The IRS has a message to individuals who assume they could have missed out on a stimulus test or a tax refund for the 2021 tax 12 months: Right now’s the final day to say the cash.
The tax company in December despatched $2.4 billion in “particular funds” to about 1 million taxpayers. In doing so, a part of their objective was to be sure that individuals who missed out on federal stimulus funds issued through the pandemic would lastly get their cash.
However there should individuals who have fallen by means of the cracks, lacking out on the stimulus funds or their tax refunds for 2021, the IRS mentioned earlier this month. That might have occurred in circumstances the place somebody did not file a tax return for that 12 months, which suggests they would want to file a 2021 tax return earlier than midnight tonight, in keeping with the company’s pointers.
The IRS estimates that about 1.1 million individuals did not file their 2021 tax returns, and could also be eligible for the stimulus test, tax refund or each.
The Restoration Rebate Credit score is aimed toward taxpayers who did not get all or a few of the stimulus checks after they had been issued through the pandemic. Lawmakers licensed three stimulus funds, with two despatched in 2020 and a 3rd in 2021.
The utmost quantity is $1,400 per particular person, together with all qualifying dependents claimed on a tax return. Which means a single particular person with no dependents may qualify for a most of $1,400, and joint filers with two dependent kids may qualify for as a lot as $5,600, in keeping with the IRS.
The IRS says that most individuals who had been eligible for the stimulus funds have already acquired them — both in 2020, 2021 or in December 2024 when the company began sending checks to individuals who hadn’t claimed the Restoration Rebate Credit score on their 2021 returns.
However people who did not file a 2021 tax return may nonetheless be eligible for the cash, the IRS mentioned.
The tax company says the quickest method for individuals who did not file their 2021 taxes however imagine they could qualify for the fee is to e-file their tax returns. The deadline to file your 2021 tax return is midnight on April 15.
Some individuals who did not file their taxes in 2021 may additionally qualify for refunds, with the IRS estimating that about $1 billion in refunds stays unclaimed by people who didn’t file their 2021 tax types by April 15, 2022.
“There isn’t a penalty for failure to file if a refund is due. Nevertheless, a return claiming a refund have to be filed inside three years of its due date for a refund to be allowed,” the IRS famous, which means that the final day to say the cash is April 15, 2025.