IRS (Photo Credits: X / Twitter)
Who is Eligible?
The government distributed three rounds of Economic Impact Payments (EIPs) between 2020 and 2021, totaling $814 billion, to assist families during the Covid pandemic. Eligible taxpayers could receive up to $1,400 per filer and child in 2021.
While the majority of eligible taxpayers have already received their payments, some may not have claimed their full EIP. This applies to individuals who were eligible for the Recovery Rebate Credit but either did not file their 2021 taxes, left the credit section blank by mistake, or incorrectly filled it out as $0.
In December, the IRS identified that around 1 million taxpayers did not claim this credit and can still receive a refund of up to $1,400 by filing their 2021 tax return.
How to File and Claim Your Refund
To claim the Recovery Rebate Credit, those who did not file their 2021 return must do so by April 15. It is necessary to file even if income was minimal or non-existent to qualify for the credit.
To assess your eligibility for the Recovery Rebate Credit, you can check your IRS online account to review your past stimulus payments. This will assist you in calculating the potential amount you may be owed.
How to Check Your Refund Status
Taxpayers can monitor their refund status via the IRS’s online portal. For those who filed electronically, status updates should be available within 24 hours. For paper returns, it may take up to four weeks for updates to appear.
If you qualify for the Recovery Rebate Credit and need to file, ensure that you submit your return by April 15 to avoid missing out on the payment.
