As tax season approaches, the IRS is urging eligible taxpayers to claim their unclaimed recovery rebates. The Internal Revenue Service (IRS) has indicated that around $1.5 billion in unclaimed stimulus payments from earlier relief bills remain uncollected. These payments are part of the Recovery Rebate Credit, which was introduced to provide financial assistance during the COVID-19 pandemic. Taxpayers can find out if they are eligible for these payments by checking their tax returns for the tax years 2020 and 2021, as well as filing their 2022 tax returns if they haven’t already.
According to IRS officials, many people may not realize that they qualify for some financial relief, particularly those who may not have filed a tax return in recent years. The IRS stated, ‘We don’t want any eligible taxpayers to miss out on the money they deserve.’
In addition to the direct impact on taxpayers, the unclaimed funds have potential implications for state economies and local businesses. With inflation rising and many households feeling financially strained, the recovery rebates could play a significant role in alleviating economic hardship. Eligible taxpayers, including those with dependents, could receive up to $1,400 for individuals and $2,800 for married couples filing jointly.
To assist taxpayers in claiming these funds, the IRS has implemented measures to simplify the process, including improved online tools and resources on their website. Taxpayers can also access help through community organizations and tax assistance programs.
Furthermore, local news sources, such as the Daily Journal of Commerce, reported that the IRS is expanding outreach efforts. They are partnering with various community groups to ensure that information regarding the unclaimed payments is widely disseminated. With the deadline for filing tax returns approaching, the IRS’s message is clear: don’t leave money on the table, and ensure you make a claim for any eligible funds.
