400 stimulus check.
Tuesday serves as Tax Day and marks the three-year deadline for claiming tax refunds and credits for the year 2021. This includes the $1,400 Recovery Rebate Credit, which some individuals have yet to file for and collect.
Why It’s Important
In response to the economic uncertainty during the COVID-19 pandemic, the federal government authorized multiple rounds of stimulus payments to help Americans.
Unfortunately, many individuals failed to claim these payments because they did not file their taxes for 2021. This applies to those who were not required to file but still qualified for the payment.
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Key Information
Eligible individuals must submit their claims for the $1,400 stimulus check by tomorrow, April 15. After this date, any unclaimed funds will revert to the Treasury, and individuals will permanently miss out on the payment.
To qualify for the check, you must file your taxes for 2021, so be sure to gather all W-2 forms and other relevant income documentation from that tax year.
If you filed in 2021 but neglected to claim the Recovery Rebate Credit, you may still be eligible for the payment. In December, the IRS indicated it would distribute a total of $2.4 billion in “special payments” to around 1 million individuals who did not claim federal stimulus checks on their 2021 tax returns. Those who were eligible should have received these payments automatically by late December or late January 2025.
For those who meet the filing deadline, funds will be issued as either a paper check or directly deposited using the banking details provided on their 2024 tax returns.
The amount received will be contingent on the individual’s adjusted gross income; the full $1,400 is available to those whose adjusted gross income was $75,000 or less in 2021.
For married couples, the threshold increases to $150,000 for the 2021 tax year.
Reactions from Experts
Kevin Thompson, finance expert and founder of 9i Capital Group, commented to Newsweek: “The critical point about the Recovery Rebate Credit is its refundable nature—meaning you can access the credit even if you don’t owe taxes. While most credits merely lower your taxable income to zero, refundable credits extend beyond your tax liability, with the excess amount returned to you as a refund.”
Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, previously mentioned to Newsweek: “Many Americans who received stimulus checks during the pandemic find it hard to believe, but a small number of taxpayers who qualified for these payments never actually received them.”
Next Steps
After April 15, individuals will lose their eligibility for the stimulus check and the funds will return to the U.S. Treasury.
