GOOD NEWS: If you never claimed the Recovery Rebate credit on your 2021 tax return, the IRS is now mailing stimulus checks of up to $1,400 to those who have not claimed the credit yet as of the date of this writing. In reality, this new payment is for those individuals who missed their Economic Impact Payments during the pandemic period.
- Due date: April 15, 2025
File your 2021 tax returns by April 15, 2025, to claim this stimulus check. The IRS estimates that about 1.1 million U.S. citizens are still missing their 2021 tax refund because they did not file taxes that year.
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Are you missing out on this $1,400 check?
This check can be as much as $1,400, and it will either be mailed to you as a paper check or directly deposited to the bank account you supplied on your 2023 tax return. The IRS has already processed sending about $2.4 billion to 1 million taxpayers for the Recovery Rebate Credit in December itself.
Now, if you have not yet filed your 2021 tax return, you should do it at the soonest possible time because the deadline is very close. After the deadline, this money will become the property of the US Treasury.
Who qualifies for the stimulus check?
According to the IRS, taxpayers who were qualified for the Recovery Rebate Credit in 2021 but have not filed a tax return may also qualify for this check. This credit is for those who have been devastated by the inability to get their stimulus check (Economic Impact Payment) in the Covid epidemic.
How many people are defaulting in Mississippi?
As per the IRS report, 9600 tax filers in Mississippi have not reported income for the 2021 tax year. These could have possibly received an average tax refund of $701 if they would have filed taxes. In total, this should amount to about $8,283,600 owed to taxpayers in Mississippi.
How to go about it and what amount will you get?
The best part is that you do not have to do anything special about it. If you have already filed your 2023 return and have given bank account information in it, then the IRS will send this amount through direct deposit or paper check. Along with this, you will also get a separate letter in which information about this payment will be given.
While the maximum amount check can be $1,400, it will depend on how much payment you already received.
What to do when you have yet to file your 2021 tax?
According to the IRS, if you haven’t filed your 2021 tax return until now, you can still do that until April 15, 2025. However, after that, you will no longer qualify for this credit.
Effectively, that means this free money will be completely lost if you miss this deadline.
Why file taxes on time?
Some taxpayers do not realize this: Filing tax returns can also refund old returns. According to the IRS, every year massive amounts in bills are unpaid from the Treasury that has nothing to do with tax returns that someone fails to file.
If you are one of those who left their 2021 taxes unfiled, you should do this now.
Is that all?
No, apart from the economic impact payment, you could also be qualified for other refunds and tax credits by filing taxes – like the Earned Income Tax Credit (EITC) or the Child Tax Credit. These refunds can provide you with an extra financial boost.
Conclusion: Do not lose out on free cash
If you haven’t filed your 2021 tax return yet, the IRS will provide you one more chance. It is not just about getting as much as $1,400 in stimulus payments, but also includes old tax refunds and some other credits.
To file your claims: April 15, 2025 – so do not procrastinate. Prepare your documents, file your tax return, and claim what do you.
FAQs
Q1. Who is eligible for the $1,400 stimulus check from the IRS?
A: Individuals earning up to $75,000 annually, heads of households earning up to $112,500, and married couples earning up to $150,000 combined are eligible. Amounts reduce above these limits.
Q2. Are dependents eligible for the $1,400 payment?
A: Yes. Qualifying dependents of any age, including adult dependents, may trigger an additional $1,400 payment to the taxpayer claiming them.
Q3. Do I need to apply to receive the stimulus check?
A: No formal application is needed. However, you must have filed a recent tax return (2020 or 2021), or have your information updated with the IRS.