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Potential Stimulus Checks and Unclaimed Tax Refunds: Key Information for Taxpayers

Are you aware that you might be eligible for a $1,400 stimulus check from the federal government? For those who have yet to receive this, there is still time to meet eligibility requirements and complete the necessary steps before the impending deadline.

Many taxpayers may also be missing out on income tax refunds from previous years due to failure to file their taxes. This situation affects a significant number of individuals who could benefit from these funds.

The Internal Revenue Service (IRS) has already disbursed around $2.4 billion to roughly 1 million taxpayers for Recovery Rebate Credit checks that went unclaimed as early as December. However, the final deadline for eligibility arrives this April.

Moreover, estimates from the IRS indicate that 1.1 million Americans have yet to file their 2021 income taxes, resulting in missed refunds totaling about $1 billion. Approaching this deadline is crucial, as any unclaimed funds will revert to the U.S. Treasury if not filed by the specified date.

In Mississippi alone, taxpayers are estimated to be owed approximately $8,283,600. Around 9,600 individuals who have not filed their 2021 taxes could receive an average refund of $701.

Eligibility and Deadlines for Stimulus Checks in Mississippi

The IRS reports that over a million taxpayers across the U.S. did not claim the Recovery Rebate Credit on their 2021 tax returns. This refundable credit was designed for individuals who missed receiving one or more Economic Impact Payments, commonly referred to as stimulus checks, during the COVID-19 pandemic.

No action is required for those eligible to claim this credit, as payments will be issued automatically. Checks, which can reach a maximum of $1,400, will either be sent as paper checks or directly deposited based on the bank account information provided in your 2023 tax return. A separate notification letter will accompany the payment.

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Taxpayers have until April 15, 2025, to file any back-year returns. It is essential to note that only those who have submitted their taxes will be eligible for this check. Additionally, filing for 2021 taxes is necessary to claim any owed refunds.

Source
finance.yahoo.com