Tax season is upon us. It’s that time of year when Americans have to account to Uncle Sam for whether we’ve had enough of our hard-earned money handed over to the government. Perhaps we can reduce the debt we owe through various credits.
What is the Recovery Rebate Credit?
The Rebate Recovery Credit is a way to claim your stimulus money from the COVID-19 pandemic if you haven’t done so already. If you are eligible for more stimulus money than you’ve received from the US Government and have yet to claim it, 2024 is the last year to do so for the first two payments. For the 2021 payment, you have until April 2025 to do so. After that, the money is gone forever.
When you claim it through your tax returns this year, the money will be applied either to your tax payment to the government or to the refund the government owes you. Either way, that is less money for the greedy elites who run the federal government and more money for you and your family.
But Didn’t I Get My Stimulus Checks in the Mail?
Yes, you may have received stimulus checks in the mail. The US Government considered these as advanced payments on your tax credit when sending them out. In total, you could have received up to three stimulus packages for the years 2020 and 2021 combined, and if there is even one of these that you were eligible for and have not yet claimed, you might still be able to claim your money when you file your taxes this year. You can also still claim stimulus money that you are owed because you received only a partial payment of one or more rounds of relief.
If I Don’t File Taxes, How Do I Get My Money?
Unfortunately, the only way you can still claim your stimulus money is by filing your taxes. Even if you ordinarily wouldn’t, you can file taxes this year if you are still owed money and get your stimulus funds.
To get your money, you will have to file tax returns for past years. If you are missing payments from 2020, you will need to file a tax return for 2020. If you are missing the payment from 2021, you will need to file a tax return for 2021.
I Need Help Filing My Taxes
That is perfectly understandable. The US tax code is such an ever-changing mess that it generally takes a professional to file tax returns without assistance.
Luckily, you don’t need to pay a penny for help in filing your taxes. For qualifying taxpayers, there are programs where you can get free assistance in filing your basic taxes. The two big ones are Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). You can get help from VITA in a variety of circumstances, including earning beneath a $64,000 threshold, having a disability, or not being comfortable enough with English to try to file your taxes in your second language. Alternatively, you could get help from TCE if you are at least 60, and this is especially encouraged if you also have questions about your pension or anything that is tax-related and connected to your retirement.
If you do not qualify for free tax assistance, you could decide if it’s worth it for you to pay someone to help you. Various services are out there that offer not only tax filing, but have additional services such as audit insurance available as well. However, watch out for scams.
For anyone who needs further assistance, the IRS has some (admittedly, very confusing) resources on its website to answer tax-related questions.
Do I Qualify For the Recovery Rebate Credit?
You qualify to file for the Recovery Rebate Credit if you were eligible for stimulus money in 2020 and 2021 that you have not yet received. So then were you eligible for stimulus payments in those years?
In general, you were qualified if, during 2020 and 2021, you, your spouse, or your dependent was a US citizen or resident alien with a valid Social Security Number (SSN) or Adoption Taxpayer Identification Number (ATIN).
How Do I Know if I am Missing Stimulus Money?
In past years, you may have received notices from the IRS sent to the mailing address it has on file for you. Search for anything that says “Notice 1444,” “Notice 1444-B,” “Notice 1444-C,” or “Economic Impact Payment.” The notices are those sent for the first, second, and third stimulus payments respectively, and the term “Economic Impact Payment” is the formal name for the stimulus checks.
If you did not receive or no longer have such notices from the IRS, you can find out what, if anything, you are owed by visiting irs.gov. You will need an account with the site, but once you are logged in, you can go to your Tax Records page and view the payments you’ve received through the three stimulus payments. Again, you are looking for the term “Economic Impact Payment.”
What Else Should I Know?
You have your best chance of getting your taxes resolved at the process’s quickest if you can file without any errors. Before you file taxes this year, it helps to have your Social Security Number and all of your tax forms ready to go before you start filing. Taxpayers are being warned in particular that erroneously applying for a Recovery Rebate Credit when owed no stimulus money will delay the process and any return that may be coming.
