Still Owed Stimulus Money? Your Action Plan for 2024

The economic impact of COVID-19 continues to affect many Americans. While the direct stimulus payments may be a thing of the past, millions still haven't received the full financial relief they're entitled to. If you believe you missed out on stimulus money from 2020 or 2021, you're in luck. The opportunity to claim these funds through the Recovery Rebate Credit (RRC) is still available in 2024.

What Were Stimulus Checks?

Stimulus checks, officially known as Economic Impact Payments (EIPs), were direct payments sent to eligible individuals and families to provide relief during the pandemic's economic turmoil. Three rounds were issued between 2020 and 2021, each with different income limits and payment amounts.

Eligibility: Who Qualified for Stimulus Payments?

To have been eligible for stimulus payments, you generally had to:

• Be a U.S. citizen, U.S. national, or U.S. resident alien during the relevant tax year
• Have a valid Social Security Number (SSN) for yourself and your spouse (if filing jointly)
• Fall below specific income limits (these varied by payment round)
• Not be claimed as a dependent on someone else's tax return

Even if you didn't file taxes in 2020 or 2021, you could still qualify for stimulus payments if you meet the other criteria.

Reclaim Missed Payments: The Recovery Rebate Credit (RRC)

The RRC is a tax credit that lets you claim the remaining amount of any stimulus payments you were owed but didn't receive. It's your chance to recoup missed funds and potentially receive a larger tax refund.

Here's a breakdown of which tax year to file for each stimulus payment:

• First and Second Stimulus Payments: File for the RRC on your 2020 tax return. The deadline for filing is April 15, 2024.
• Third Stimulus Payment: File for the RRC on your 2021 tax return. While the original filing deadline has passed, you can still file an amended return to claim this payment.

Step-by-Step Guide to Claiming the RRC

1. Locate Your IRS Notices: Gather the IRS notices (Letter 6475 for the third payment) you received for each stimulus round. These detail the amounts you were paid and help determine if you're eligible for the RRC. If you're missing them, check your payment history online using the IRS Get My Payment tool or request a transcript of your payments.
2. Choose the Right Tax Return: Decide which tax year to file for based on the missed stimulus payments. The first two payments are claimed on your 2020 return, and the third on your 2021 return.
3. Complete the RRC Section: Carefully fill out the Recovery Rebate Credit section of your tax return. Use the information from your IRS notices and any additional relevant details to ensure accuracy.
4. File Your Return (or Amended Return): Submit your tax return electronically or by mail before the deadline. If you've already filed, you'll need to file an amended return to claim the RRC.
5. Track Your Refund: If you're due a refund, the IRS will usually process it within 21 days. Track its status using the Where's My Refund? tool on the IRS website.

Need Help? You Have Options!

• If you don't typically file taxes, you may still be eligible. Seek assistance from a tax professional or use the resources on the IRS website.
• Free tax help is available through the IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
• The Taxpayer Advocate Service can assist if you're facing issues with the IRS.

Stay Alert and Take Action

Don't miss out on the financial relief you deserve! Be cautious of scams and remember that the IRS will never contact you via phone, email, text, or social media for personal information. Take action today and secure your financial future.

Beyond Stimulus Checks: Additional Resources

Even beyond stimulus payments, there are many resources available to help you through tough times. Consider exploring:

• Child Tax Credit (CTC): Provides tax benefits for families with children.
• Earned Income Tax Credit (EITC): Offers a tax credit for low- to moderate-income workers and families.
• Unemployment Benefits: Provides temporary financial assistance to those who have lost their jobs.
• Food Assistance (SNAP): Helps low-income individuals and families purchase groceries.
• Housing Assistance: Explore options like Section 8 housing vouchers and public housing.
• Utility Assistance: Programs like LIHEAP can help with energy costs.

Remember, seeking help is a sign of strength. Reach out and utilize these resources to take control of your financial well-being.