There could be a tax refund check, issued by the Internal Revenue Service (IRS), and you could be letting it go if you don’t act soon: it’s $1,400, a very juicy sum that is not insignificant at all, so what are you waiting for to do a little paperwork and claim it? Well, if you don’t know what to do, follow me and I will tell you everything you need to know.
April 15 is the deadline to claim the Recovery Rebate Credit, a pandemic-era tax benefit. Although the exact date is often confused (some internet forums mention April 14, but it is actually the 15), the truth is that there are about two weeks left to secure that money. If you don’t file your 2021 return on time, the US Treasury will keep your refund.
What to do to claim the tax refund dating from 2021?
To start, we help you rest assured, because there is good news: if the IRS owes you money, there are no fines for filing your return late. Of course, the clock is ticking. If you have not claimed that $1,400 credit—part of the 2021 stimulus checks—this is your last call. And be careful: even if you have earned little or nothing that year, you must still submit the form. Don’t let this money slip away!
If you have not filed your 2021 return and met the requirements for the third stimulus check, you are on the “green list” of beneficiaries of this tax refund. The amount depends on your income that year: if you earned less than $75,000 (or $150,000 as a couple), you could receive the full $1,400.
But if you’ve already filed and forgot to claim the credit, relax: The IRS has been sending automatic payments to some taxpayers since January. Check your records or contact the IRS to confirm.
$1 billion in tax refunds remain unclaimed
In a recent statement, the IRS made an urgent call to more than 1 million taxpayers who have not claimed their tax refunds for 2021, and the total amount of money to be claimed is more than $1 billion. Although the average check that the federal tax agency is sending is $781, the maximum is $1,400 for those who qualify.
The IRS gives three years from the original deadline (April 2022) to claim refunds, and April 15, 2025 is the last day. If you mail your return, make sure it is postmarked before then. Do you already use electronic software? Then you have until midnight. But be careful: If the IRS detects outstanding debts (such as student loans or child support), they could deduct the amount from your refund.
This is very important to keep in mind: if you have not filed returns for later years (2022 or 2023), the IRS could withhold your refund until you regularize everything. But fear not: By filing your 2021 return on time, you prevent the government from calculating your debt on its own, which often results in larger payments.
