April 15 is the deadline to file 2024 tax returns and the last day eligible taxpayers can file a tax return for 2021 and claim all refunds and credits due, especially the coveted $1,400 stimulus check pursuant to the COVID-19 pandemic.
This Recovery Rebate Credit was created for Americans who did not receive their full stimulus payment or did not receive an advance credit because they did not file taxes for the year. According to IRS estimates, more than 1.1 million Americans are still entitled to claim this money, which equates to unclaimed refunds of over $1 billion.
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Who is eligible for the $1,400 credit?
If you were a single filing individual and your adjusted gross income (AGI) for 2021 did not exceed $75,000 or $150,000 for married couples, you would qualify for the entire amount of $1,400. There was no requirement that any tax be due to be claimed. The refundable credit means you will receive the money if you qualify.
To obtain the check, a taxpayer must have filed a 2021 return. This includes W-2s or 1099s from that year. If you filed in 2021 and forgot to claim your credit, you can file an amended return to do so.
Why This Is Important
The stimulus checks kept a large number of people afloat during the pandemic whereas, for processing the payments, the government required a filing for taxes. Many people stood in the very grey area now, that is low-income individuals, part-time workers, students, and old citizens.
“Most important about this Recovery Rebate Credit is that it is refundable – meaning you can get the credit even if you do not owe taxes,” Kevin Thompson, CEO of 9i Capital Group was quoted in Newsweek. “Most credits merely reduce your taxable income, whereas refundable ones put cash directly in your hands.”
Surprisingly, a Good Number Have Not Claimed It
Now, while the stimulus checks were widely spread during the pandemic’s height, experts say it is not surprising that a number have not yet received theirs now.
“While it is unimaginable to millions who got checks, there is still a group of taxpayers who qualified but never got their payments,” said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin.
Many assumed they were ineligible or never bothered to file taxes, Beene said, or notices were sent to abandoned addresses while others merely overlooked or misunderstood the eligibility requirements.
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Things to Do Before April 15
If you believe you might be entitled to the money, do the straightforward option: file a 2021 tax return now. Obtain free filing assistance from different IRS and community programs. The IRS will issue a check via mail or electronically deposit the refund to the bank account you provided on your 2021 tax return.
Remember, after April 15, there are no appeals, no extensions, and no second chances.
Don’t Leave Money on the Table
The last deadline for this stimulus credit is not only a technicality — it is the last opportunity ever to collect funds legally due to you. Whether it is the complete $1,400 or a fraction of it, the IRS has clearly stated: after April 15, any unclaimed amount will return to the federal government.
Now is the time to act if you or someone you know didn’t receive their stimulus check in 2021.
