Many relied on stimulus checks, officially known as economic impact payments, to get by during the pandemic. However, many people never received their special payments. This means there are still unclaimed stimulus checks out there. The Internal Revenue Service (IRS) has confirmed that certain eligible taxpayers haven’t claimed their relief money. They are working to give these funds to the rightful owners.
Who Will Get Unclaimed Stimulus Payments?
To help people during the pandemic, the government sent out three rounds of payments called stimulus checks. The first two checks were sent in 2020, and the third one came in 2021. These payments were designed to help those who needed it most, with the full amount going to people who earned below a certain income level. People with higher incomes got smaller payments, and families received extra money for their dependents.
How to Access Your Stimulus Payment?
To receive their money, taxpayers don’t have to do anything. Most people will receive them before the end of January, as the IRS will automatically send them out. A letter informing eligible taxpayers of the payment would be sent to them. Payments will be sent as a paper check to the address on file or directly deposited into the bank account indicated on their 2023 tax return. According to the IRS, recipients of stimulus checks may still be eligible even if they did not file taxes in 2021. They must file their tax returns by April 15, 2025, in order to be eligible for the payment or any additional refunds.
When Can You Expect Your Payment?
Not all people qualify for these stimulus funds. The only people who can claim any unreceived stimulus payouts are those who filed their 2021 taxes. If eligible, you could get your payment towards the end of January 2025.
Over $1,000 Checks Going Out to These Americans
The amount of these stimulus checks will be the same as what they would have been if delivered on time. That amount is $1,400 per check! The overall amount of unclaimed stimulus payments totaled over $2 billion so there should be a good amount of people receiving these funds.
How Do These Unclaimed Stimulus Checks Even Happen?
There are a few reasons why some people didn’t get their stimulus payments. It’s not as crazy as you may think. Some things that could lead to an unclaimed stimulus check include:
- Address changes
- Banking issues
- Lost or stolen stimulus checks
- Not properly dealing with taxes
Regardless of the reason, it’s still not too late to get what rightfully belongs to you. The deadline to file 2021 taxes is mid-April!
This Can Mean Free Money from the Government
Even if you owe nothing, filing your taxes may result in other worthwhile tax advantages in addition to unlocking unclaimed stimulus funds. Filing taxes may qualify individuals and families with specific income levels for credits that can provide some real financial support. This includes the Child Tax Credit (CTC) or the Earned Income Tax Credit (EITC). These benefits, such as the EITC $7,830 or the CTC $2,000 per child, can give households thousands of dollars! So that’s why even if you don’t think you owe any taxes, you may be able to benefit from filing either way.
The Fresh Start Program is Also Helping Americans
The IRS Fresh Start Program may be able to assist you if you haven’t filed your taxes because of problems like unpaid tax debt, anxiety about penalties, or trouble making payment arrangements. By lowering penalties, preventing tax liens, and establishing manageable payment schedules, this program aims to help taxpayers.
It provides a method to catch up on your taxes, which may qualify you for substantial tax credits and unclaimed stimulus payouts. This means you may be able to take advantage of financial assistance you may have missed and settle previous tax difficulties.
In Conclusion
The pandemic was a challenging time, and stimulus checks played a crucial role in helping millions of Americans stay afloat. However, many people never received their payments, leaving billions of dollars in unclaimed funds. The good news is that it’s not too late to claim your money. Whether the delay was due to a change of address, banking issues, or missed tax filings, the IRS is working to ensure these payments reach the right people.
By filing your taxes, even if you owe nothing, you can unlock these funds and potentially qualify for other valuable credits, such as the Earned Income Tax Credit or Child Tax Credit. These credits could bring thousands of dollars back to your household, providing relief when it’s needed most.