There’s still time to claim the Recovery Rebate Credit for 2021 taxes, but the deadline is fast approaching on Tuesday, April 15th.
Wealth host Brad Smith highlights how over 1 million eligible taxpayers missed out on the credit and how individuals can still file and claim the $1,400 per person refundable credit before time runs out.
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If you missed out on claiming the Recovery Rebate Credit on your 2021 taxes, guess what? There's still time to act, but the clock is ticking. April 15th, in addition to tax day, marks the three-year deadline to claim any returns or credits for the 2021 tax year. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more economic impact payments, also known as stimulus checks or more colloquially as stimmies. Payments vary depending on several factors, but the maximum payment for 2021 is $1,400 per individual. The Internal Revenue Service has stated that most eligible taxpayers have already received their payments or credits, but found that over 1 million eligible taxpayers did not claim the tax credit on their 2021 taxes. For those people, the IRS issued payments back in January. But individuals who have not yet filed their 2021 returns, tsk tsk, can still claim the credit. The IRS says even individuals with no earnings or minimal income may qualify. If that sounds like you, here's what to do. File your 2021 tax returns and claim the credit by April 15th, 2025. The money will be sent either by paper check or deposited via the banking information used on 2024 tax returns.