Taxpayers who haven’t filed their 2020 tax returns yet still have an opportunity to claim money from the first two COVID stimulus checks. The Internal Revenue Service (IRS) has issued a reminder about this important deadline, emphasizing that most eligible individuals have already received their payments.
However, for those who haven’t, there’s still time to do so. To claim the Recovery Rebate Credit, taxpayers must file a tax return, regardless of whether they had minimal or no income during the year.
The deadline to file for a refund for tax year 2020 is approaching fast — May 17, to be exact. This deadline falls three years after the regular due date for tax returns. Therefore, eligible individuals should act promptly to ensure they don’t miss out on this opportunity to receive financial relief.
Throughout the coronavirus pandemic, the IRS disbursed three economic impact payments to provide relief to Americans. The first payment, authorized in March 2020, amounted to $1,200 for individual filers and $2,400 for joint filers.
Following that, a second payment was issued in December 2020, providing $600 for individuals and $1,200 for joint filers.
Additionally, a third stimulus check was distributed to eligible taxpayers starting in March 2021. This payment amounted to $1,400 for individual filers and $2,800 for joint filers.
These payments were aimed at alleviating the financial burden caused by the pandemic and supporting individuals and families during challenging times.
It’s important to note that the deadline to claim the Recovery Rebate Credit for tax year 2021, which includes the third stimulus payment, is April 15, 2025.
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This deadline aligns with the three years after the filing deadline for 2021 tax returns. Therefore, taxpayers have several years to ensure they receive the full amount of financial assistance they are entitled to
