The IRS provides numerous options to receive money. However, if you disregard them, you might never benefit from them. Believe it or not, it is still feasible to claim Economic Impact Payments beginning in 2021.
Yes, the well-known Stimulus Checks can be claimed using the Recovery Rebate Credit before the April 15, 2025 deadline. This is primarily intended for those who are not required to file a tax return and are unaware of their eligibility.
Most Americans have already received their Economic Impact Payments, but a handful are still losing out on these hefty Stimulus Checks. If you have a kid, you should also check to see if you received the full Advance kid Tax Credit for which you were eligible in 2021. If not, you should consider claiming it.
Get a Tax Refund from the IRS
Although it is better to avoid receiving a significant tax refund because it indicates that you overpaid, there is another way to receive money from the IRS. This frequently happens when you receive a tax credit.
Take the Earned Income Tax Credit, often known as the Child Tax Credit. Taxpayers who qualify for any of these credits may receive a higher refund.
Some taxpayers may also qualify for educational credits. Thus, it is critical to ensure that you fulfill all of the IRS’s criteria, or to engage a tax preparer to forget about it and get it done correctly.
File an IRS claim for unclaimed refunds
Assume you were sick in the hospital and entirely forgot about your tax refund last year. Unclaimed refunds can be claimed by taxpayers who were qualified for one but did not file a tax return.
However, there is a deadline to meet. Remember that you can only claim unclaimed tax refunds up to three years after the ordinary filing date. The Innocent Spouse Relief is something that many new taxpayers are unfamiliar with.
If your spouse understates the taxes payable on your joint tax return, you may not have to pay any additional taxes. Of course, you were unaware of the blunders he or she had committed. Other ways to receive money from the IRS are:
- Amended tax returns
- hardship assistance
- Energy Efficiency Credit
- Premium Tax Credit
- Adoption Credit
- Litigation settlements
