Even though Congress has yet to adopt legislation to provide Americans with a new round of stimulus checks, some people may be eligible for a $1,400 payment in 2022.
Last year, the Internal Revenue Service (IRS) issued the third batch of stimulus funds, with qualified Americans getting $1,400. People who never received their third checks or the incorrect amount can claim the money on their 2021 tax return.
The 2021 Recovery Rebate Credit is now available, just in time for the April 18 tax-filing deadline.
“All first, second, and third Economic Impact Payments have been issued by the IRS. The majority of eligible recipients have already received their stimulus funds and will not be eligible for a Recovery Rebate Credit, “According to the IRS’s website. “People who did not get a stimulus payment or received less than the entire amount may be eligible for a Recovery Rebate Credit on their federal tax return in 2020 or 2021.”
According to the IRS, taxpayers should first examine their bank account records to see if they received the third batch of stimulus payments last year.
If the third stimulus payment was not received, taxpayers should call the IRS and use the agency’s “payment trace” option.
“Individuals should examine their eligibility if they haven’t received a third-round payment or any other information from the IRS. They can claim the recovery rebate credit on their 2021 tax return if they are eligible, “According to the IRS.
Individuals may be eligible for the Recovery Rebate Credit through their tax return if they added a dependent in 2021, their income decreased, or they are no longer considered a dependent on someone else’s tax return because the third round of stimulus payments was based on a person’s 2020 income and tax information.
The IRS stated that “lower income in 2021 may make you eligible to claim the 2021 Recovery Rebate Credit.” “If you became a dependent in 2021, such as through birth or adoption, you may be eligible to claim the 2021 Recovery Rebate Credit on your 2021 tax return, which you file in 2022.”
The IRS delivered taxpayers Letter 6475 in January of this year, the official record of the entire amount of economic payments received in 2021.
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The IRS noted that “this letter helps [Economic Impact Payment] recipients determine if they’re qualified to claim the Recovery Rebate Credit on their 2021 tax year returns.” “The total amount of the third Economic Impact Payment and any plus-up payments received for the tax year 2021 are provided in this letter. If a married couple files a joint return, each spouse will receive a letter with half of the total amount.”
While some Americans may be eligible for the $1,400 payout through their upcoming tax returns, there is still a push for lawmakers to approve more stimulus payments for all Americans. Over 3 million people have signed a Change.org petition demanding a $2,000 monthly stimulus payment since 2020.
