The federal tax deadline is just under a week away, which means there’s still an opportunity to secure a pandemic-era IRS stimulus payment. This is your last chance to take advantage of it.
If you’re uncertain about whether you received the funds, tax experts suggest a straightforward method to verify through your online IRS account.
The stimulus payments distributed in 2021 were valued at up to $1,400 for individuals and $2,800 for couples filing jointly. A family with four members could potentially receive as much as $5,600 if they had two qualifying dependents.
Those who did not receive this financial assistance may still claim the recovery rebate credit when filing their 2021 federal return. The deadline to claim this credit is set for April 15, 2024, as per the IRS guidelines.
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To qualify for the full recovery rebate credit, single filers must have an adjusted gross income of up to $75,000, while married couples filing jointly must earn no more than $150,000 for the year 2021.
The credit availability begins to decrease for individuals earning above these amounts, ultimately phasing out completely once adjusted gross income reaches $80,000 for singles or $160,000 for married couples.
The ‘optimal place to search’ for stimulus payments
In December, the IRS announced intentions to distribute “special payments” to a million taxpayers who did not claim the recovery rebate credit on their 2021 tax returns.
According to the agency, most payments should have been delivered through direct deposit or sent as a paper check by the end of January 2025.
You can log in to your IRS online account to monitor the status of your economic impact payments, including the 2021 stimulus payment.
“That’s the best place to check,” stated Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.
Upon logging into your account, you can find details about your stimulus payments in the “tax records” area within the “records and status” section of the toolbar.
Additionally, you can verify if you filed a return for 2021 in the “tax records” area. While some taxpayers may have a filing exemption due to low income, it’s essential to submit your 2021 return to be eligible for the recovery rebate credit for your stimulus payment, Lucas emphasized.
File your 2021 return if ‘there’s any uncertainty’
Sometimes, online accounts indicate that the IRS has issued stimulus checks, yet taxpayers report that they never received the funds, noted Robert Nassau, a Syracuse University law professor and director of the school’s low-income tax clinic.
“If there’s any uncertainty” surrounding your payment, it is advisable to file your 2021 return and claim the recovery rebate credit before the April 15 deadline, he stated. Otherwise, you risk missing the deadline and forgoing your chance to obtain the funds, Nassau warned.
