The Internal Revenue Service has been working around the clock to get the $1,400 stimulus checks out to everyone who needs them as part of the financial aid for the COVID-19 outbreak. Even if you didn’t get these payments at first, you may still get them via the Recovery Rebate Credit. You have until April 15, 2025, to request this payment if you were qualified but did not get it. This due date coincides with the standard three-year timeframe for requesting tax credits or refunds from the IRS.
The requirements are simple, in case you were wondering. Your potential payout in 2021 is contingent upon your AGI. If a taxpayer’s adjusted gross income was $75,000 or below, they were eligible for the entire $1,400. Excessive income was the starting point for the credit’s elimination, which was fully implemented at $80,000. If the combined AGI of a married couple filing jointly was $150,000 or less, they might get $2,800. The phase-out began at this level and ended at $160,000.
The possibility of receiving $1,400 per dependant, irrespective of age, was also available to families. But the income phase-out regulations were the same as those for the main filers. In an effort to provide extensive financial assistance during the difficult times brought on by the pandemic, this provision was a part of the American Rescue Plan Act of 2021.
The Internal Revenue Service has been quite diligent in distributing these funds to taxpayers who meet the requirements. We have taken into account all qualified applicants, even those whose Recovery Rebate Credit forms were left blank or had no value. It is still possible that you are eligible even if you did not submit a tax return in 2020. If you want your credit when it’s due, you must file before April 15, 2025.
The IRS will immediately deposit the monies using the banking information given in your 2023 tax return for individuals who have not yet received their payment. Another option is to use the address you have on file to receive a printed check. This procedure guarantees that those who are qualified for payments will get them promptly.
It should be mentioned that the American Rescue Plan Act did not make any more payments beyond this $1,400 stimulus check. Consequently, it is an important chance for financial relief that shouldn’t be missed. Do not delay in taking action if you think you meet the requirements.
To sum up, there is still time to claim the $1,400 stimulus check if you were qualified but did not get it. Make sure you submit all of your tax returns by the April 15, 2025, deadline and that your 2021 AGI qualifies you. You can get the money you deserve by taking this proactive step.
Seize this chance while you still can. Verify your eligibility, submit your tax return (if applicable), and collect your $1,400 stimulus payment from the Internal Revenue Service. Taking even one little step might mean a lot of money in these tough times.
