The IRS has extended the Recovery Rebate Credit for taxpayers for three years, urging them to file their 2020 tax return by May 17, 2024.
(Credit: CNBC)
COVID Stimulus Payment: Taxpayers are reminded by the Internal Revenue Service (IRS) that there is not much time left to claim the Recovery Rebate Credit for the 2020 tax year.
This credit was created for people who, during the pandemic years of 2020 and 2021, did not get their Economic Impact Payments, also known as stimulus checks.
Taxpayers must file a 2020 tax return by May 17, 2024, to be eligible for the 2020 Recovery Rebate Credit. Three years have passed since the initial submission deadline of May 17, 2021, on this date.
The IRS notes that claims for the credit can be made on behalf of deceased individuals as well, even if they passed away in 2020 or later.
To locate your first or second stimulus payment, you must start a payment trace if you got notification 1444, 1444-B, or 1444-C in the mail and have not yet received the payment mentioned in the notification.
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According to Marca, the deadline for claiming the 2021 stimulus check through the 2021 tax return is April 15, 2025. This date corresponds with the three-year rule following the April 15, 2022, deadline for tax filing.
The IRS is advising taxpayers who have not yet submitted their 2020 tax returns to go over their documentation carefully. Many people may be ignorant of their rights to refunds, which will be impossible to obtain after the approaching deadline.
People can claim these stimulus payments as part of their tax refunds by filing tax returns for 2020 and 2021 and applying for the Recovery Rebate Credit.
The IRS has updated its Get My Payment tool on its website to include information about the third stimulus payment.
Understanding Taxable Tax Rebates: IRS Guidance on State Stimulus Payments
You will be able to view the planned date of receipt of your stimulus payment, as well as the date of deposit or mailing, once your information has been updated in the tool.
Additionally, the tool will show you if your payment was mailed to you or deposited directly into your bank account.
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