The Internal Revenue Service (IRS) has put in place an important warning for those who may be eligible for the Recovery Rebate Credit, highlighting the need to file their tax returns by the established deadlines. This credit, crucial for many, has been the way to receive Economic Impact Payments related to coronavirus tax relief.
Why is it crucial to act before deadlines?
The deadlines for the 2020 and 2021 credit are May 17, 2024 and April 15, 2025, respectively. If you are eligible and have not received one or more stimulus payments, this refundable credit is designed for you. A tax return is required, even if you have little or no income, to claim it.
Who can claim this credit?
Requirements include US citizenship or residency, fiscal independence, and having a valid Social Security number. It can even be claimed for people who died in those years. Submitting your tax return before the established deadline is essential to obtain these credits.
IRS Free Help Resources
The IRS offers free tax preparation assistance through programs such as VITA and the Senior Tax Counseling Program. This is aimed at those who could be entitled to these credits. It's important to remember that there is no penalty for claiming a refund after the filing deadline. Choosing direct deposit speeds up the refund process.
It does not affect benefits or immigration status
The Recovery Refund Credit does not affect a person's eligibility for federal benefits or immigration status. The IRS emphasizes the importance of verifying payments received through Your IRS Online Account to ensure you have not missed any benefits.
The Recovery Rebate Credit is a valuable opportunity to claim significant tax benefits. The IRS is committed to providing the necessary assistance to ensure that all those eligible can take advantage of these credits before it is too late.
