The deadline for Americans to score a $1,400 stimulus check is fast approaching, and if they wait, they will lose the funds forever.
April 15 is Tax Day for 2024 returns, but it’s also the three-year deadline to claim any tax refunds or credits for tax year 2021. That includes the $1,400 Recovery Rebate Credit for that year.
Why It Matters
The federal government sent out several rounds of stimulus payments to Americans during the COVID-19 pandemic, but you had to file taxes to qualify for and receive the money.
Those who did not file 2021 taxes may have missed out on the Recovery Rebate Credit, which will go back to the Treasury if not claimed by April 15.
An etched sign marks an entrance to the U.S. Internal Revenue Service headquarters building on September 15, 2024, in Washington. An etched sign marks an entrance to the U.S. Internal Revenue Service headquarters building on September 15, 2024, in Washington. J. David Ake/Getty Images
What To Know
If you think you qualify for the stimulus check but never received it, you must file your 2021 taxes before April 15. To file, you generally need your W-2 and all other employment and income forms for that tax year.
If you filed in 2021 but did not claim the Recovery Rebate Credit, you also could qualify to earn the check.
More than a million Americans are estimated to still be eligible for 2021 tax refunds or credits, according to the IRS.
If you claim the stimulus check by April 15, the money will be sent either by paper check or deposited using the banking information taxpayers used on their 2024 tax returns.
Your specific amount owed by the IRS depends on your adjusted gross income. The full $1,400 is available as long as a person’s adjusted gross income was no more than $75,000 in 2021.
For married couples, that amount goes up to $150,000 for the tax year 2021.
The IRS said more than 1.1 million Americans have refunds worth more than $1 billion collectively.
What People Are Saying
Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek: “The most important thing about the Recovery Rebate Credit is that it’s refundable—meaning you can get the credit even if you don’t owe taxes. Most credits and rebates only reduce your taxable income to zero, but refundable credits go beyond what you owe, and the extra amount comes back to you as a refund.”
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “While it’s inconceivable to millions of Americans who received stimulus checks during the pandemic, there are still a small group of taxpayers who qualified for payments who never received them.”
What Happens Next
All taxpayers should submit their 2021 returns by April 15 in order to secure the money before it is sent back to the Treasury.
Other tax refunds and credits may also be available for those who initially did not file taxes for 2021.
