CNS News– Have not yet filed their 2020 tax returns? There are just over two more months left for people to do so and collect the money from the first two COVID stimulus checks. Monday, the Internal Revenue Service sent out a notice reminding taxpayers of the deadline. The IRS also said that most taxpayers who were eligible for the first two COVID stimulus checks sent out in 2020 have already gotten them.
“The Recovery Rebate Credit is a credit that can be refunded to people who did not receive one or more Economic Impact Payments, which are also called stimulus payments, in 2020 or 2021.” The IRS said on Monday that eligible people must first file a tax return to claim a Recovery Rebate Credit, even if they didn’t make much or any money from a job, business, or other source.
Taxpayers have until May 17, 2022, to file a claim for a refund for the tax year 2020. This is three years after the normal due date for 2020 tax returns. During the coronavirus pandemic, the IRS sent three payments to taxpayers who were qualified to help with the economy. The first payment, worth $1,200 for single filers and $2,400 for married filers, was made in March 2020.
Stimulus update: Eligible taxpayers have until May 17 to claim COVID check https://t.co/WSdSPssgGu https://t.co/WSdSPssgGu
— Washington Examiner (@dcexaminer) March 6, 2024
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The second payment, which will be made in December 2020, is worth $600 for single filers and $1,200 for married filers. Qualified people got a third stimulus check in March 2021. It was worth $1,400 for single filers and $2,800 for joint filers. People can only claim the Recovery Rebate Credit for tax year 2021, which includes the third stimulus payment, until April 15, 2025. This is three years after the due date for 2021 returns.