There’s a tax refund check waiting for you from the Internal Revenue Service (IRS), but if you don’t act quickly, you might miss out: it’s $1,400, a substantial amount that shouldn’t be overlooked. So, why wait to fill out some paperwork and claim it? If you’re unsure of the steps to take, stick with me, and I’ll guide you through everything you need to know.
April 15 marks the deadline for claiming the Recovery Rebate Credit, a tax benefit created during the pandemic. While there can be confusion about the exact date (with some online discussions citing April 14), the fact is you have about two weeks left to secure this cash. If you fail to file your 2021 return on time, your refund will be retained by the US Treasury.
How to claim your 2021 tax refund?
First off, let’s ease your worries: if the IRS owes you money, there are no penalties for filing late. However, time is of the essence. If you haven’t yet claimed that $1,400 credit—part of the 2021 stimulus checks—this is your final reminder. Additionally, be aware that even if your earnings were minimal or nonexistent that year, you must still submit the form. Don’t let this money fade away!
For those who haven’t filed their return for 2021 and meet the eligibility criteria for the third stimulus check, you belong to the “green list” of potential beneficiaries. The amount you can receive depends on your income that year: if you made less than $75,000 (or $150,000 if you’re married), you could qualify for the full $1,400.
If you’ve already submitted your return but forgot to claim the credit, don’t worry: The IRS has been issuing automatic payments to some taxpayers since January. Be sure to check your records or reach out to the IRS for confirmation.
$1 billion in unclaimed tax refunds
According to a recent announcement, the IRS has urgently appealed to over 1 million taxpayers who have yet to claim their 2021 tax refunds, totaling over $1 billion in unclaimed funds. While the average refund being sent out by the federal tax agency is $781, the maximum amount for qualifying individuals is $1,400.
The IRS allows three years from the original deadline (April 2022) to claim refunds, with April 15, 2025, being the final day. If you’re mailing your return, ensure it’s postmarked by that date. Are you using electronic filing software? Then you have until midnight. Just a heads-up: If the IRS identifies any outstanding debts (like student loans or child support), they may deduct those amounts from your refund.
It’s crucial to remember: if you haven’t filed returns for subsequent years (2022 or 2023), the IRS could withhold your refund until everything is squared away. But don’t panic: Filing your 2021 return punctually prevents the government from calculating your debt independently, which often leads to larger payments.
