Last Chance to Claim the IRS Recovery Rebate Credit

In a recent statement, the Internal Revenue Service (IRS) issues an urgent call to eligible individuals who haven't filed their tax returns for 2020 and 2021, urging them to claim the Recovery Rebate Credit before the set deadlines.

Most people eligible for Economic Impact Payments, also known as stimulus payments, have already received or claimed their credits through the Recovery Rebate Credit. However, the IRS estimates that there are still eligible individuals and families who haven't filed a tax return to claim these payments.

The deadlines for filing a return and claiming the credits are May 17, 2024, for 2020, and April 15, 2025, for 2021.

The Recovery Rebate Credit is a refundable credit designed for those who did not receive one or more Economic Impact Payments in 2020 and 2021. It is crucial that those who meet the requirements, including those with low or no income, file a tax return to claim their money.

Who is eligible? To claim the 2020 Recovery Rebate Credit, one must have been a U.S. citizen or resident alien in 2020, not a dependent of another taxpayer, and have a valid Social Security number for work in the United States.

Similar requirements must be met for the 2021 Recovery Rebate Credit.

It's important to note that the 2020 Recovery Rebate Credit can be claimed for someone who passed away in 2020, while both the 2020 and 2021 credits can be claimed for someone who passed away in 2021 or later.

Filing Deadlines: To claim the 2020 Recovery Rebate Credit, file a tax return before May 17, 2024. To claim the 2021 Recovery Rebate Credit, file a tax return before April 15, 2025.

Get Free Help: Qualified taxpayers can get free tax preparation assistance through programs like Volunteer Income Tax Assistance and the Tax Counseling for the Elderly Program. Use the VITA locator tool or call 800-906-9887 to find the nearest site.

The IRS emphasizes that there is no penalty for claiming a refund on a tax return filed after the deadline. The quickest and easiest way to get a refund is by selecting direct deposit.

Additionally, individuals can check if they have received any Economic Impact Payments and their total amounts through their online IRS account.

It's important to note that the Recovery Rebate Credit is not counted as income when determining eligibility for federal benefits, and claiming the credit does not affect a person's immigration status or their ability to obtain immigration benefits. The IRS urges those who are not normally required to file a tax return to explore potential benefits available to them under tax law.

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