MILLIONS of Americans have just days left to claim a recovery stimulus check or the cash is gone forever.
The check dates back several years and is your last chance to claim from the three rounds of relief.
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The US Sun reports that at the height of the coronavirus pandemic in 2021, a Recovery Rebate Credit was issued to support working Americans.
Millions were struggling due to closures and restrictions.
So the IRS distributed the package in three rounds of stimulus checks.
While the deadline to claim the cash from the first two waves, the third and final deadline is approaching rapidly.
read more on stimulus checks
The agency revealed that about 1.1 million Americans still have not claimed the checks.
ARE YOU ELIGIBLE?
Those who did not submit their 2021 tax return are able to get the estimated $1,400.
This is because they were unable to collect the cash from the third round back in 2021.
To do that, they must submit their 2021 tax return (along with the 2024 tax return) by April 15, 2025.
The US Sun recently reported that 1.1 million American taxpayers still have unclaimed tax refunds from the 2021 financial year.
This means that the $1,400 will either be attributed to an outstanding balance taxpayers owe or be given as a refund if nothing is owed.
More than $1 billion in tax refunds needs to be given out.
HOW WILL THE CASH BE GIVEN OUT?
It is important to note that exact amounts given out will vary greatly.
It will mainly be decided by people’s adjusted gross income (AGI).
As an example, married couples that filed jointly with a total AGI not exceeding $150,000 in 2021 can get up to $2,800.
But those earning $160,000 or more are not eligible to claim on the final deadline.
Americans who are yet to file their 2021 tax return also need to be on the lookout for Earned Income Tax Credit (EITC).
This could bring in as much as $6,728.
What are the five stimulus check waves?
IF a third stimulus payment passes, like the first round of checks, the IRS will likely follow the same procedure and send out checks by priority groups.
Here are the five IRS groups and find out which one you are in:
Direct deposit recipientes: People who already have their direct deposit information on file with the IRS or who provide that info when and if registration opens again should be first in line to receive a stimulus check.
Social security beneficiaries: With the first stimulus payment, many Social Security beneficiaries who had direct deposit information on file with the federal government received checks in the first week, though not always the first day.
People who receive their paper checks by mail: The IRS began to mail checks about a week later to those without direct deposit data on file.
EIP card recipients: Economic impact payment debit cards are prepaid Visa cards the IRS sent to about four million people starting in mid-May.
If the agency follows the same payment priority order, this group could begin to see their payment weeks after the first direct deposit transfer take place.
People with more complex situations: This category includes people who received their first checks after June, are are still waiting to receive one, or those who didn’t know they need to complete an extra step.
The EITC is normally there to benefit moderate to low-income taxpayers with children.
The amount you will get also depends on your AGI and your filing status.
There’s also a set of criteria to meet, such as being a US citizen or resident alien for the entire 2021 tax year, and having an investment income below a certain threshold.
ETIC is also available co claim when you file your 2024 tax return by April 15, 2025.
All current and prior year tax forms with instructions can be found on the IRS website through its Forms & Instructions page.
