If you missed out on the $1,400 stimulus payment from the third round of Economic Impact Payments in 2021, there's still an opportunity to claim it through the Recovery Rebate Credit. To do so, you must file your 2021 federal tax return by April 15, 2025.
Eligibility Criteria:
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Income Limits: Individuals with an Adjusted Gross Income (AGI) up to $75,000, heads of household up to $112,500, and married couples filing jointly up to $150,000 are eligible for the full $1,400 per person. Payments phase out at higher income levels, with no payments for individuals earning $80,000 or more, heads of household earning $120,000 or more, and married couples earning $160,000 or more.
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Dependents: Each qualifying dependent also entitles you to an additional $1,400.
How to Claim:
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File Your 2021 Tax Return: Even if you don't typically file taxes, submit a 2021 return to claim the Recovery Rebate Credit.
Use IRS Resources: Visit the IRS website for forms and instructions.
Ensure Accuracy: Double-check your information to prevent delays.
Additional Benefits:
You might also be eligible for the Earned Income Tax Credit (EITC), which could provide up to $6,728 for low- to moderate-income families with children.
Important Notes:
Payment Method: The IRS will issue payments via direct deposit, mailed checks, or prepaid debit cards, based on the information provided in your tax return.
Avoid Scams: Be cautious of fraudulent schemes. The IRS will not contact you via email, text, or social media to request personal information.
For comprehensive details and to access necessary forms, visit the official IRS website.