$1200 stimulus check deadline: The Internal Revenue Service wants to hear from you if, during the height of the Covid-19 outbreak, you neglected to file a tax return and think you should be eligible for a refund.
The government announced this week that qualified filers still have the opportunity to claim the more than $1 billion in unclaimed refunds for tax filing year 2020 that are now in its coffers.
The epidemic gave filers an unprecedented prolongation on the standard three-year return-filing timeframe. They can now get their 2020 tax year refund up to May 17, 2024.
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Who was eligible?
Knowing the specifics is crucial. You have until this coming deadline to collect the 2020 Economic Impact Payments, sometimes referred to as stimulus checks. Those making less than the income limits received these payments.
According to AS News, the threshold for married couples filing jointly was $150,000, and for single filers, it was $75,000 in adjusted gross income. The stimulus check was progressively worth less for those making up to $99,000 ($198,000 for married couples filing jointly). This is the last month you have to claim your payment if you haven’t already. Save the date!
Let me make this clear. You will not be able to claim your stimulus checks as part of your 2020 tax refund after this last filing deadline if you do not receive them on time. The other stimulus check that was provided as part of the American Rescue Plan after President Biden’s inauguration is still refundable until the following year.
You can file your 2020 and 2021 taxes at any time and, if you haven’t already, you might get both this year.
Filing a late return
Taxpayers have three years to file a return and get a refund; if not, these monies become the property of the federal government. Those wishing to file a 2020 return should know that although the procedure is a little more difficult because they have to file a paper return, there are many tools available to lessen the workload.
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Making contact with the IRS and expressing your desire to file a return to a representative is a wise first move. Toll-free numbers for the agency are 800-829-1040 or 800-829-4059 for TTY/TDD.
Utilizing IRS Form 4506-T (seek for Transcript of Tax Return), you can also seek the wage and income-related documentation you will need to file your return. Assume you are seeking a free electronic solution to assist you in compiling the necessary documentation.
In such a situation, you can print all the forms the IRS needs you to turn in to get a refund using FreeFileUSA.com.
Should you file a paper return, be advised that the IRS has a backlog that takes time to sort through, so you could not hear back for six weeks.
