Over a year ago, the American Rescue Plan Act was enacted into law to offer stimulus funds to those affected by the coronavirus. However, not everyone has gotten the funds made available under the COVID-19 relief bill.
The IRS is asking anyone who hasn’t received all of the money they were entitled to take immediate action.
It’s critical to follow the recommendations of the Internal Revenue Service in order to obtain the money you’re due, as you could be eligible for thousands of dollars.
In order to ensure that taxpayers receive their stimulus funds, the IRS
On April 19, 2022, the Internal Revenue Service (IRS) published a press release regarding unpaid stimulus payments. The IRS wanted to make sure people took advantage of the increased Child Tax Credit.
As part of the American Recovery and Reinvestment Act, the Child Tax Credit was extended. Tax credits for children up to and including age 6 were raised from $2,000 to $3,600, with older children receiving a credit of $3,000.
The prior rules only allowed for a refund of up to $1,400 of the credit; the American Rescue Plan Act now allows for a refund of the entire $1,400 credit.
In addition, it stipulated that half of the credit amount would be paid out between July and December. Only the 2021 tax year was affected by these changes.
However, not everyone was able to get their money back. Parents who received monthly payments last year are still eligible for half of the additional monies from this year’s enlarged credit.
Reminding parents and taxpayers that it’s not too late to claim this money, the IRS issued a press statement.
Even though the deadline for filing your taxes has gone by, you still have time to claim your credit
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A tax return must be filed in 2021 in order to claim stimulus funds that have not yet been paid. As the IRS stated in a recent news release, it is not too late to file your tax returns and claim your money even if the deadline has gone.
When it comes to filing your 2021 tax return, “families who do not owe taxes to the IRS can still do so at any time until April 15, 2025, without any penalty,” the IRS explained in a statement.
As long as you have time, you don’t want to put these funds off any longer than necessary. As a result, if you haven’t already done so, make sure to file your 2021 tax returns as soon as possible.
Check out the IRS website to see if there are any free online filing solutions that work for you to submit your tax forms.