April 15 marks the deadline to claim refunds part of $2.4 billion in stimulus payments associated with the 2021 Covid relief initiative. More than one million Americans have yet to receive their $1,400 stimulus payments. Throughout the pandemic, the federal government issued multiple rounds of stimulus checks. To qualify for the payment, individuals must file their taxes for 2021.
The Internal Revenue Service began distributing roughly $2.4 billion to one million taxpayers starting in December for Recovery Rebate Credit checks that remain unclaimed. However, they project that another million taxpayers are missing out on around $1 billion in stimulus due to not having filed their 2021 income taxes.
Today is the Tax Day for 2024 returns, though some states have extended the deadline. It also marks the three-year cutoff for claiming tax refunds or the $1,400 Recovery Rebate Credit for 2021.
If eligible taxpayers fail to file within this three-year period, the funds will revert to the treasury.
Who qualifies for the stimulus check?
US taxpayers who did not file or claim the Recovery Rebate Credit on their 2021 tax return are eligible to apply for it. This refundable credit was designed for those who did not receive one or more Economic Impact Payments (stimulus checks) during the COVID-19 pandemic.
The amount of the stimulus is based on an individual’s adjusted gross income. To qualify for the full $1,400, a single filer’s annual income must not exceed $75,000, and for married couples filing jointly, it should not exceed $150,000.
How to claim? If you have already filed your previous tax returns, you simply need to wait for the IRS to send out a check or directly deposit the funds into the bank account you specified in your 2023 tax return.
