IRS published a news release on February 14, 2022, announcing the creation of a “special new page” that would provide filing reminders for the upcoming tax season in 2021. Beginning on January 24, 2022, the tax filing season for the previous tax year will begin, with tax returns due by April 18, 2022.
One of the primary areas of emphasis on the new IRS portal is the recovery of unclaimed stimulus funds. In order to claim the Recovery Rebate Credit, taxpayers must complete a number of steps, which are detailed in detail by the Internal Revenue Service.
In accordance with the American Recovery and Reinvestment Act, the $1,400 stimulus check made available to qualifying persons and their dependents is officially known as the American Recovery and Reinvestment Act of 2009.
It also contains information on the payments made under the expanded Child Tax Credit, which was also authorized by the same Act and which provides payments of up to $3,600 per child up to the age of 18.
In a news release announcing the special page it had created, the IRS also stated that it had already issued billions of dollars in refunds in the two weeks since the tax filing season for the year had officially opened.
Although no specifics were provided, it is highly likely that some of the money was sent out as part of the unpaid stimulus funds for those who did not receive the full amount due last year, as was the case in the past.
There have already been billions of dollars sent out by the IRS – can you qualify for a refund?
Tax refunds have been sent to a total of 4 million people, according to the Internal Revenue Service, since January 24th. Due to the fact that direct deposit is the most expedient method of receiving a refund, it is likely that the majority of these refunds were transferred into taxpayer bank accounts.
As a matter of fact, the vast majority of people who e-file returns and request direct deposit will receive their payment within 21 days, whereas mailed returns or those requiring paper checks for a refund may take six weeks or longer to be processed.
Taxpayers have already received more than $10 billion in tax refunds, according to the Internal Revenue Service. For the time being, some of these represent ordinary refunds that people receive every year when they submit their tax returns.
Anyone who did not receive the full amount of their stimulus money last year can still claim it by filing a 2021 tax return as soon as possible after the deadline has expired.
Furthermore, because the stimulus payments can be worth thousands of dollars, those who did not receive the money over the course of the year will most likely receive much larger refunds than they would otherwise receive under normal circumstances.
These are some of the taxpayers who may be eligible for a substantial refund as a result of the enlarged Child Tax Credit and the Recovery Rebate Credit.
It may have been difficult to make payments to those who hadn’t filed a recent tax return because the IRS may not have had their information on hand.
Participants in the stimulus check or Child Tax Credit who had previously surpassed the income restrictions for either program but who have now seen their salaries decrease substantially
Individuals who added a dependent in 2021 would be unable to claim their stimulus check or Child Tax Credit because the IRS would not have been aware of the new dependent.
Several of the 4 million taxpayers who filed their forms and received their refunds earlier this year may have been included in this category. Also eligible will be the millions of additional taxpayers who file their tax returns in the coming weeks.
You should complete and submit your forms as soon as possible if you believe you may be one of them so that you can be included in the next batch of refunds issued by the Internal Revenue Service.