With the tax season well underway in the US, the deadline for filing your tax forms is April 18. However, many US citizens might still be eligible for Economic Impact Payments – and not be aware of this or filled for them. Indeed, there is a huge backlog at the IRS. Furthermore, many US citizens can still benefit from these payments and tax rebates.
Third Economic Impact Payment Owing
According to GOBankingRates, the Internal Revenue Service (IRS) has made it clear that US citizens who did not receive the full amount of the third Economic Impact Payment might still be able to do so. In this light, some US citizens might still be eligible to claim the 2021 Recovery Rebate Credit balance based on their 2021 tax information. Furthermore, Americans who did not receive the full amount of the first and second Economic Impact Payments, respectively, might still be able to do so. In other words, according to the IRS, they may still be able to claim the 2020 Recovery Rebate Credit.
The IRS stated in an announcement that: “If you didn’t get the full amount of the third Economic Impact Payment, you may be eligible to claim the 2021 Recovery Rebate Credit and must file a 2021 tax return — even if you don’t usually file taxes — to claim it”. Furthermore, to be eligible for the third Economic Impact Payment, your income must be $73,000 or less. In an earlier press release, the IRS stated that this represented some 70% of the US population.
And The First And Second
As for the first and second Economic Impact Payments – US citizens might still receive these Recovery Rebate Credits if they are eligible. However, they must file a 2020 tax return. Furthermore, this must be done – even if such citizens do not normally file for taxes. However, citizens should not include such information on their 2021 tax returns.
Lastly, filing electronically is the fastest way to get your tax refund, according to the IRS. In this light, the agency stated: “You can have your refund direct deposited into your bank account, prepaid debit card, or mobile app and will need to provide routing and account numbers”.