Throughout the Covid pandemic, the U.S. government provided financial support via three rounds of Economic Impact Payments (EIPs). One notable round, implemented by the Internal Revenue Service (IRS) under the American Recovery Plan, offered eligible individuals up to $1,400 or $2,800 for married couples, in addition to $1,400 for each qualifying dependent in a family, which includes dependents beyond just children under 17. Those who have yet to receive these funds now have less than a week to file their claims.
The Recovery Refund Credit, as suggested by its name, is a refundable credit designated for individuals who either did not receive one or more Economic Impact Payments (EIPs), commonly referred to as stimulus checks. Starting in December 2024, the IRS began disbursing payments to eligible individuals who had not claimed this credit on their 2021 tax return. All payments were expected to be issued by the end of January 2025, with no further action required from taxpayers to receive them.
The 2021 stimulus payments maintain their value at up to $1,400 per individual or $2,800 for married couples. A family with two qualifying dependents could potentially receive as much as $5,600. Those who have not yet claimed the funds will have the opportunity to request the catch-up refund credit when filing their 2021 federal taxes.
What is the deadline?
The deadline for filing your 2021 tax return and securing the IRS stimulus check provided during the pandemic is April 15. Failing to file the 2021 return by this date may result in missing out on additional benefits, such as the earned income tax credit. After this date, claims for refunds will no longer be accepted, as there is a three-year limit for filing.
In certain situations, the 2021 tax return may no longer be filed electronically; thus, it necessitates being mailed via certified mail as proof of submission before the April 15 deadline. Submissions not sent by certified mail could face rejection.
Who is eligible?
A person can qualify for the full amount of the Recovery Refund Credit if their adjusted gross income (AGI) was $75,000 or less for single filers, or $150,000 or less for couples filing jointly. However, if income surpasses these thresholds, the credit amount begins to diminish. Once the AGI exceeds $80,000 for single filers or $160,000 for joint filers, eligibility for the credit is lost.
If you have applied for the 2021 stimulus check, you can verify your application status through your IRS account. The system allows you to view essential information from your last tax return, as well as access transcripts or a tax compliance report. Additionally, you can make payments or set preferences, among other tax-related activities. If you’re unsure whether you filed your 2021 return, the system provides a record for confirmation.
The IRS estimates that over $1 billion in 2021 returns are currently unclaimed, affecting more than 1.1 million taxpayers, with an average return of $781, excluding applicable credits.
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