Nearly 645,000 people have yet to receive their $1,400 stimulus check from the American Rescue Plan, and their chance to claim the payment is almost up?
The U.S. Department of Treasury said that more than 99.5 percent of taxpayers, or 167 million Americans, were credited the $1,400 stimulus check as of September 2021. An additional 294,000 taxpayers were also issued the payment with some delays.
However, there are still 644,705 individuals who have not received their boosted benefits within the allotted time frame, per CNBC. They have until Monday, April 18, 2022, to collect it, which is also the deadline for filing tax returns in the U.S.
Who Are Eligible and How Can They Claim?
The last of the $1,400 stimulus check was given in the spring of 2021. Taxpayers who earned less than $75,000 of their gross income for single parents or solo filers or $112,500 for both parents or joint filers are eligible. Since the basis of this rollout was from previous tax returns, some individuals could be due more money if they had a new baby or their income changed after March of that year.
Those who did not file any tax returns between 2019 to 2021 since their incomes were so low and thus were left out from the rollout could also receive the stimulus payment if they file before April. According to CNN, any low-income U.S. citizen or resident aliens may claim for either partial or full third-round stimulus payment if they have secured their Social Security numbers.
Regardless of their situation, those still waiting for their third stimulus check, whether partial or full, may file a Recovery Rebate Credit using their online account with the Internal Revenue Services (IRS). The details to be included in the Recovery Rebate Credit should be found in Letter 6475, which the IRS sent out to all taxpayers in January. The information must also be in their account on the IRS portal.
However, if they plan to file and think that they will not be able to submit it before the April 18 deadline, they must also file Form 4868 to get an extension for six months.
No More Federal Stimulus Check
Despite continued hardships post-pandemic, an analyst from Nasdaq believes that a fourth stimulus payment in 2022 is highly unlikely. Amidst the inflation and increase in gas prices, the U.S. economy has been improving tremendously, and the labor market is on its way to a strong recovery.
The analyst also said that the prevailing situation is no longer as dreadful as two years ago, when COVID-19 struck, despite some economists projecting that a recession may happen. Millions of Americans may still have many work opportunities, especially if they have been vaccinated for added protection.
Despite this, some bills will go into deliberation at the Capitol that could provide financial boosts like gas rebates or a revision of the child tax credit. However, proposals for these kinds of stimulus payments are not as high as the $1,400.
