Time is of the essence for millions of Americans yet to claim their $1,400 IRS stimulus check. Once the April 15 deadline arrives, they risk forfeiting the funds permanently. If you haven’t already claimed your stimulus, ensure you file your 2021 tax return; you might be missing out on money you’re entitled to.
The IRS has stated that as many as one million Americans remain eligible for the third stimulus round, but they must act quickly to obtain their checks.
Who Qualifies for the $1,400 Stimulus Check?
Numerous Americans eligible for IRS stimulus checks have not yet claimed their payments by submitting their 2021 tax returns. These payments, also referred to as Economic Impact Payments, were designed to assist individuals with income levels of $75,000 or less during the COVID-19 pandemic, as part of the American Rescue Plan.
To qualify for the Recovery Rebate Credit, which enables taxpayers to claim the IRS stimulus checks, you must meet the following criteria:
- You must be a U.S. citizen or resident alien with a valid Individual Taxpayer Identification Number (ITIN) and Social Security Number (SSN).
- You must not have received the full $1,400 payment in 2021.
- Your income must be below $150,000 for joint filers and $75,000 for single filers.
Individuals who receive other refundable tax credits, like the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC), are also eligible for IRS stimulus checks, provided they file their 2021 tax return by the deadline.
What is the Deadline, and What Happens Afterwards?
Taxpayers are given three years by the IRS to claim their refunds. Since the third round of stimulus checks is associated with 2021 tax returns, the deadline to claim these payments is April 15, 2025.
Post this date, the IRS will cease issuing 2021 tax refunds, including Recovery Rebate Credit payments. Consequently, any unclaimed funds will revert to the U.S. treasury, and those who haven’t claimed the funds will lose them forever. This will be the final opportunity to claim your $1,400 stimulus checks or any other tax refund from 2021.
What Happens If You Miss the Deadline?
If you don’t claim your stimulus checks by April 15, 2025, you will permanently forfeit your stimulus checks. The IRS will not process any claims submitted after that date, except in certain exceptional situations. Individuals who might be exempt include:
- Military personnel deployed in combat zones.
- Taxpayers encountering errors while processing IRS checks.
While Congress could potentially extend the filing period, it’s highly unlikely. Therefore, if you qualify, take action now, as there will be no grace periods or extensions or second chances if you miss the deadline.
How to Claim Your $1,400 Stimulus Checks Before the Deadline.
If you haven’t yet received your stimulus checks, here’s what you should do:
- Review your tax records and file your 2021 tax return if you haven’t already done so.
- File your 2021 tax return using the IRS Free File program or seek assistance from a tax preparer.
- Claim the Recovery Rebate Credit on Form 1040 to receive the check.
- If necessary, mail a paper tax return, ensuring it is postmarked before the deadline.
- Verify your eligibility for other tax credits such as EITC and CTC.
Don’t Miss Out on Your Money
Many taxpayers unknowingly forfeit thousands of dollars they are eligible to receive by failing to file their 2021 tax return. In addition to the IRS stimulus check, these individuals could miss out on EITC worth up to $6,728, CTC allowing eligible families to receive up to $3,600 per child, and other refundable tax credits, all of which could amount to a significant sum.
The clock is ticking, and the IRS will not extend its deadline past April 2025. Thus, if you haven’t claimed your IRS stimulus check, please act without delay.
