The October 15 deadline to claim Stimulus Check is the last opportunity to receive the two 2020 economic impact payments.
Most Americans have received stimulus money from the first and second Economic Impact Payments, but some have not. Based on tax returns from either 2018 or 2019 and data from the Social Security Administration or Veterans Affairs, the IRS automatically sent out payments for the two rounds of stimulus checks approved last year.
Due to their low income, some Americans are still exempt from filing income tax returns. They have until next week to complete a tax return in order to receive the funds. Although they would have until April 15, 2024, to receive their refund because it is a tax rebate, and they should be eligible for the entire amount, which was $1,800 in 2020, the IRS advises against waiting.
Deadline is Fast Approaching
The deadline for filing a tax extension is October 15, and it’s one of the last chances to receive the 2020 economic impact payments.
Taxpayers who did not receive their first two stimulus checks or received less than they were supposed to can claim a Recovery Rebate Credit on their 2020 taxes.
According to Mark Steber, chief tax information officer at Jackson Hewitt, while October 15 is the deadline to submit in a “timely” manner, the IRS technically allows taxpayers up to three years from the due date of the return to file and collect a refund.
“This means you can file your return and receive your Recovery Rebate Credit through April 15, 2024,” Steber says.
According to an interview with CNBC, the IRS spokesperson stated that taxpayers who missed the third stimulus check could not claim it on their 2020 return because it was issued in 2021. The IRS says it will automatically disperse it using 2020 information whenever they file. If this does not happen or the amount provided is incorrect, taxpayers can claim it on their 2021 tax returns. Nonetheless, the IRS advises taxpayers to file their 2020 returns before the end of 2021.
Related article: Fourth Stimulus Check Update: Payments Now Heading Your Way