Nothing is more frustrating than learning that the government has issued you a stimulus check but that you have not yet received it. The IRS reported in the final week of January that the last of the payments, properly known as Economic Impact Payments, had been sent out. However, according to the Internal Revenue Service, many qualified Americans have yet to receive their reimbursements.
Citizens who have yet to get their stimulus check can take consolation in the knowledge that there is still time to file a claim.
Starting in March 2021, the federal government issued around 175 million checks for a total payout of $500 billion. Citizens should recover their missed payments via the Recovery Rebate Credit on their 2021 tax returns, which are due in the first quarter of 2022, according to the government.
The Recovery Rebate Credit allows citizens to claim their unclaimed stimulus funds.
The refund will appear as a reduction on your 2021 income tax filings. As a result, you will either pay less or get a larger income tax refund. It’s a “golden award,” according to Mark Steber, the CTIO at Jackson Hewitt.
The American Rescue Plan Act’s Economic Impact Payment went into effect in March of last year. It was sent from the beginning of December until the end of the year. The stimulus check of $1,400 for qualified individuals and families was a windfall for many families, with a family of four receiving up to $5,600.
Individuals with an adjusted gross income of $75,000 received the entire check amount, while a couple filing jointly received a $1,400 stimulus payment if their AGI was less than $150,000.
Also Read: Stimulus Check: Residents are still receiving financial aid from states
The majority of Americans have already received their stimulus payments. Families whose dependents’ status changed due to a birth or the addition of a dependant will get an additional stimulus check in 2022, but only after filing their 2021 income tax return.