President Joe Biden signed the American Rescue Plan, which was meant to assist Americans to cope with an economy crippled by COVID-19, over 11 months ago. One aspect of the scheme entailed placing $1,400 stimulus checks into most Americans’ bank accounts.
The problem is that many people were under a lot of stress in 2021, and a third stimulus check was the last thing on their thoughts. Everyone who died in 2021 and did not get a $1,400 stimulus payment is still entitled to one, according to the IRS. If they died between January 1 and December 31, 2021, their estate can file a claim for stimulus funds owed to them.
Who can claim the stimulus check of a deceased person?
The person in charge of filing the decedent’s tax return will also request any unpaid stimulus money. According to The Motley Fool, they are entitled to payment if each of the following applies:
- The deceased was a US citizen or a permanent resident alien in the United States.
- On another taxpayer’s return, the deceased was not claimed as a dependent.
- There was a Social Security number on the deceased’s person.
If you’re filing for someone who died in 2021, the IRS recommends using the Recovery Rebate Credit Worksheet to see if they’re entitled to the stimulus payments.
Do I have remaining money under the American Rescue Plan?
Many key portions of the American Rescue Plan Act were devoted to compensating families of the coronavirus’s widespread devastation. For many Americans, the most crucial aspect of the Act was the stimulus payments. The American Rescue Plan Act makes accessible a large amount of stimulus money, which has already been spent. However, this isn’t the case in every situation. Although the Act has been in effect for a year, it may still have an influence on stimulus funding in 2022.
Although many individuals and families have received all of the monies promised under the American Rescue Plan Act, this is not the case in all cases, and millions of people are still owed money.
It’s possible that those who didn’t file current tax returns or provide the IRS with their financial information were not reimbursed. Those whose income was too high to qualify for stimulus checks in 2020 but fell below the threshold in 2021 may have missed payments as well. These individuals can claim stimulus funds from the American Rescue Plan Act on their 2021 tax returns.
Parents who were eligible for the increased Child Tax Credit often did not get all of their benefits until later. These tax credits might be paid in advance from July through December at a rate of $250 or $300 per month under the American Rescue Plan Act. As a result, only half of the credit was returned to the borrower. The other half is due to parents, who will be able to claim it when they file their taxes in 2021.
Lastly, in 2021, everyone who added a dependent may have been eligible for both the $1,400 stimulus payment and the increased Child Tax Credit. As a result, after taking into account both the $1,400 payment and the $3,600 credit for children under the age of 6, these individuals might owe up to $5,000 per dependent they added last year, as per The Ascent via MSN.