The IRS has a friendly reminder to taxpayers who didn’t file taxes in 2020 and 2021. Guess what? You can still claim money from the IRS, and that’s called the Recovery Rebate Credit (RRC) aka Stimulus aka free money. The IRS usually wants us to pay taxes, therefore it’s not every day that they’re shelling out money. Of course, get it while you can, because this is one of the things that are good and true. Time’s running out. If you didn’t get the RRC yet, file your tax return and claim the money you’re owed before it’s too late.
Most people who were eligible for the Coronavirus-related Economic Impact Payments have already received them or claimed them through the Recovery Rebate Credit. The deadlines to file a return and claim the credits for 2020 and 2021 are May 17, 2024, and April 15, 2025, respectively.
The Recovery Rebate Credit is money that people can get if they missed out on one or more Economic Impact Payments (stimulus payments) in 2020 and 2021. The IRS thinks there are still individuals and families who could be eligible for these payments. To claim, even if you didn’t earn much income, you need to file a tax return.
Here’s who can claim the credit, aka who’s invited to this money fiesta:
- For the 2020 credit: You must have been a U.S. citizen or resident alien in 2020, not a dependent of someone else, and have a Social Security number valid for employment in the U.S.
- For the 2021 credit: You must have been a U.S. citizen or resident alien in 2021, not a dependent of someone else, and have a Social Security number by the due date of the tax return. If you have dependents, they need a Social Security number too, or you can use an Adoption Taxpayer Identification Number.
Guess what? If someone couldn’t make it to the party because they left us in 2020 or 2021, you can still claim the credit in their honor! 🎉You can claim the 2020 credit for someone who died in 2020, and both the 2020 and 2021 credits for someone who died in 2021 or later.
Don’t be fashionably late to this tax soirée – file by:
- May 17, 2024, for the 2020 credit
- April 15, 2025, for the 2021 credit
The IRS encourages people who don’t usually have to file taxes to explore possible benefits. There’s no penalty for filing a late tax return claiming a refund. The fastest way to get a refund is through direct deposit, and you’ll get that cha-ching in record time!
You can check your IRS Online Account to see if you got any Economic Impact Payments and their total amounts. Oh, and by the way, claiming the Recovery Rebate Credit won’t cramp your style when it comes to federal benefits or your immigration status – it’s just free money, no strings attached!
So, what are you waiting for? Grab your sparkly hat, cue the confetti, and let’s make your tax return the hottest ticket in town! 💸🎊
#freemoneyusa #whohoo