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Last Chance Alert: IRS Urges Claiming COVID Tax Credit Before Deadline Expires

Deadline Approaching: Reminder of Expiring COVID Tax Credit

Opportunity for Overlooked Individuals: Seizing the Recovery Rebate Credit

According to KSN News, as the May deadline looms, taxpayers are reminded of the impending expiration of a critical tax credit established during the COVID-19 pandemic. The Recovery Rebate Credit designed to provide relief to individuals impacted by the economic fallout of the pandemic will cease to be available after May. Despite this looming deadline, individuals who have yet to file their 2020 tax returns still have an opportunity to claim COVID tax credit as highlighted by the Internal Revenue Service (IRS). However, they must ensure to submit their tax return by the May 17, 2024 cutoff to qualify for this refundable credit.

The Recovery Rebate Credit holds significant importance for individuals who may have missed out on stimulus checks in 2020 or 2021. Notably, this COVID tax credit remains refundable, meaning even those who do not owe taxes can still benefit from it. With time running out, taxpayers are urged to act swiftly to seize this opportunity and claim the credit before it expires in May ensuring they receive the financial support intended to alleviate the economic impact of the pandemic.

Amidst the widespread distribution of COVID-era stimulus checks, certain individuals may have slipped through the cracks particularly those whose income fell below the threshold for tax filing. These individuals overlooked in the initial round of payments still have an opportunity to claim what is rightfully theirs. By filing their 2020 tax return, they can claim the Recovery Rebate Credit ensuring they receive the financial support they’re entitled to. Whether they missed a payment or received an incorrect amount, this credit provides a lifeline for those who may have been excluded from the stimulus distribution.

(PHOTO: Last Chance Alert: IRS Urges Claiming COVID Tax Credit Before Deadline Expires)

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Deadline for 2021 Recovery Rebate Credit Provides Opportunity

The deadline for claiming the 2021 Recovery Rebate Credit offers a glimmer of hope for those who may have been overlooked. Individuals have until April 15, 2025 to claim this credit providing ample time for them to rectify any discrepancies and ensure they receive the full amount owed to them. As the IRS continues to emphasize the importance of tax compliance, individuals are encouraged to take advantage of this opportunity and claim what is rightfully theirs before time runs out.

To qualify for the 2020 Recovery Rebate Credit, individuals must meet IRS requirements including being a U.S. citizen or resident alien in 2020, having a social security number issued before the tax return due date and not being claimed as a dependent by another taxpayer. Additionally, the credit can be claimed for individuals who died in 2020 or later. Taxpayers can easily check their eligibility and missing payments online through an IRS account.

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