Stimulus Check 2022: It's Not Yet Too Late to Claim Your Missing $600 to $1400 Payments

The Internal Revenue Service has released information regarding how consumers might be eligible to claim a Recovery Rebate Credit for any missing or incorrect payments in 2020 or 2021 federal tax returns.

The instruction on the claims was released, with the Economic Impact Payments and Get My Payment tool no longer available to track stimulus checks, according to a Go Banking Rates report.

The first and second EIPs were released in 2020 and early 2021 as advance installments of the 2020 Recovery Rebate Credit. IRS noted that it could have been claimed on a 2020 tax return.

Claimants can sign into their IRS online account and check under the "Economic Impact Payment Information" to see the amounts of their stimulus check payments.

Claimants will need a total payment summary from their account of a Letter 6475 to calculate a claim for a Recovery Rebate Credit. Letter 6475 is a statement confirmation for their third stimulus checks and any additional payments beneficiaries received for the 2021 tax year.

The statement confirmation will be sent to your address on file by the end of March 2023.

Claiming Unclaimed Stimulus Check Payments

For the first and second stimulus check payments that you missed, you need to file a tax return for Tax Year 2020, which is filed in 2021. However, if you missed the filing deadline, you can still file for your tax return to get your first and second stimulus check, as stated by Tax Outreach.

There is no penalty for filing late if you do not owe taxes. Otherwise, you may be subjected to penalties and fines for not filing or not paying taxes.

Meanwhile, for the third stimulus check, claimants will need to file a tax return for Tax Year 2021. The deadline to file the tax return for 2021 was Apr. 18, 2022.

There are tax software that will automatically help you determine if you are eligible for the Recovery Rebate Credit such as MyFreeTaxes, H&R Block, or TurboTax.

Stimulus Check Issuance

The U.S. government has released three rounds of stimulus checks. CNBC News noted that the first stimulus checks were worth as much as $1,200 per person and were authorized by Congress in 2020. The second and third were worth $600 and $1,400.

Direct payments are targeted at individuals and families below certain income thresholds.

Those with adjusted gross income up to $75,000 for singles, and $112,500 for heads of households. Meanwhile, married couples who file jointly are eligible for full payments if they earn up to $150,000.

The IRS and other agencies earlier noted that about 127 million checks have been sent, which is approximately worth $325 billion.

If your income dropped from 2019 to 2020, you could be among those who were eligible for a larger payment.

The IRS earlier said that they could possibly send follow-on payments to those people after their 2020 tax returns were processed.

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Claiming missed stimulus checks on 2020 Tax Return - from CBS 19