Stimulus Check 2023: You Can Still Collect Your Check

Stimulus check update
Stimulus check update

The CARES Act, which was approved in March 2020, gave qualified people Stimulus Checks to help with the financial pressures brought on by the COVID-19 epidemic. Foreign-based US citizens may also be eligible for these payments, but they may need to take additional steps to apply for them. 

Foreign-based US residents who did not get Stimulus Check funds must submit a tax return to the IRS in order to claim their portion.

The Streamlined Procedure, also known as Streamlining, is a program that requires you to file your three previous tax returns as well as FBARs. This program was developed by the IRS as a way for US residents living overseas to catch up on their back taxes and become compliant.

Stimulus Checks Are Still Available

The clock is running out on Stimulus Checks; once they expire, they are gone. For a maximum of three tax years, the IRS permits all US citizens to seek overdue tax refunds. Parents could discover they can claim prior child tax credit payments, similar to the stimulus payouts.

The precise sum will change based on your tax circumstances and the particular tax year. For instance, the age restriction was increased to 18 in 2022. It drops back to 17 in 2023, although the overall maximum refund has increased to $1,500 US. You will receive your refund with interest if they owe you money, even if it was your fault since you failed to pay your taxes. Since the IRS is likewise eager to charge you interest on unpaid taxes, it could just be fair.

Most expats who live overseas realize that they must continue to file US taxes, and many of them worry that they will have to pay a significant tax bill. Most expats have their tax burden lowered to zero because of the Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credits (FTC).