The deadline to claim the $3,200 stimulus payments: how to apply?

The deadline to claim stimulus checks and the 2021 child tax credit is 15 November 2022. The IRS has sent letters to those who have yet to file a tax return and, thus, have left their benefits unclaimed.

For those who have not yet filed a 2021 tax return, one must be submitted to the IRS by the deadline in order to receive the payments, which could total more than $3,200.

The American Rescue Plan, passed by Democrats in March 2021, included a stimulus check worth $1,400 (more for families) and funds to boost the value of the child tax credit.

In 2021, the value of the child tax credit increased from $2,000 per child to $3,600 per child under six and $3,000 for those between six and seventeen. There are no income minimums, unlike the $2,000 credit, meaning those who may not have submitted a return should do so as soon as possible. For more information, one can look to the IRS and a website dedicated to helping parents and guardians navigate the child tax credit.

Could there be any penalties for submitting a tax return late?

It is worth mentioning that taxpayers could claim the payment when filing their tax return for the fiscal year 2021. However, this year’s tax season ended on April 18, and the extension expired on October 17.

You may still be able to get the money if you claim the credit by filing your return after those dates; however, since both deadlines have passed, the amount you are eligible for would be reduced by penalties, and your refund would be less than expected.

On the other hand, people who are generally not required to file their tax return due to their income still have until November 15 of this year to apply for the credit, as well as the third stimulus check, using the GetCTC.org tool.

How many people have yet to claim the benefit?

According to the US Government Accountability Office, there are anywhere between nine and ten million people who would be eligible to receive these funds but have yet to claim them.