Amid the pandemic’s peak, countless Americans were blessed with stimulus checks. Rewinding to April 2020, those who made the cut received $1,200. This was followed by $600 in December 2020 and a substantial $1,400 in March 2021. In totality, a whopping $930 billion was generously rolled out by the government to alleviate financial strains. Yet, after thorough scrutiny of tax documents, the watchful eyes at the Treasury Inspector General for Tax Administration – the big guys overseeing the IRS – uncovered a startling fact: a hefty $4.7 billion remains untouched. Simply put, a whole lot of folks have some cash with their names on it, waiting to be claimed!
Why Are Some Funds Still Unclaimed?
Delving deeper, most of the uncollected amounts come from folks who missed out on the complete third payment, or perhaps, only got a slice of it. Interestingly, there’s another group: those who initially didn’t fit the bill for the check but due to circumstances like a dip in their 2021 earnings or welcoming a new baby into the family that year, now do. The silver lining? If you’re among those owed a stimulus, the clock hasn’t run out yet.
IRS Reaches Out to Beneficiaries
Being proactive, the IRS has been dispatching letters to the nearly 3 million people in this category, guiding them on setting things straight. And guess what? These reminders will keep popping up in mailboxes for a while.
What’s Up for Grabs?
The eligible candidates are looking at a cool $1,400. For the lovebirds out there, that’s a combined $2,800. And for each little one in the family? An extra $1,400. To get your hands on this, you’ll need to file your 2021 tax return and remember to claim the Recovery Rebate Credit. And the window to get this done stretches up to spring 2025 – the official tax deadline for 2024. Oh, and for those who realize a mistake in their previously filed returns, there’s always the Form 1040-X to come to the rescue.
Need More Info?: If you’re scratching your head, wondering if this applies to you or you’re just keen to dive into the nitty-gritty of the Recovery Rebate Credit, the IRS website is the place to go.
Remember, the clock’s ticking, and that money’s got your name on it! So why wait? https://www.irs.gov/newsroom/recovery-rebate-credit