IRS Stimulus Check: Economic Impact Payments (EIPs), also known as stimulus checks, were issued by the IRS to help individuals and families during the economic disruptions caused by the COVID-19 pandemic. These payments were distributed in three rounds, with the first two issued as advance payments for fiscal year 2020, and the third round started in March 2021.
IRS Stimulus Check: Eligibility
According to IRS, “Most eligible people already received their Economic Impact Payments. People who are missing stimulus payments should review the information on the Recovery Rebate Credit page to determine their eligibility to claim the credit for tax year 2020 or 2021″
The third round of payments was fully issued by the end of 2021, and recipients were sent notices confirming the amount they received, which they should keep for tax purposes.
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The payments were not counted as income, meaning they did not affect eligibility for other benefits. Additionally, they were not considered resources for the year after they were received, ensuring they did not affect eligibility for assistance programs.
The IRS provided details and guidance on these payments through official communications, and taxpayers were encouraged to consult IRS resources or their tax professional for more specific information on how to claim any remaining payments or credits.
Economic Impact Payments’ third round
The IRS has completed distributing all three rounds of Economic Impact Payments (EIPs), also known as stimulus checks, to most eligible individuals. However, if you did not receive the full payment or any payment, you may be eligible for the Recovery Rebate Credit (RRC) when filing your tax returns for 2020 or 2021.
The RRC allows you to claim any missing stimulus funds. You can check your eligibility and learn more by visiting the IRS website or consulting a tax professional.
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Taxpayers have three years to file their returns and get refunds, under IRS regulations. For the Recovery Rebate Credit, which was introduced for those who did not get their Economic Impact Payment, the RRC 2021 can be filed until April 15, 2025, whereas the 2020 return date was May 17, 2024.
Furthermore, even if you did not receive the Economic Impact Payment or did not receive it in full, you may still qualify if your circumstances have changed since the payments were made.
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