Many Americans received a £1,085.98 ($1,400) stimulus payment—what if you didn’t? If you’re curious about why your payment didn’t come through or whether you can still claim it, you’re not the only one.
If you did not file your 2021 taxes, you may be missing out on this financial support. The IRS is still sending out £1,085.98 ($1,400) stimulus payments to approximately a million individuals who missed out initially.
How Payments Are Being Distributed
The IRS is automatically issuing these payments because individuals were required to claim this credit on their own. This system ensures that all eligible people receive the funds they are entitled to.
This program is known as the Recovery Rebate Credit, aimed at helping you receive any 2021 stimulus payment you may have overlooked. If you qualify but did not receive the payment, you can still claim it. Just remember to file your 2021 tax return by April 15, 2025.
Your payment will be deposited directly into your bank account based on your 2023 tax information or sent as a physical check.
Understanding The Stimulus Credit
The stimulus payment from the 2021 American Rescue Plan was the final financial assistance distributed to help individuals during the COVID-19 pandemic. Eligible individuals could receive a payment of up to £1,085.98 ($1,400), with the total amount determined by income. Higher incomes lead to reduced payments.
Single filers: If you filed as single, you will receive the full £1,085.98 ($1,400) if your 2021 income was £58,177.42 ($75,000) or less. The payment amount decreases as your income exceeds $75,000, and you will not receive anything if your income is £62,055.91 ($80,000) or higher.
Married filing jointly: For couples filing jointly, you will obtain the full £2,171.96 ($2,800) if your combined 2021 income was £116,354.84 ($150,000) or below. The payment amount begins to diminish if your combined income exceeds £116,354.84 ($150,000), and no payment is issued if your total income is £124,111.82 ($160,000) or more.
Dependents: According to the IRS, if you had dependents in 2021, you could be eligible for an additional $1,400 for each dependent, regardless of their age. However, like the main payment, this additional amount is also subject to income limitations. As your income rises, the sum for each dependent may decrease or be eliminated entirely.
The April 15 Deadline
Since the announcement in December, the IRS has been automatically issuing payments to qualifying individuals. This includes those who filed their taxes but neglected to complete the Recovery Rebate Credit section or entered £0 ($0) yet still met the eligibility criteria.
If you haven’t yet filed your taxes, it’s crucial to do so by April 15 to claim this credit. After this date, you may miss your opportunity, as the IRS typically allows only three years to claim refunds or credits, per a CNBC Make It report.
Don’t let unclaimed funds go to waste. If you think you may qualify for the £1,085.98 ($1,400) Recovery Rebate Credit, take action promptly. Check your 2021 income against the IRS guidelines and gather your tax documents.
Filing your 2021 return before the April 15, 2025, deadline could lead to a significant financial gain. This is your opportunity to secure funds meant to aid during a challenging period.
