While Congress has yet to pass legislation to provide Americans with a new round of stimulus payments, some people may be eligible for a $1,400 payment in 2022.
The Internal Revenue Service (IRS) issued the third round of stimulus payments last year, with eligible Americans receiving $1,400. People who never received their third checks or received the wrong amount, on the other hand, can claim the payment on their 2021 tax return.
The opportunity to claim the 2021 Recovery Rebate Credit arrives just before the April 18 tax-filing deadline.
“All first, second, and third Economic Impact Payments have been issued by the IRS. The majority of eligible people have already received their stimulus payments and will not be able to claim a Recovery Rebate Credit “According to the IRS’s website. “People who did not receive the full amount of the stimulus payment or received less than the full amount may be eligible to claim a Recovery Rebate Credit on their 2020 or 2021 federal tax return.”
If bank records indicate that the third stimulus payment was not received, taxpayers should contact the IRS and try to use the agency’s “payment trace” feature.
“If a person hasn’t received a third-round payment or any other information from the IRS, they should double-check their eligibility. If they qualify, they can claim the recovery rebate credit on their 2021 tax return “According to the IRS.
“Lower income in 2021 may qualify you for the 2021 Recovery Rebate Credit,” the IRS stated on its website. “If you became a dependent in 2021, including through birth or adoption, you may be eligible to claim the 2021 Recovery Rebate Credit for the dependent on your 2021 tax return, which you file in 2022.”
The IRS mailed taxpayers Letter 6475 in January of this year, which was the official record of the total amount of economic payments received in 2021.
“This letter assists [Economic Impact Payment] recipients in determining whether they are eligible to claim the Recovery Rebate Credit on their 2021 tax year returns,” according to the IRS’s website. “The total amount of the third Economic Impact Payment and any plus-up payments received for tax year 2021 are provided in this letter. If a married couple files a joint return, each spouse will receive a letter detailing half of the total amount.”
The IRS Has Unclaimed Tax Returns Totaling $1.5 Billion. There Is Less Than a Week Left to Claim Yours
While some Americans may receive the $1,400 payment with their upcoming tax returns, there is still a push for lawmakers to authorise additional stimulus payments to all Americans. Over 3 million people have signed a Change.org petition calling for a $2,000 monthly stimulus payment, which has been circulated since 2020.