Millions of Americans may still be eligible for unclaimed stimulus payments, also known as Economic Impact Payments (EIPs), provided by the Internal Revenue Service (IRS). If you missed out on claiming these funds, there’s still an opportunity to recover them. This guide will explain how to check your eligibility, file an amended return, and potentially claim up to $1,400 per individual.
What Are Unclaimed Stimulus Payments?
Stimulus payments were an essential part of the federal relief efforts during the COVID-19 pandemic, designed to help individuals and families facing financial hardship. These payments were distributed in three rounds between 2020 and 2021, with different amounts in each round:
- 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, you might still be able to claim unpaid amounts through the Recovery Rebate Credit when filing your tax return.
Who Is Eligible for Unclaimed Stimulus Payments?
To determine if you qualify for unclaimed stimulus funds, consider the following factors:
- If You Filed a 2021 Tax Return: If you filed a 2021 tax return but missed claiming the Recovery Rebate Credit, you could still qualify for unpaid amounts. Carefully review your tax return to ensure you didn’t overlook it.
- If You Didn’t File a Return (Non-Filers): Non-filers, especially those with little or no income, may also be eligible. The IRS encourages non-filers to file a 2021 tax return to claim any missed stimulus payments.
- Income Limits: Eligibility is based on income, with the maximum adjusted gross income (AGI) allowed depending on your filing status:
- Single: $75,000
- Head of Household: $112,500
- Married Jointly: $150,000
How to Claim Your IRS Unclaimed Stimulus Payments
Follow these steps to claim your stimulus payment:
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- Check Your Payment Status: Use the IRS’s “Get My Payment” tool to see if a payment was issued to you. This tool will show payment dates, methods, and status updates.
- Review Your 2021 Tax Return: On Form 1040 or 1040-SR, check Line 30, which indicates whether you claimed the Recovery Rebate Credit. If this line is missing or incorrectly filled out, you may need to amend your return.
- File an Amended Tax Return: If necessary, use Form 1040-X to file an amendment. Clearly indicate the unclaimed rebate credit to help speed up the process.
- Submit a 2021 Tax Return (For Non-Filers): If you haven’t filed a 2021 return yet, you must do so before the April 15, 2025 deadline to claim your payment.
- Contact the IRS for Assistance: If you have any issues or need further help, you can contact the IRS directly for assistance through their helpline or local offices.
Common Issues and How to Resolve Them
Here are some common problems and how to fix them:
- Incorrect Bank Account: If your payment was sent to an incorrect or closed account, it will be returned to the IRS. Correct your banking information by amending your return or filing a new one with the right details.
- Address Errors: If the payment was sent to an outdated address, you can update it using the IRS’s “Where’s My Refund” tool.
- Identity Verification Delays: In some cases, delays may occur if identity verification is needed. Be sure to respond promptly to any IRS requests for verification to avoid further delays.
Frequently Asked Questions
- Can I claim payments for my dependents? Yes, dependents who were eligible but not included in previous payments may still qualify. Verify their eligibility criteria to ensure you don’t miss any funds.
- Are stimulus payments taxable? No, stimulus payments and the Recovery Rebate Credit are not taxable.
- What if I owe back taxes? Stimulus payments will not be reduced to cover any back taxes you owe.
- How long will it take to receive the payment? After submitting an amended return or filing for the first time, expect to receive your payment within 8 to 12 weeks, depending on IRS processing times.
- What happens if I miss the deadline? If you miss the deadline to file by April 15, 2025, you may lose out on these unclaimed funds, so it’s important to act promptly.
This process provides a chance for eligible individuals to recover unclaimed funds, ensuring that financial relief reaches those who need it most. Act quickly to avoid missing out.