Time is running out for millions of Americans who have not yet claimed their $1,400 IRS stimulus check. Once the April 15 deadline passes, they will be at risk of losing the money for good. If you haven’t claimed the stimulus, check by filing your 2021 tax return; you could be foregoing money that you are entitled to.
The IRS has announced that up to one million Americans are still eligible for the third round of stimulus checks, but they must act fast to receive them.
Who is Eligible for the $1,400 Stimulus Check?
Many Americans who are eligible for the IRS stimulus checks have not claimed the payments by filing 2021 tax returns. These payments, also known as the Economic Impact Payment, were meant to help citizens with incomes of $75,000 or less during the COVID-19 pandemic as part of the American Rescue Plan.
To be eligible for the Recovery Rebate Credit, which allows taxpayers to claim the IRS stimulus checks, you must meet the following requirements;
- You must be a U.S. citizen or resident alien with a valid Individual Taxpayer Identification Number (ITN) and Social Security Number (SSN).
- You must not have received the $1,400 payment in full in 2021.
- Your income must be below $150,00 for joint filers and $75,000 for single filers.
Those who receive other refundable tax credits like the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) are eligible for IRS stimulus checks as long as they file the 2021 tax return before the deadline.
When is the Deadline, and What Happens After?
The IRS gives taxpayers three years to claim their refunds. Since the third round of stimulus checks was tied to 2021 tax returns, the deadline to claim these payments is April 15, 2025.
After this date, the IRS will stop issuing 2021 tax refunds, including Recovery Rebate Credit payments. This means that any unclaimed funds will be transferred to the U.S. treasury, and those who have not claimed the funds will lose them permanently. This will be the last chance to claim your $1,400 stimulus checks or any other 2021 tax refund.
What Happens If You Miss the Deadline?
If you fail to claim your stimulus checks by April 15, 2025, you will lose your stimulus checks permanently. The IRS will not process any claims submitted after the deadline except in special circumstances. Individuals who could be exempted are;
- Military personnel serving in combat zones.
- Taxpayers are still facing errors while processing IRS checks.
Although Congress could extend the filing window, it is really unlikely. Therefore, if you are eligible, act now because there will be no grace periods or extensions, or even second chances in case you miss the deadline.
How to Claim Your $1,400 Stimulus Checks Before the Deadline.
If you haven’t received your stimulus checks, here is what you need to do;
- Check your tax records and file your 2021 tax return if you haven’t done so.
- File your 2021 tax return through the IRS Free File program or seek help from a tax preparer.
- Claim the Recovery Rebate Credit on Form 1040 to receive the check.
- Mail a paper tax return if necessary and ensure it is postmarked before the deadline.
- Check if you are eligible for other tax credits such as EITC and CTC.
Do Not Lose Your Money
Many taxpayers are ignorantly leaving thousands of dollars they are eligible for by failing to file their 2021 tax return. Besides the IRS stimulus check, such taxpayers could lose EITC worth up to $6,728, CTC where eligible families could receive up to $3,600 per child and other refundable tax credits that could all total up to a significant amount.
The clock is ticking, and the IRS will not extend its deadline after April 2025. Therefore, if you haven’t claimed your IRS stimulus check, do so as soon as possible.