In a recent announcement from the U.S. Internal Revenue Service (IRS), citizens have until May 17 to apply for a $1200.00 USD economic stimulus check.
This measure seeks to support those who have not yet claimed their money corresponding to Economic Impact Payments (EIPs) issued in 2020, during the height of the pandemic.
The IRS has marked a three-year period for this claim, urging individuals to act before the time allotted for the 2020 Recovery Credit runs out, which requires filing a tax return.
IRS Claim Deadlines and Procedures
It is still possible for individuals to obtain the stimulus check by filing their tax returns.
Individuals who have delayed this process have three years from the original deadline to submit their claims to access any outstanding funds.
Specifically, those who have not filed their 2020 tax returns can do so until May 17, 2024, thus securing their entitlement to these economic benefits.
Rationale for Stimulus Checks
The stimulus checks are based on the CARES Act, under which direct payments of up to $1200.00 USD for adults and $500.00 USD for minors were authorized as part of the Economic Impact Payments (EIP). Subsequently, additional rounds of financial assistance were approved, including payments of $600.00 USD in December 2020 and up to $1400.00 USD per person beginning in March 2021, thanks to the American Rescue Plan.
Those who have not yet claimed their third round payment have until April 18, 2025 to file their 2021 tax return. Finally, the IRS will be responsible for updating the outstanding payments once the tax returns are processed, which will benefit those who did not receive the full amount they were originally entitled to.