Tax season is upon us. It’s that time of year when Americans have to account to Uncle Sam for whether we’ve had enough of our hard-earned money handed over to the government. Perhaps we can reduce the debt we owe through various credits.
What is the Recovery Rebate Credit?
The Rebate Recovery Credit is a way to claim your stimulus money from the COVID-19 pandemic if you haven’t done so already. If you are eligible for more stimulus money than you’ve received from the US Government and have yet to claim it, 2024 is the last year to do so for the first two payments. For the 2021 payment, you have until April 2025 to do so. After that, the money is gone forever.
When you claim it through your tax returns this year, the money will be applied either to your tax payment to the government or to the refund the government owes you. Either way, that is less money for the greedy elites who run the federal government and more money for you and your family.
But Didn’t I Get My Stimulus Checks in the Mail?
Yes, you may have received stimulus checks in the mail. The US Government considered these as advanced payments on your tax credit when sending them out. In total, you could have received up to three stimulus packages for the years 2020 and 2021 combined, and if there is even one of these that you were eligible for and have not yet claimed, you might still be able to claim your money when you file your taxes this year. You can also still claim stimulus money that you are owed because you received only a partial payment of one or more rounds of relief.
If I Don’t File Taxes, How Do I Get My Money?
Unfortunately, the only way you can still claim your stimulus money is by filing your taxes. Even if you ordinarily wouldn’t, you can file taxes this year if you are still owed money and get your stimulus funds.
To get your money, you will have to file tax returns for past years. If you are missing payments from 2020, you will need to file a tax return for 2020. If you are missing the payment from 2021, you will need to file a tax return for 2021.
I Need Help Filing My Taxes
That is perfectly understandable. The US tax code is such an ever-changing mess that it generally takes a professional to file tax returns without assistance.
Luckily, you don’t need to pay a penny for help in filing your taxes. For qualifying taxpayers, there are programs where you can get free assistance in filing your basic taxes. The two big ones are Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). You can get help from VITA in a variety of circumstances, including earning beneath a $64,000 threshold, having a disability, or not being comfortable enough with English to try to file your taxes in your second language. Alternatively, you could get help from TCE if you are at least 60, and this is especially encouraged if you also have questions about your pension or anything that is tax-related and connected to your retirement.
If you do not qualify for free tax assistance, you could decide if it’s worth it for you to pay someone to help you. Various services are out there that offer not only tax filing, but have additional services such as audit insurance available as well. However, watch out for scams.
For anyone who needs further assistance, the IRS has some (admittedly, very confusing) resources on its website to answer tax-related questions.
Do I Qualify For the Recovery Rebate Credit?
You qualify to file for the Recovery Rebate Credit if you were eligible for stimulus money in 2020 and 2021 that you have not yet received. So then were you eligible for stimulus payments in those years?
In general, you were qualified if, during 2020 and 2021, you, your spouse, or your dependent was a US citizen or resident alien with a valid Social Security Number (SSN) or Adoption Taxpayer Identification Number (ATIN).
How Do I Know if I am Missing Stimulus Money?
In past years, you may have received notices from the IRS sent to the mailing address it has on file for you. Search for anything that says “Notice 1444,” “Notice 1444-B,” “Notice 1444-C,” or “Economic Impact Payment.” The notices are those sent for the first, second, and third stimulus payments respectively, and the term “Economic Impact Payment” is the formal name for the stimulus checks.
If you did not receive or no longer have such notices from the IRS, you can find out what, if anything, you are owed by visiting irs.gov. You will need an account with the site, but once you are logged in, you can go to your Tax Records page and view the payments you’ve received through the three stimulus payments. Again, you are looking for the term “Economic Impact Payment.”
What Else Should I Know?
You have your best chance of getting your taxes resolved at the process’s quickest if you can file without any errors. Before you file taxes this year, it helps to have your Social Security Number and all of your tax forms ready to go before you start filing. Taxpayers are being warned in particular that erroneously applying for a Recovery Rebate Credit when owed no stimulus money will delay the process and any return that may be coming.
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