The IRS is reminding taxpayers about stimulus checks that they may still qualify for Recovery Rebate Credits (RRC) if they missed or received insufficient Economic Impact Payments (EIPs) during the pandemic. This could be a valuable opportunity for those who didn’t receive their full payments for the 2020 or 2021 tax years.
Who is Eligible for the Recovery Rebate Credit?
The Recovery Rebate Credit offers a chance for eligible individuals to receive the missing portion of their Economic Impact Payments. If your financial situation changed after the initial payments, you may now qualify for additional funds.
Eligibility is determined based on various factors, including income fluctuations, dependents, or filing status. Even if you weren’t eligible initially, a change in circumstances may make you eligible now. The IRS stresses the importance of timely filing, as you only have three years from the tax return’s due date to request refunds. Missed claims can lead to forfeiting these funds.
Taxpayers are encouraged to consult with tax professionals to ensure they don’t miss out on any potential benefits. With just a few steps, you could secure the funds you’re owed from the pandemic assistance programs.
