Over a year ago, the American Rescue Plan Act was enacted into law to give stimulus funds to people and families dealing with the lingering effects of the coronavirus.
However, not everyone has received the funds made possible under COVID-19 relief law.
The IRS is asking anyone who haven’t had all of their money transferred into their bank accounts to take action right now.
It’s critical to follow the Internal Revenue Service’s guidelines in order to get money that you’re due, since you might be entitled to thousands of dollars.
The Internal Revenue Service (IRS) wants to make sure that taxpayers get their stimulus funds.
On April 19, 2022, the IRS published a press statement addressing the problem of unpaid stimulus monies. The IRS wants to make sure that people took advantage of the enhanced Child Tax Credit.
The American Rescue Plan Act permitted numerous types of stimulus help, including the enhanced Child Tax Credit.
The current Child Tax Credit was doubled from $2,000 to $3,600 for children under the age of six, and from $3,000 to $4,000 for older children.
Under the former standards, only $1,400 of the credit was refundable, but the American Rescue Plan Act made the whole credit refundable.
It further stipulated that half of the credit would be given out between July and December. These provisions only applicable to the tax year 2021.
However, not everyone received their money. Even parents who got those monthly payments last year are still eligible for half of the enhanced credit’s justifyover monies.
The IRS issued a press statement reminding parents to claim their monies and assuring taxpayers that it is not too late.
Even though the tax deadline has gone, you may still collect your refund.
To claim overdue stimulus funds, you’ll need to file a tax return in 2021. Although the deadline has gone, the IRS has said in a recent press release that it is not too late to file your taxes and collect your money.
“Families who do not owe the IRS taxes may submit their 2021 tax return and claim the Child Tax Credit for the 2021 tax year at any time until April 15, 2025, without incurring any penalties,” according to the IRS announcement.
You don’t want to wait years to get your hands on these cash, even if you have plenty of time. So, if you haven’t yet submitted your 2021 tax returns, do so as soon as possible.
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There are free online filing options available on the IRS website that you may use to file your tax forms, so check them out and choose one that works for you.
