In a statement released this week, the IRS stated May 17 is the deadline for filing a tax return for 2020, a requirement for claiming the stimulus payment.
Source: Yahoo Finance
The Internal Revenue Service has a message for tax filers who have not claimed their COVID-era stimulus payments.
In a statement released this week, the IRS stated May 17 is the deadline for filing a tax return for 2020, a requirement for claiming the stimulus payment. In 2020 and 2021, most people eligible for stimulus funds, officially known as Economic Impact Payments, received them. Even if they had minimal or nonexistent income, those who did not or did not receive the full amount may be eligible for the Recovery Rebate Credit, but must first file a tax return.
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In general, refunds are due three years after the filing due date. The deadline to file for 2020’s credits is May 17, three years after the original due date of May 17, 2021. For 2021’s credits, you have until April 15, 2025.
For married couples filing jointly, the credits are worth up to $2,400, and for individuals, the credits are worth up to $1,200.
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You must be a U.S. citizen or resident alien in the relevant year, not be a dependent of another taxpayer, and have been issued a Social Security number before the deadline for filing your tax return. The credits can also be claimed by filers for those who passed away in 2020 or later.
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