Stimulus Check Claim in April: IRS announces $1,400 direct payment
Recovery Rebate Credit: What You Need to Know
The Recovery Rebate Credit is a tax credit available to taxpayers who have not received one or more Economic Impact Payments (EIPs), also known as stimulus checks. Most eligible taxpayers will have already received these payments in 2020 and 2021 or claimed them through their tax returns.
If you haven’t received EIPs, you can still claim them:
By filing a 2023 tax return: You can claim the recovery rebate credit on line 30 on Form 1040.
Amending 2022 tax return: If you already filed a 2022 tax return, you can amend it by filing Form 1040X and claim the recovery rebate credit.
You have time to claim:
April 15, 2025: To file 2021 tax return and claim recovery rebate credit.
May 17, 2024: To get 2020 tax refund.
If you are not sure if you are eligible:
IRS Website: Visit URL IRS
Call the IRS at 1-800-829-1040.
The IRS recommends that anyone who has not filed a 2020 tax refund review their records. They may be eligible for a tax refund ending on May 17, 2024.
$3,000 VA Benefits payment in April: New Veterans payday confirmed
IRS $1,400 stimulus check
$1,400 stimulus check:
The IRS expects 9 million taxpayers to apply for these checks.
This check can be claimed as a “recovery rebate credit” when filing taxes for 2020 and 2021.
To qualify, a person must be a U.S. Must be citizen/resident and have an SSN to file taxes.
Families of people who died in 2020 can also claim.
EIP receipts can be checked through IRS online account.
Consequences of non-payment of tax:
By 2021, Americans owe $668 billion in taxes.
A penalty of 5% per month and interest of up to 25% is levied for non-filing of tax.
The IRS will add arrears, interest and penalties if you don’t pay after filing.
Penalties can be imposed for not filing taxes, underpayments, and not making required payments.
The penalty is 0.5% of the outstanding amount per month and interest on underpayments.
Penalty can be avoided by paying 90% tax.
Payment by dishonored check may incur a penalty.
Important:
Pay taxes on time.
There are serious consequences for not filing taxes.
If you’re having trouble paying taxes, talk to the IRS about working out a payment plan.