Tax return deadline: When is your last chance to file a tax return for 2020?
Tax filers who haven’t claimed stimulus payments dating back to the time of covid-19 are running out of time to avail of the benefit up to $1,200 or $2,400.
The Internal Revenue Service is reminding those who haven’t filed a tax return for 2020 that they are running out of time to claim stimulus payments that were handed out during the covid-19 era.
The agency is encouraging the taxpayers involved to beat the deadline in order to receive Recovery Rebate Credit.
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Tax return deadline: When is your last chance to file a tax return for 2020?
These late filers have up to May 17, 2024 to submit their tax return for fiscal year 2020. They must comply with this step if they are to receive the benefit of up to $1,200 for individuals and up to $2,400 for married couples filing jointly.
The Recovery Rebate Credit is a refundable amount given out to those who did not receive one or more stimulus payments, also known as Economic Impact Payments, in 2020 and 2021.
While fiscal year 2020 filers have only two months left to claim the money, those who wish to apply for the Recovery Rebate Credit for 2021 have one more year to do so. They can submit the necessary tax return until April 15, 2025.
Taxpayers who expect a refund are given three years after the filing deadline to file and claim any money that is due them. The May 17, 2024 deadline was set since the original due date for tax year 2020 was May 17, 2021.
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Who is eligible to receive the 2020 and 2021 Recovery Rebate Credit?
If you want to apply for the credit, you must meet the following requirements:
- Be a US citizen or resident alien during the year in question.
- Have a Social Security number issued before the tax return’s due date.
- Not be a dependent of another taxpayer.