IRS Issues Final Reminder for Claiming Stimulus Payment—Are You Eligible?
Eligibility Based on Income
You may be eligible for stimulus payments if your income in the relevant tax year falls below the thresholds set by the IRS.
Check Prior Payments
If you didn’t receive the full amount of the Economic Impact Payments (EIP) in previous rounds, you may still be eligible to claim the remaining balance via a Recovery Rebate Credit on your tax return.
File a Tax Return
Even if you don’t usually file taxes, you need to submit a tax return to claim missing stimulus payments.
– Use the Recovery Rebate Credit
For those who missed out on a stimulus payment or received less than they were entitled to, the Recovery Rebate Credit on your federal tax return allows you to claim the difference.
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Dependents May Increase Your Payment
If you have qualifying dependents, such as children under 17, you may be eligible for additional stimulus payments.
– Stimulus Payments Are Not Taxable
The IRS confirms that stimulus payments do not count as taxable income. You won’t owe taxes on these payments, and they won’t affect your tax refund.
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Non-Filers Must Act
If you didn’t receive a stimulus payment because you’re a non-filer, such as a low-income individual or senior citizen, you must file a simple tax return to claim the payment.
Verify Direct Deposit Information
Ensure that the IRS has your correct direct deposit information on file to receive any stimulus payments or tax refunds quickly.