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The IRS has issued all stimulus payments in the third round to eligible Americans, the agency said Wednesday. However, new parents and other recipients who added dependents in 2021 may still qualify for additional money.
Payments, up to $ 1,400 per person, was approved by the U.S. Rescue Planning Act, a bill on pandemic assistance that Democrats passed in March.
The IRS also issued two other financial impact payments (up to $ 1,200 and $ 600), which were approved by previous bipartisan aid packages.
Eligibility and total funds received by households were based on income and other requirements.
Some $ 1,400 payments may still be in the mail, but the IRS no longer issues funds from the first, second or third round, the agency said. The IRS issued more than $ 175 million third-round payments to households worth more than $ 400 billion through December 31st.
Who qualifies for more?
However, some households will qualify for additional third-round funds when they submit their 2021 tax return this year. This applies to those whose conditions changed in 2021 compared to 2020.
For example, children born in 2021 qualify for an additional payment of up to $ 1,400 that parents did not receive last year.
Families who added a breadwinner (such as a parent, nephew, niece, or grandchild) to their 2021 tax return and who were not listed as a breadwinner on their 2020 return may also qualify, the IRS said.
Most other eligible persons have already received the full third round amount and will not qualify for more, the agency said.
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Families can recover additional stimulus payments on their tax return by claiming 2021 Recovery Discount Credit. (Stimulus checks are technically an advance payment of the recovery rebate credit.)
The tax season started on Monday and runs until April 18 for most.
To claim the 2021 recovery rebate credit, individuals need to know how much money they received in total stimulus payments in the third round.
This information is available through their online IRS account or via letter 6475, which the agency sends to those who have been issued third-round payments. (Married persons filing a joint tax return must determine their individual information and put it together.)
The IRS urges taxpayers to file an accurate, electronic report to expedite processing and get a faster refund. Errors or incomplete returns require further review, which may cause delays, the agency warned.
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