Time is running out for taxpayers who have not yet claimed their 2021 tax refunds, including the $1,400 stimulus check. The Internal Revenue Service (IRS) has issued a final reminder for eligible individuals to file their 2021 taxes before the April 15 deadline.
This is the last opportunity to claim the Recovery Rebate Credit, which was designed to assist Americans during the COVID-19 pandemic.
Approximately one million Americans still qualify for this benefit, but many have yet to file their tax returns, leaving unclaimed money on the table.
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Eligibility
The $1,400 stimulus check was part of the third round of Economic Impact Payments distributed in 2021. However, many eligible individuals did not receive the full amount at the time.
Those who didn’t get the payment, or received less than they were entitled to, can still claim the Recovery Rebate Credit by filing their 2021 tax return.
To qualify, you must:
- Have been a U.S. citizen or resident in 2021
- Not have received the full stimulus check already
- Have a Social Security number valid for employment
- Meet the income eligibility requirements for the credit
If you meet these criteria and have not yet filed your 2021 tax return, you have until April 15, 2024, to do so.
Risks of Claiming
While eligible taxpayers can still file for the credit, those who attempt to claim the $1,400 a second time could face serious consequences. The IRS has systems in place to detect duplicate claims and will block attempts to claim the stimulus check fraudulently.
According to Newsweek, if someone mistakenly or intentionally receives the stimulus check twice, the IRS could demand repayment with penalties and interest.
Financial expert Michael Ryan explains:
“If someone has already received the third stimulus payment or claimed it on a previous tax return, trying to claim it twice could backfire. We’re talking about a 20% penalty right off the bat. That’s equivalent to $280 for a $1,400 claim! And then there’s the daily compounding interest until the money is paid back. Oof!”
Beyond financial penalties, the IRS may flag the taxpayer’s account, leading to increased scrutiny on future tax returns. This could result in delayed refunds, additional audits, and potential issues with claiming other tax credits in the future.
What You Should Do
If you haven’t filed your 2021 tax return yet, do so before April 15, 2024, to claim the Recovery Rebate Credit. Missing this deadline means losing the chance to receive the payment, as the IRS generally only allows refunds to be claimed within three years.
If you have already received the stimulus payment, do not attempt to claim it again, as it could create long-term tax issues.
The IRS has made it clear: claim what you’re entitled to, but don’t take unnecessary risks. The penalties for improper claims can have lasting financial consequences.
FAQs
Who is eligible for the $1,400 stimulus check?
Anyone who didn’t receive the full third stimulus payment and meets income and residency requirements.
When is the deadline to claim the payment?
The final deadline to file for the Recovery Rebate Credit is April 15, 2024.
What happens if I claim the stimulus twice?
The IRS may impose a 20% penalty, charge interest, and scrutinize future tax filings.
Can I still claim the stimulus if I didn’t file my 2021 taxes?
Yes, but you must file your 2021 tax return before the April 15, 2024 deadline.
How do I check if I already received the stimulus?
You can verify your payment status by logging into your IRS online account or checking past tax returns.
