The IRS issued a reminder this week, stressing that time is running out for certain taxpayers to claim their share of the 2020 stimulus checks.
Two rounds of stimulus checks were issued in 2020, but some eligible individuals have yet to receive their payments because they didn’t file a tax return for that year.
Taxpayers who missed out on these stimulus payments have until May 17 to claim their funds, potentially worth thousands of dollars.
To claim the stimulus money, eligible individuals must file a 2020 tax return, even if they had no income that year. This can be done to receive the payment as a tax refund, known as a 2020 Recovery Rebate Credit.
The deadline is approaching because the right to a tax refund expires three years after the tax deadline. For the 2020 tax year, the deadline was extended to May 17, 2021, due to the pandemic, making the upcoming deadline three years from that date.
Additionally, those who haven’t yet claimed the third stimulus check from 2021, worth up to $1,400, have until April 15, 2025, to do so.
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To check if you received stimulus payments in 2020, you can access your IRS online account and navigate to the “tax records” tab. If you didn’t receive a payment, it may be because you haven’t filed taxes to claim the 2020 Recovery Rebate Credit.
Remember, the only way to receive an unpaid stimulus check is through a tax refund, so be sure to file your 2020 tax return by May 17 to claim your funds.
