Over 1 million U.S. taxpayers could be missing out on a $1,400 stimulus check after failing to file their 2021 tax returns. Ensure you act fast to claim your money!
Understanding the Stimulus Check Eligibility
More than 1 million taxpayers in the United States are still eligible to receive a $1,400 stimulus check from the IRS, but the clock is ticking. The window for these individuals to claim their funds closes on April 15, making it crucial to file your tax return promptly to secure this financial assistance.
The IRS Recovery Rebate Credit is available to eligible individuals, including those with minimal or no income, meaning that you can claim this credit as long as you file your Form 1040.
Why Filing Matters
Approximately 1.1 million taxpayers have not filed their 2021 tax returns and could qualify for refunds from the IRS, amounting to an estimated $1 billion in total unclaimed funds. To put that in perspective, the median refund for the unclaimed group is around $781. Imagine missing out on that amount simply because you did not take action!
"Under the law, taxpayers usually have three years to file and claim their tax refunds," a recent IRS notice stated. If returns are not filed within this timeframe, the unclaimed funds will revert back to the U.S. Treasury.
The Importance of Form 1040
Filing Form 1040 is essential for those who did not report income in 2021. Even if you think you aren't eligible for a refund due to a lack of income, filing this form allows you to claim potential funds through the IRS Recovery Rebate Credit. This is particularly significant for self-employed individuals or those with irregular income streams.
Here are a few key points to keep in mind when filing your Form 1040
- Ensure all personal information, including social security numbers for yourself and any dependents, is accurate.
- Double-check income figures, including any stimulus payments previously received, as these can impact your eligibility for additional funds.
- Don’t leave any lines blank. If you did not receive prior stimulus payments, this is vital information that needs to be filled in correctly.
What Happens if You Don’t File?
Failing to file your tax return by April 15 means losing out on the generous refund opportunities provided by the IRS. The agency indicated that many people who had filed did not include the recovery credit. To rectify this, they even began issuing checks to those who mistakenly left the stimulus portion blank or marked it as $0.
For those who haven't even filed a return yet, the clock is ticking. Missing this filing deadline might lead to unclaimed funds worth over a billion dollars, and no one wants that money to end up in the hands of the Treasury.
Steps to Take Before April 15
1. Check if you need to file: If you haven’t filed your 2021 return and believe you may qualify for a stimulus check, it’s time to prepare your documents.
2. Gather your documents: Collect any W-2 forms, 1099s, or other income statements to accurately report earnings for 2021.
3. File Form 1040: Carefully fill out your Form 1040 and don’t forget to include any IRS Recovery Rebate Credit you may qualify for.
4. Submit before the deadline: Make sure your return is submitted electronically or postmarked by April 15.
Final Thoughts
This is an incredible opportunity for eligible taxpayers, particularly those who have struggled with financial difficulties over the past few years. Don’t let the chance to claim your $1,400 stimulus check slip away. The IRS has made it clear, and all eligible individuals must act swiftly. Filing your returns could open doors to not just the stimulus payment but also additional refunds that many may not even realize they’re entitled to. Making an informed decision to file can make a significant difference in your financial situation.
If you’re amongst those who have not yet filed, remember: the deadline for making claims will be upon us quickly, and you have until April 15 to ensure that you don’t leave money on the table!
Stay proactive, claim what’s yours, and don’t hesitate to seek assistance if you need help navigating the filing process.