Did you know there’s a possibility you might be sitting on a pile of unclaimed cash? Millions of Americans have unclaimed stimulus checks, often because they haven’t filed their tax returns. Perhaps the fear of owing back taxes is preventing action, which is understandable.
The IRS is sending these payments to eligible taxpayers who missed claiming their payment. The government issued economic impact payments during the pandemic to help Americans, and you might be due some of that money.
Table of Contents:
- Who Qualifies for Unclaimed Stimulus Checks?
- Steps to Take to Claim Unclaimed Stimulus Checks
- Other Tax Credits You Might Be Missing
- How Stimulus Checks Impacted the Economy
- Conclusion
Who Qualifies for Unclaimed Stimulus Checks?
The government issued three rounds of Economic Impact Payments during the pandemic. These stimulus checks were sent out in 2020 and 2021. Eligibility largely depended on income, with most people below a certain income limit qualifying.
These payments phased out for those earning more, and dependents also factored into payment amounts. Unfortunately, not everyone received what they were entitled to.
Why Payments Might Be Unclaimed
Several reasons could explain why someone hasn’t gotten their stimulus checks. Address changes are a significant factor.
Have you moved in the last few years? It’s actually far more common than many realize.
Banking issues could also cause problems. Not all impact payments went straight to bank accounts; some came as paper checks or debit cards, leading to them being lost or stolen.
How the Recovery Rebate Credit Works
The Recovery Rebate Credit is a way to claim those missing funds, but this only counts if you didn’t get your third payment. It’s a tax credit for those who were eligible but didn’t receive their payment. The payment amount maxes out at $1,400 per person.
It acts like a safety net.
| Aspect | Details |
|---|---|
| Purpose | To claim missed Economic Impact Payments (EIPs). |
| Eligibility | Individuals who missed one or more EIPs. |
| Tax Year | 2021 tax return for the third EIP. |
| Maximum Amount | Up to $1,400 per person. |
| Deadline | April 15, 2025. |
| How to Claim | File Form 1040. |
Steps to Take to Claim Unclaimed Stimulus Checks
You don’t have to sit back. The Internal Revenue Service will automatically try to send out unclaimed stimulus checks.
Many will receive funds by late January. Payments come by direct deposit, if that banking information is known; if not, then mailed checks go out.
It is super critical, though, you make sure the IRS has correct records.
Check Your IRS Online Account
You can log in to your IRS account online. It will show you the total amount of your economic impact payments. This will help you to see what, if anything is missing.
Look under the “Tax Records” page, which shows your payments from each of the rounds. It is clearly marked as “Economic Impact Payment.” Clear facts are super helpful here.
It is a fast way to determine exactly how much you have gotten. This account online is there, so you really should check it.
What if You Didn’t File Taxes?
Those who didn’t file tax returns in 2021 might still qualify for these checks. To claim, file a tax return by April 15, 2025. This is important, so act quickly.
If banking details aren’t on file, expect a paper check. If you typically do not file taxes, look into if you should file to get unclaimed money.
Request a Payment Trace, When Necessary
If the IRS says they sent the stimulus payment, but it never showed up, request a payment trace. Requesting a payment trace is how you track your payment.
You do this by calling the IRS at 800-919-9835. You can also do it by sending in Form 3911, Taxpayer Statement Regarding Refund.
Starting a payment trace gets answers to fix things. It can be a real life-saver to help figure out where your money went.
Other Tax Credits You Might Be Missing
Filing could get you more than just that stimulus payment. Even if you do not owe money, some are still missing payments.
The Earned Income Tax Credit (EITC) helps low-to-moderate income tax workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe, potentially getting up to $7,830.
That is some big money that many are missing out on.
Child Tax Credit (CTC)
The Child Tax Credit helps families with qualifying children with the cost of raising them. This tax credit can be worth up to $2,000 per child.
The CTC is a valuable credit. It could significantly change things.
IRS Fresh Start Program
The IRS Fresh Start Program exists if back taxes are an issue for you. This program offers solutions like an installment agreement or a payment plan to help you manage your federal tax debt.
It helps by reducing penalties and providing other assistance. This may let you claim missed credits.
You can pay back your balance over time, allowing you to become current with your taxes. A tax pro can help explain programs like this and determine the best approach for your circumstances.
How Stimulus Checks Impacted the Economy
Three rounds of EIPs totaling $814 billion went to households between March 2020 and March 2021. That is a tremendous number to digest.
These payments significantly impacted many Americans and the overall economy. By putting money directly into people’s hands, consumer spending got a boost, helping to stabilize various sectors.
This support played a critical role for individuals, and the economic impact was far reaching. Many people depended on these payments during an uncertain period.
Conclusion
There’s a possibility some cash is waiting for you with these unclaimed stimulus checks. Don’t let the chance slip by.
Filing a tax return opens up access to these funds. Taking a minute could bring real cash rewards, and the process is completely worth exploring.
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