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Time is running out to claim this COVID-era tax credit, IRS warns

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(NEXSTAR) – There’s now less than two weeks until a tax credit created during the COVID-19 pandemic expires.

People who haven’t yet filed a tax return for 2020 may still be eligible for the Recovery Rebate Credit, according to the Internal Revenue Service (IRS), but they’ll have to file a return by the May 17, 2024 deadline.

The credit is refundable, meaning taxpayers who don’t owe anything will still benefit from it, and was distributed to people who didn’t receive a stimulus check in 2020 or 2021.

While most people have already received the COVID-era stimulus checks, some whose income threshold didn’t require them to file taxes, for example, may have been overlooked.

People who are missing a payment or didn’t receive the correct amount can claim the tax credit by filing their 2020 return. The deadline for claiming the 2021 Recovery Rebate Credit isn’t until April 15, 2025.

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Requirements for claiming the credit

To be eligible, general IRS requirements include being a U.S. citizen or U.S. resident alien during 2020, having a social security number issued before the due date of the tax return and not being a dependent of another taxpayer.

The IRS points out that the 2020 Recovery Rebate Credit can be claimed for someone who died in 2020 or later.

Unsure if you received all the money that you were supposed to? You can check online by creating an account with the IRS.

Qualified taxpayers are also encouraged to reach out for tax filing help from the Volunteer Income Tax Assistance and the Tax Counseling for the Elderly programs.

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Source: The Hill

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