The IRS is urging eligible Americans to take action before time runs out to claim their $1,400 stimulus checks.
With an estimated 1.1 million people still eligible for the Recovery Rebate Credit, the government is reminding individuals to file the necessary paperwork before the deadline.
For those who qualify, this could mean a significant financial boost—but only if they act in time.
There are only a couple of weeks left to take action (Michael Bocchieri/Getty Images)
In a reminder sent out earlier this month, the IRS explained that more than 1.1 million people across the US have unclaimed refunds for tax year 2021.
It might be hard for you to even remember 2021 in the midst of all the Covid-chaos, but if you didn’t file a Federal Income Tax Return, Form 1040, that year then you could be entitled to get the stimulus check which was part of the last round of funds issued during the pandemic.
The exact amount you could be entitled to depends on your adjusted gross income (AGI), with the figure eventually phasing out in higher income brackets.
See the breakdown below:
- Single filers with an AGI of no more than $75,000 in 2021 qualify for the full $1,400, but the credit fully phases out at $80,000.
- Married couples with a combined AGI of $150,000 or less in 2021 qualify for $2,800 if filing together, but the credit phases out completely at an income of $160,000.
- Dependents could earn $1,400 in 2021, regardless of their age, but the same phaseout limits apply.
The IRS has been sending payments to eligible taxpayers, but the deadline to get any credits or refunds from 2021 comes on April 15 – so you have just over a fortnight left to avoid missing out.
The IRS sends the cash through a paper check or bank transfer (Getty Stock Image)
Payments to eligible parties – including people who originally left the field blank, or those who haven’t filed a tax return yet – are sent by the IRS either by a paper check, or via a bank transaction using the information listed on your 2023 tax return.
In its reminder, the IRS said there is an estimated $1 billion in refunds which remain unclaimed by taxpayers.
It adds: “Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.”
