Many Americans may still qualify for unclaimed stimulus payments, also known as Economic Impact Payments (EIPs), which were provided by the Internal Revenue Service (IRS) during the pandemic. If you missed claiming these payments, there’s still an opportunity to recover the funds you’re entitled to. This guide will help you check if you’re eligible, outline the steps to claim your payments, and address common questions related to this process. Whether you’re an individual taxpayer or a professional assisting clients, you’ll find all the information needed to ensure you don’t miss out on these funds.
Stimulus payments were introduced to help Americans cope with the economic challenges posed by the COVID-19 pandemic. Though they’ve already been issued in multiple rounds, billions of dollars remain unclaimed. If you didn’t receive your full stimulus payment, there’s still time to access these funds by claiming the Recovery Rebate Credit on your tax return.
What Are IRS Unclaimed Stimulus Payments?
Stimulus payments, also called Economic Relief Payments, were provided in three rounds between 2020 and 2021. These payments aimed to support individuals and families facing financial hardships during the pandemic. Each round had different eligibility criteria and payment amounts:
- First Round (2020): Up to $1,200 per adult and $500 per dependent.
- Second Round (2021): Up to $600 per individual.
- Third Round (2021): Up to $1,400 per individual and eligible dependents.
If you didn’t receive the full amount in any of these rounds, the IRS provided an opportunity to claim unpaid amounts through the Recovery Rebate Credit when filing your taxes. Good news—there’s still time to claim this credit if you missed it in 2021.
Who Is Eligible for IRS Unclaimed Stimulus Payments?
Eligibility for unclaimed payments depends on several factors. Here’s how to determine if you’re eligible:
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- You Filed a 2021 Tax Return If you filed your 2021 tax return but didn’t claim the Recovery Rebate Credit, you could still be eligible. The IRS automatically reviews tax returns, but any errors or omissions could result in missed payments. It’s important to review your tax return carefully to ensure you haven’t missed out.
- You Haven’t Filed a Tax Return (Non-Filers) Non-filers—those with low or no taxable income—are another group that may still qualify. The IRS has worked to contact these individuals, but many remain unaware of their right to claim the payment. The IRS urges non-filers to file a 2021 tax return to receive their due payments.
- Income Limits Eligibility is based on income, with the following maximum adjusted gross income (AGI) limits for each filing status:
- Single: $75,000
- Head of Household: $112,500
- Married Filing Jointly: $150,000
How to Claim Your Unclaimed Stimulus Payments: A Step-by-Step Guide
If you think you might be eligible for unclaimed payments, here’s what you need to do:
- Check Your Payment Status Use the IRS’s Get My Payment tool to check if any payments were issued in your name. This tool will show you when payments were made, how they were delivered, and if there were any issues.
- Review Your 2021 Tax Return Look for Line 30 on your 2021 Form 1040 or 1040-SR. This line indicates whether you claimed the Recovery Rebate Credit. If this line was left blank or filled out incorrectly, you may need to amend your return.
- File an Amended Return (If Needed) If you need to correct your 2021 tax return, use Form 1040-X to file an amendment. Be specific about claiming the unclaimed Recovery Rebate Credit to speed up the process.
- File a Tax Return (For Non-Filers) Non-filers who have not yet filed a 2021 return have until April 15, 2025, to submit it. Filing a return ensures you can claim any unreceived payments.
- Contact the IRS If you encounter any issues or need further assistance, reach out to the IRS. They offer guidance through their hotline and local offices.
Common Issues and How to Resolve Them
- Payment Sent to the Wrong Account If your payment was deposited into the wrong or closed account, it will be returned to the IRS. Make sure your banking details are up to date on any amended return or new filing to ensure accurate delivery.
- Address Errors Leading to Non-Receipt If you’ve moved and didn’t update your address, your payment might have been sent to the wrong location. You can update your address through the IRS’s Where’s My Refund tool to avoid delays.
- Identity Verification Delays Sometimes, identity verification may delay processing. If the IRS asks for verification, respond quickly to avoid further holdups.
FAQs About Unclaimed Stimulus Payments
- Can I claim a payment for my dependents? Yes, if your dependents were eligible but didn’t receive payments, you can still claim them. Be sure to check the eligibility requirements for dependents.
- Are these payments taxable? No, stimulus payments and the Recovery Rebate Credit are not subject to taxation.
- What happens if I owe back taxes? Stimulus payments will not be reduced or withheld to cover any unpaid taxes or debts.
- How long will it take to receive the payment? Once your amended return or new filing is processed, you can expect your payment in about 8-12 weeks, depending on the IRS’s processing speed.
- What if I miss the deadline? If you fail to file by the deadline (April 15, 2025), you may forfeit any unclaimed payments. To avoid this, file your return as soon as possible.
Final Thoughts
There is still time to claim unclaimed stimulus payments. If you were eligible but missed out on the initial distributions, don’t wait until the last minute. Take action now to receive the relief you’re entitled to and ensure your financial security during these challenging times.