Americans Eligible for Over $1 Billion in IRS Stimulus Checks—Here’s What You Need to Know!

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Americans Eligible for Over  Billion in IRS Stimulus Checks—Here’s What You Need to Know!

If you are among the many Americans who have yet to receive their stimulus check, be aware that time is running out. The IRS has issued a reminder for individuals to claim their funds before a specific deadline. Failure to collect your tax refunds by this date will result in the money becoming the property of the federal government automatically.

Over a million Americans are eligible to receive their stimulus checks from the pandemic era, with each individual potentially able to claim $1,400. To qualify for this amount, you must not have filed your federal tax return for the year 2021.

The IRS has established a final date for individuals to claim their taxes from the 2021 fiscal year. If you do not claim your check by then, the government will consider it federal property. Taxpayers who have not claimed their refunds could receive an average refund of $780, and the IRS has disclosed that the total amount of unclaimed refunds exceeds $1 billion.

If you’re currently busy preparing your taxes for 2024 and feel lost about how to file for 2021, we have simplified the process into easy steps for you. Start by using the tax-prep software you utilized for the 2021 tax year, then proceed to print all necessary forms.

The IRS website, along with its resources, will be invaluable as you navigate the often stressful tax-filing season. You can create an Individual Online Account on the official IRS site and should also keep your W-2, 1098, 1099, or 5498 forms ready at hand.

You can opt to receive a transcript online, which you can find under the Get Transcript by Mail section. Next, obtain a wage and income transcript and complete Form 4506-T. Once you have these, you should be prepared to file your tax returns for the year 2021.

The specific amount of tax returns you qualify for will depend on several factors, including your adjusted gross income (AGI). CBS News reports that single filers can receive $1,400, provided their AGI is below $75,000, with a phase-out starting at $80,000.

Married couples filing jointly can qualify for $2,800, given that their combined AGI is $150,000 or below, with the credit beginning to phase out at $160,000.

Time is critical; the IRS has already indicated that the processing of claims may take weeks. It is essential for you to take action as soon as possible.