The Treasury Inspector General for Tax Administrator (TIGTA) recently revealed that over 3 million Americans have not yet claimed their stimulus checks. The money is still to be collected, leaving thousands of millions of dollars waiting to be utilized as they’re intended to be: to stimulate the economy.
The TIGTA recommended to the Internal Revenue Service (IRS) to send a letter to every one of those 3 million taxpayers that could be waiting for that important money. The letter, the entity said, should clearly state the eligibility requirements for claiming the Recovery Rebate Credit (RRC) in simple terms and direct the individuals to additional resources if needed to assist them in determining whether they are eligible.
Claiming Recovery Rebate Credit (RRC) Stimulus Checks from the IRS
The IRS didn’t clarify if they’re sending those letters to the qualifying taxpayers so, if you consider you qualify to claim the RRC stimulus checks, and you haven’t got a letter, there might be some actions you can take to retrieve the cash. The entity has implemented comprehensive measures since the CARES Act was enacted to inform taxpayers about their eligibility for the Recovery Rebate Credit (RRC) and to provide support for them in submitting tax returns to claim these credits.
Nevertheless, TIGTA’s examination of processed tax returns for the 2021 tax year has revealed that almost 3 million individuals have not sought to claim the $4.7 billion in RRCs for which they may qualify. Now, you’ve got to determine your eligibility, since not everyone is eligible to claim the RRC. The IRS has issued all first, second, and third Economic Impact Payments (stimulus payments). Most eligible people have already received their payments and won’t be able to claim more checks.
To claim the 2021 Recovery Rebate Credit when you file your 2021 tax return, it’s important to note that you must file a return, even if you don’t typically do so. The credit calculation is based on your tax information for the year 2021, and any third Economic Impact Payments you may have received will directly impact the amount of credit you qualify for. The 2021 RRC can either reduce the amount of taxes you owe for 2021 or be added to your tax refund.
Demanding the RRC Stimulus Checks You Haven’t Received
To successfully claim this credit, you will need to have the total sum of your third Economic Impact payment as well as any plus-up payments. It’s advisable to access this information from your individual’s online account or Letter 6475 when you file your tax return. Doing so can help minimize errors and prevent processing delays, while also ensuring the accuracy of your tax return with the IRS.
If you’re up to claim your slice of this unclaimed cake, head to the IRS’s official website and start your process.