According to Lagradaonline, In the wake of the financial hardships caused by the COVID-19 pandemic, there is some good news for those still struggling to make ends meet. In response to the economic challenges faced by families across the nation, President Joe Biden introduced a third stimulus check. This payment, amounting to $1,400 per eligible individual, provided critical relief during a difficult time.
While the majority of qualified recipients received their payments, some eligible individuals did not apply, possibly because they were unaware of their eligibility. If you are among those who have not yet received this payment, there is still time to claim it before the funds are reallocated to other programs.
This third and final federal stimulus check was distributed to millions of American households in 2021, following two previous rounds of stimulus payments. The first and second checks were for $1,200 and $600, respectively, and were intended to mitigate the financial impact of widespread unemployment.
According to the Internal Revenue Service (IRS) guidelines, you have up to three years from the original date of issuance to claim any economic relief payments. This means the deadline for claiming the first and second stimulus checks—issued during the Trump administration—was May 17, 2024. Unfortunately, if you did not claim those checks by the deadline, you are no longer eligible to do so.
Requirements for Receiving the Third Stimulus Check
The situation is different for those who did not receive the third stimulus check or who received less than the full amount. There are still circumstances under which you may be able to claim your check. As of June 15, 2024, the deadline for claiming the first two stimulus checks (up to $1,800) has passed, but this does not impact your ability to claim the third stimulus check. However, you must meet specific criteria:
- You cannot be claimed as a dependent on someone else’s U.S. tax return.
- You must have a valid Social Security number.
- You must meet the income limits as reported on your 2021 tax return: up to $75,000 for single filers, $112,500 for heads of household, and $150,000 for joint filers.
- You must claim the Recovery Rebate Credit on your 2021 federal tax return.
If you have not yet done so, you can determine the amount of your third economic impact payment by accessing your individual online IRS account. Here, you will find all your tax information, including the amount of your third stimulus check. This information, or a letter from the IRS, is necessary to accurately calculate your 2021 Recovery Rebate Credit when you file your federal tax return for that year. Remember, any official communication from the IRS will come through the online portal or a physical letter, so be cautious of emails or text messages claiming to help you access this information.
For married couples filing jointly, each spouse must log into their own online account or review their individual letters to determine their portion of the total payment. It is essential to include all amounts when filing a joint return.
Using the total amount of the third payment from your online account or Letter 6475 when preparing your tax return can help minimize errors and prevent delays in processing. The IRS may need to correct any discrepancies, so it is crucial to have all the necessary figures ready to avoid costly mistakes.
