The upcoming May 17 tax filing deadline this year with the Internal Revenue Service (IRS) is key for people waiting for the third round stimulus check under the “American Rescue Plan”.
If you have not received your eligible payment by that date, you will most likely have to request the disbursement during the upcoming 2022 tax season through the “Refund Recovery Credit”.
At this point in the process, the IRS has distributed a large portion of the so-called “Economic Impact Payments” from the third round.
Currently, the agency is focusing on “plus-up” or additional payments to those who received an initial payment based on the 2019 tax return, as well as payments to individuals who recently filed their taxes with the IRS.
IRS processes third stimulus check as it receives tax returns.
In cases where you filed your taxes shortly before the deadline, such as in recent days, you will likely receive your third stimulus check shortly along with your refund.
Who would have to claim the third stimulus check next year?
But, if the above does not apply to you, you may have to claim the payment next year.
Many of the people who have not received payments under the third stimulus check are Americans who are not required to file taxes because of low income or no income at all.
These individuals should submit their tax information to the IRS as soon as possible by filing a tax return, even if they are not required to do so, so that the agency can process the payment. If this process is not completed by May 17, the IRS will not have the data to process payments to certain members of this population, such as homeless individuals.
“Non-filers are no longer available to claim third stimulus check payments due.
Until last November, these individuals could complete the procedure through the “Non-filers” portal, but that option was disabled from the IRS.gov website, and now any potential beneficiary will have to claim the payments due through the referred credit on a tax return.
The “non-filer” tool, for example, helped thousands of beneficiaries of programs such as Social Security who do not file taxes submit their information for processing of the third and previous stimulus checks.
In the various IRS press releases, the agency urges every citizen eligible for the payments to file taxes by the May 17 deadline in order to receive the money for the third and/or previous stimulus checks this year.
“While the payments are automatic for most people, the IRS continues to urge people who do not normally file a tax return and have not received economic impact payments to file a 2020 tax return to get all the benefits they are entitled to under the law and which include tax credits such as the 2020 Refund Recovery Credit, the Child Tax Credit and the Earned Income Tax Credit. Filing a 2020 tax return will also help the IRS determine if someone is eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer,” the IRS urges on its website.