Internal Revenue Service (IRS) has given some reminders to taxpayers. This includes those qualified for the COVD-Era 2020 Recovery Rebate Credit whose deadline for filing, May 17, 2024, is fast approaching.
Refunds Can Be Claimed 3 Years After Initial Filing Due Date
According to a report from Mount Vernon Grape Vine, taxpayers who haven’t yet filed their tax return can still submit applications only until the legal deadline of three years after the original due date. The original due date for filing 2020 tax returns was May 17, 2021, so technically if you’re eligible for 2020 Recovery Rebate Credit or any Economic Impact payments most especially related to COVID-ERA tax relief, you can still submit your application until this May 17.
Generally, a U.S. citizen or U.S. resident alien in the respective year, not a dependent of another taxpayer and has a Social Security Number issued before the tax return’s due date, can be eligible. Qualified taxpayers just need to file a tax return first, even if their income is almost non-existent or minimal.
Following this, taxpayers who want to claim their 2021 Recovery Rebate Credit can still file until April 15, 2025.
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IRS Is Offering Free Assistance To Taxpayers
IRS has a tax preparation assistance that is free, Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly programs. IRS is encouraging individuals to explore the potential tax benefits by using the VITA locator tool to locate near VITA site or call 800-906-9887.
Individuals who already have an IRS Online Account can check if there’s an incoming Economic Impact Payments along with the total amount. Moreover, IRS ensures that there is no penalty for late filing of tax refund. They even recommend choosing direct deposit because it’s quick and simple to use.