IRS Urges Action on Stimulus Payments Ahead of Deadline
As taxpayers approach the April 15, 2025 deadline, the Internal Revenue Service (IRS) is reminding an estimated one million individuals to file their 2021 tax returns. This action is necessary to claim a tax credit that could translate into a $1,400 stimulus payment. The Recovery Rebate Credit targets those who did not receive full Economic Impact Payments (EIPs) during the COVID-19 pandemic.
Who is Affected?
Initially, three EIPs were distributed to provide financial relief during challenging times. While millions of Americans benefited, it has been determined that about 1.1 million taxpayers may still be eligible for these payments.
Required Actions for Eligibility
The IRS indicates that taxpayers who have not yet filed their 2021 returns still have time to do so. The Economy’s state necessitates that they submit their returns by the mid-April deadline to be considered for the funds. Even if a taxpayer’s income was minimal or they had no income, filing is essential to qualify for the Recovery Rebate Credit.
Details on the Payments
According to IRS estimates, the total amount still available for eligible taxpayers amounts to over $1 billion. Payments commenced automatically in December 2024, with most issued by the end of January 2025. Taxpayers who previously filed their returns correctly will receive their stimulus payments without additional action.
Miss the Deadline, Miss the Funds?
Time is crucial. Once the deadline passes, the IRS has indicated that no extensions or automatic payments will be offered for those who fail to file. Additionally, late filers might experience delays that can compromise their eligibility for these essential funds. IRS Commissioner Danny Werfel stated, ‘These payments are an example of our commitment to go the extra mile for taxpayers.’
Conclusion
Americans in need of financial relief are encouraged to act quickly to avoid missing out on vital support. By filing their tax returns now, they can ensure that they receive the help they are entitled to and secure their financial future.
