Millions of Americans may still be eligible to claim unclaimed stimulus payments, also referred to as Economic Impact Payments (EIPs). These payments were part of the government’s response to the economic challenges caused by the COVID-19 pandemic. If you haven’t yet claimed your share, this guide will help you understand if you’re eligible, how to claim your payment, and what to do if you face any challenges along the way.
Stimulus payments provided essential financial assistance to millions during the pandemic, but there are still unclaimed funds waiting to be distributed. Here’s a comprehensive breakdown of how to claim your payment.
What Are IRS Unclaimed Stimulus Payments?
Stimulus payments were provided as part of the federal relief packages to help individuals and families cope with financial difficulties during the COVID-19 pandemic. The IRS issued three rounds of payments between 2020 and 2021, and those who missed out on payments can still claim the Recovery Rebate Credit to receive any unclaimed funds.
- First Round (2020): Up to $1,200 for each adult and $500 per dependent.
- Second Round (2021): Up to $600 per individual.
- Third Round (2021): Up to $1,400 per individual and eligible dependents.
If you didn’t receive the full amount of these payments, you can still claim the missing funds on your 2021 tax return, and there’s still time to do so.
Who is Eligible for Unclaimed Stimulus Payments?
If you missed receiving one of the stimulus payments, you might still be eligible. Here’s how to determine if you qualify:
1. You Filed a 2021 Tax Return
If you filed your 2021 tax return but didn’t claim the Recovery Rebate Credit, you may still be able to claim it. Mistakes or omissions on your tax return might mean you missed out on the payment, and correcting your return could secure the funds.
2. You Haven’t Filed Your Taxes (Non-Filers)
If you didn’t file a tax return for 2021—especially if you have low or no income—you might be unaware that you’re entitled to a stimulus payment. The IRS encourages non-filers to submit their 2021 tax return to claim any unclaimed funds.
3. Income Limits
Eligibility for the payments is based on income, with limits depending on your filing status:
- Single: $75,000
- Head of Household: $112,500
- Married Filing Jointly: $150,000
If your income exceeds these limits, the payment amount gradually decreases until it phases out completely.
How to Claim Your IRS Unclaimed Stimulus Payments
It’s easier than you might think to claim your stimulus payments. Follow these steps to get your payment:
Step 1: Check Your Payment Status
You can check the status of your stimulus payments using the IRS’s “Get My Payment” tool. This tool provides information on payment dates, amounts, and delivery methods.
Step 2: Review Your 2021 Tax Return
Look at line 30 of your 2021 Form 1040 or 1040-SR to see if you claimed the Recovery Rebate Credit. If it’s missing or incorrect, you’ll need to amend your return.
Step 3: File an Amended Return (If Needed)
If you find that you didn’t claim the credit on your return, you can file an amended tax return using Form 1040-X. Be sure to clearly indicate that you’re claiming the unclaimed stimulus funds to speed up processing.
Step 4: Submit a Tax Return if You Haven’t Filed (For Non-Filers)
Non-filers who haven’t submitted a 2021 tax return have until April 15, 2025, to file and claim their payments. Filing a return is crucial for ensuring that you receive any outstanding payments.
Step 5: Contact the IRS for Assistance
If you encounter any difficulties or need more help, you can contact the IRS directly. They offer support through their hotline or in-person at local offices.
Common Issues and How to Resolve Them
While claiming your stimulus payment is relatively straightforward, there are some common issues you might encounter. Here’s how to handle them:
1. Payment Sent to the Wrong Account
If your stimulus payment was sent to a bank account that’s incorrect or closed, it will be returned to the IRS. You can fix this by updating your bank details when filing an amended return or submitting a new tax return.
2. Payment Not Received Due to Address Errors
If you’ve changed addresses, make sure to update your information with the IRS using the “Where’s My Refund” tool to avoid payment delays.
3. Delays Due to Identity Verification
In some cases, identity verification may cause delays in receiving your payment. If the IRS requests more information, respond as soon as possible to resolve the issue.
FAQs About Unclaimed Stimulus Payments
1. Can I claim a payment for my dependents?
Yes, if your dependents were eligible but were missed in previous payments, you can still claim them on your 2021 tax return.
2. Are these payments taxable?
No, stimulus payments and the Recovery Rebate Credit are not considered taxable income.
3. What happens if I owe back taxes?
Stimulus payments are not reduced or withheld to cover outstanding debts with the IRS or any other agency.
4. How long does it take to receive the payment?
Once you submit an amended return or file your tax return, payments usually arrive within 8-12 weeks, depending on IRS processing times.
5. What happens if I miss the 2025 deadline?
If you fail to file your 2021 tax return by April 15, 2025, you may lose the opportunity to claim unclaimed funds. It’s best to act sooner rather than later to ensure you don’t miss out.
By taking the time to review your situation and follow the necessary steps, you can ensure that you receive any unclaimed stimulus payments you’re entitled to.
