November 14, 2022 - Douglas Myser

IRS still issuing stimulus checks. In a IRS memorandum, the service stated that taxpayers who never received the third payment, or stimulus check, can apply for a "Recovery Rebate Credit". The checks that some missed, went out starting in March of 2021, but it seems many never received them, as the program had some internal flaws to it. The IRS decided the easiest way to fix it, was to give those who never received the third $1400 check, a rebate off their next years tax return in the same amount, dollar for dollar. Apparently, nearly nine million people never received those checks, and the IRS was sending out letters to notify them of the chance to recoup that money by filing the following years return, and claiming the credit. IRS still issuing stimulus checks.

The IRS also stated in the letter that it was the only way to get the credit, but also other benefits that were due under the American Rescue Plan, which had additional benefits, but contingent upon filing of the 2021 tax return. The IRS also stated that many of those who are eligible for the Credit are also eligible for the Child Tax Credit and Earned Income Credit. Yet, to get those they must file that tax return. The expanded 2021 tax credit is $3000 per child aged 6 to 17 and $3600 for kids under ages 5, for the 2021 tax year. Workers without kids will enjoy a very large increase in the Earned Income Credit, due to the passage of the American Rescue Plan. Additional benefits are available to families who are considered either low or moderate income families under the American Rescue Plan also.

The late filing of the 2021 tax return is October 17th, but you can still get the tax credits after that date, and certain benefits under that tax plan also.