It’s only a matter of weeks before you can claim more stimulus money.
- Some Americans still owe stimulus payments from 2021.
- You will need to file your 2021 tax return to obtain the unpaid funds.
- The IRS has announced that it will begin accepting 2021 tax returns on January 24, 2022.
In 2021, the federal government provided thousands of dollars in stimulus funds to help American families deal with the economic consequences of the ongoing coronavirus pandemic. Millions of Americans have yet to receive the full amount of this stimulus money. This includes most parents, people who haven’t filed a recent tax return, or people who saw their income drop significantly in 2021 compared to previous years.
Anyone who hasn’t received their stimulus funds can claim the money by filing a tax return. And the IRS recently announced that the agency will begin processing 2021 tax returns beginning Monday, January 24, 2022. This means that if you are owed money, you can take action in the coming weeks to to get it.
How to Claim Your Unpaid Stimulus Money ASAP
Although you have until April 18, 2022 to submit your tax returns for the previous tax year, if you are owed stimulus funds, you may want to act quickly to submit your returns from last year. and get your hands on that cash as soon as you can.
The IRS has advised that the fastest way to file a tax return and get a refund is to file your return electronically and have your refund deposited directly into your bank account. You can file your tax return electronically for free by taking advantage of these IRS resources. Free e-file using guided tax preparation software is available for low-income Americans, but anyone with income at any level can get forms to fill out for free on the IRS website.
Once you submit your tax return, the IRS typically processes it within 21 days if it was filed electronically. If you submitted your forms by mail and/or requested a paper check, it may take approximately six weeks to get your refund.
If you are claiming either the earned income tax credit or the expanded child tax credit, the law requires the IRS to keep your returns longer. So even if you file online as soon as possible, you may not be able to get your refund until early March.
You will need to include information on the stimulus funds you have already received on your tax return. This includes direct payments of $1,400 allowed for adults and dependents by the American Rescue Plan Act. This also includes payments made between July and December for the expanded Child Tax Credit, which provided monthly payments of $300 per child under age 6 and $250 per child for children age 6 to 17.
The IRS will use the information you provide to determine the amount owed to you. The stimulus money owed to you can either offset taxes you owe or be sent to you as part of any tax refunds you are otherwise entitled to.
The sooner you submit your returns once the IRS begins accepting them on January 24, the sooner the IRS can receive your check, so don’t hesitate to act.
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