IRS Stimulus Check Update: What You Need to Know for 2024

Stimulus checks provided essential financial relief during the pandemic. While they seemed like a thing of the past, there’s still hope for certain individuals to claim stimulus payments in 2024 and 2025. Here’s a breakdown of what you need to know about eligibility, ongoing distributions, and how to claim missed payments.

What Are Economic Impact Payments (EIPs)?

Economic Impact Payments (EIPs) were introduced by the U.S. Government to help Americans cope with the economic challenges caused by COVID-19. Distributed in three rounds, these payments came from the Internal Revenue Service (IRS) and the Department of the Treasury.

Overview of EIP Rounds:

• First Round: Released in 2020.
• Second Round: Issued in late 2020 and early 2021.
• Third Round: Payments of up to $1,200 per person began in 2021 and continued.

While most Americans have already received these payments, there are still opportunities for those who missed out to claim them.

Third Round of Economic Impact Payments

The third round of EIPs was distributed in 2021 to eligible individuals. Payments of up to $1,200 per person were sent based on income and eligibility criteria.

If you haven’t received your third-round payment yet, there’s still time. The IRS is allowing eligible recipients to claim these funds through specific processes.

Recovery Rebate Credit (RRC): Claiming Missing Payments

If you missed any of the stimulus payments or received less than you were entitled to, you can file for the Recovery Rebate Credit (RRC) for tax years 2020 or 2021.

Filing Deadlines for RRC:

Tax Year	Deadline
2020	May 17, 2024
2021	April 15, 2025

This credit enables taxpayers to recover missed funds by filing a tax return. Even if your financial or personal situation has changed, you might still qualify.

Who Is Eligible for Stimulus Payments or Credits?

You may be eligible if:

• You didn’t receive any previous stimulus payments.
• Your payment was less than the full amount.
• Your circumstances have changed, such as:
  • A significant drop in income.
  • Adding a dependent to your household.

The IRS provides tools to help check eligibility and file for the RRC if needed.

What to Expect Moving Forward

While new rounds of stimulus checks haven’t been officially announced, the possibility remains for ongoing economic support through tax credits and relief programs. Keeping track of IRS updates can help you take advantage of these opportunities.

Conclusion

Stimulus checks continue to be a lifeline for many, and options like the Recovery Rebate Credit allow individuals to recover missed funds. If you believe you qualify, don’t miss the deadlines to claim these payments. By staying informed, you can ensure you receive the financial assistance you’re entitled to.

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