Taxpayers who have yet to file their 2020 tax returns to claim money from the first two COVID stimulus checks have just over two more months to do so.
The Internal Revenue Service reminded taxpayers of the deadline in a release on Monday, saying that most taxpayers who were eligible for the first two COVID stimulus checks sent out in 2020 have already received them.
“The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments, also known as stimulus payments, distributed in 2020 and 2021. Eligible taxpayers must file a tax return first to claim a Recovery Rebate Credit, even if their income from a job, business or other source was minimal or non-existent,” the IRS said on Monday.
The final deadline for taxpayers to file a claim for a refund for tax year 2020 is May 17 — three years after the regular due date for 2020 tax returns.
During the coronavirus pandemic, the IRS sent out three economic impact payments to eligible taxpayers as a form of relief. The first payment was authorized in March 2020 and was worth $1,200 for individual filers and $2,400 for joint filers. The second payment was authorized in December 2020, being worth $600 for individual filers and $1,200 for joint filers.
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A third stimulus check was sent out to eligible taxpayers beginning in March 2021, being worth $1,400 for individual filers and $2,800 for joint filers.
The deadline for taxpayers to claim the Recovery Rebate Credit for tax year 2021, which includes the third stimulus payment, is April 15, 2025 — three years after the filing deadline for 2021 returns.
