After the release of the first three stimulus checks during the COVID-19 pandemic, millions of Americans took advantage of this additional federal government benefit. However, many Americans still have not claimed this payment. Even though the first, second, and third stimulus checks have already been distributed, you can still request the $930 third payment if you haven’t done so. Learn more about the claim process to get your stimulus check before it’s too late.
In recent months, the Internal Revenue Service (IRS) has been urging nearly a million Americans to claim their $930 stimulus check before the final deadline. The IRS advises anyone who hasn’t filed a 2020 tax return to do so immediately to receive their share of the $1 billion in tax refunds owed through the Earned Income Tax Credit and the Recovery Rebate Credit related to the coronavirus outbreak.
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How can citizens claim their third stimulus payment in 2024?
The third stimulus payment, also known as the 2020 Earned Income Tax Credit, is available for individuals with low to moderate incomes. Additionally, for those with qualifying dependents, the stimulus payment can be as high as $6,660. If you did not receive an Economic Impact Payment in 2020 or 2021, you could claim the Recovery Rebate Credit.
These amounts, often referred to as stimulus checks, were distributed to anyone who filed tax returns during those years. According to the government agency, the average outstanding amount across the 50 states is $932.
Furthermore, be aware that the usual filing date, which was April 15 for the fiscal year 2023, has been extended until the claims deadline. Unclaimed money before May 17 becomes the property of the U.S. Treasury and cannot be claimed afterward.
In a statement issued on May 6, the IRS explained that the refund statute generally prohibits issuing refund checks and applying any credits, including overpayments of estimated taxes or withheld amounts, to other underpaid tax years after the three-year period.
Questions about your third stimulus payment
If you have questions about your third stimulus payment, consult with the IRS, as many people may have overlooked or simply forgotten this federal economic stimulus. As IRS Commissioner Daniel Werfel noted, during the pandemic, people faced incredibly unusual circumstances, which might have caused some to miss out on potential refunds in their 2020 tax returns.
For hundreds of thousands of taxpayers who haven’t filed their 2020 tax returns, there is still money available. Although time is running out for those who may have overlooked or forgotten these refunds, we still want taxpayers to claim them.
Process of claiming the third stimulus payment in 2024
All citizens who have not claimed their third stimulus payment will need to gather the necessary documents to be approved for receiving their checks. The IRS has highlighted that the following documents are required:
- Request printed copies of important documents. Taxpayers can ask their bank, employer, or other payers for copies of Forms W-2, 1098, 1099, or 5498 if they are missing any for the applicable year.
- Use an online tool to request a transcript. Using the Get Transcript Online tool on IRS.gov, taxpayers who have lost contact with their employer or other payers can request a free wage and income transcript.
- Complete the form to request a transcript. To obtain a wage and income transcript, submit Form 4506-T, Request for Transcript of Tax Return, to the IRS.
Ensuring you have all the necessary documents is crucial for successfully claiming your third stimulus payment. If you are unsure about your eligibility or the steps required, it’s best to consult with a tax professional or contact the IRS directly. They can provide guidance and assistance to ensure you receive any payments you may be entitled to.
The IRS has emphasized the importance of acting promptly, as the window for claiming these funds is closing soon. Many Americans are still unaware of their eligibility for these payments, and the IRS is making efforts to reach out and inform them. However, individual action is essential to secure these funds.
If you believe you are eligible but have not yet received your third stimulus payment, start by gathering your tax documents and verifying your filing status. Check whether you filed your 2020 tax return and if any information was missing or incorrect. Correcting these issues can help expedite your claim.
Keep an eye on official IRS communications
Additionally, keep an eye on official IRS communications, as they often release updates and reminders about deadlines and requirements for claiming stimulus payments. Staying informed can make a significant difference in ensuring you don’t miss out on these financial benefits.
For those who have already claimed their third stimulus payment, ensure that your information is up to date with the IRS. Any changes in address, bank account details, or other personal information should be promptly reported to avoid delays or complications in receiving future payments or refunds.
In summary, claiming your third stimulus payment requires timely action and thorough preparation. By understanding the necessary steps and gathering the required documents, you can ensure that you receive the financial support available to you. Don’t wait until it’s too late; take advantage of the opportunity to claim your stimulus payment before the final deadline.