CHECKS worth $1,400 could vanish in days for select Americans unless they take action.
The money comes as part of stimulus checks that about 1.1 million taxpayers still haven’t claimed.
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In 2021, a Recovery Rebate Credit was issued as part of a relief program after the height of the coronavirus pandemic.
It was distributed via the Internal Revenue Service (IRS) to support working Americans who were financially impacted due to restrictions, closures, social distancing, and other factors.
Three rounds of Economic Impact Payments, or stimulus checks, were issued as part of the Recovery Rebate Credit.
The deadline to claim the money from the first two rounds has since passed, and the third is coming up fast.
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Only those who did not submit their 2021 tax return and were, as a result, unable to collect the cash from the third round can get the additional estimated $1,400.
To do that, they must submit their 2021 tax return (along with the 2024 tax return) by April 15, 2025.
The $1,400 is also a refundable credit.
That means it will either be attributed to an outstanding balance taxpayers owe or be given as a refund if nothing is owed.
RESULTS WILL VARY
It’s also important to remember that exact amounts for the credit will vary depending on adjusted gross income (AGI).
For example, married couples that filed jointly with a total AGI not exceeding $150,000 in 2021 can get up to $2,800 instead.
Those earning $160,000 or more, however, won’t see it.
Dependents will also get the $1,400 regardless of their age.
The IRS also estimates that about $1 billion in refunds and credits remain unclaimed from 2021, making it all the more vital that Americans meet the April 15 deadline for the tax return.
Americans filing their 2021 returns this spring should also watch out for the Earned Income Tax Credit (EITC), which could bring in as much as $6,728.
2025 Tax Season
Tax season started on January 27 and folks must have theirs completed filed on April 15.
Those who fail to file by that time may face penalties.
However, taxpayers who need more time may file for an extension – this gives them until October 15.
The way to do this is by filling out Form 4868, the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.
This can be done by mail, online with an IRS e-filing partner, or through a tax professional.
While there’s no set schedule, the IRS revealed that taxpayers may receive refunds within 21 days of filing.
Just be sure to avoid making mistakes on any forms as that could tack on extra time.
Those filing through mail will likely get their returns within a month or could even face delays as the IRS processes millions.
As of January 31, the average refund amount totaled $1,928, per the IRS.
This is compared to the $1,395 for the same period in 2024.
The average direct deposit refund for 2025 was even higher, the IRS said, at $2,069.
To check the status of your refund, The IRS has an online tool called Where’s My Refund?
This works within 24 hours of e-filing and generally within four weeks of filing a paper return.
CREDIT INCOMING
The EITC benefits moderate to low-income taxpayers with children.
Again, the amount depends on AGI and filing status — single, married filing jointly, married filing separately, head of household, or qualifying surviving spouse.
Several other criteria must also be met to secure EITC.
They include being a US citizen or resident alien for the entire 2021 tax year, having a valid Social Security number, and having an investment income below a certain threshold, among others.
Of course, EITC is also available on the 2024 return when filed by April 15.
Some Americans could get as much as $7,830 from the EITC.
All current and prior year tax forms, along with instructions, can be found on the IRS website through its Forms & Instructions page.
Current refund amounts for millions of Americans who have already gotten them this year are about 32% lower than in 2024.
There are also three ways to get a filing extension for those who can’t meet the April 15 deadline.
