Find Out if You’re Owed Money from the IRS and How to Claim It.
Could you have missed out on extra cash from the IRS? If you filed a tax return in 2021 and didn’t claim the Recovery Rebate Credit, the IRS might have good news for you. This December, the IRS issued $2.4 billion in unclaimed credits to over a million eligible taxpayers. Some payments will reach as high as $1,400 per individual.
What Are Unclaimed Credits and the Recovery Rebate Credit?
The Recovery Rebate Credit is a refundable tax credit designed to ensure everyone who missed out on their Economic Impact Payments (EIPs) gets the money they’re entitled to. The IRS recently discovered that many eligible taxpayers left this credit blank or entered $0 on their 2021 returns—missing out on funds they could have claimed.
As IRS Commissioner Danny Werfel put it:
"We realized that 1 million taxpayers overlooked claiming this complex credit when they were actually eligible."
How Will Unclaimed Credits Be Paid Out?
If you're eligible, there’s good news: you don’t have to do anything.
The IRS automatically sent payments to qualified taxpayers in December, with most arriving by late January. Payments will either be direct deposited into the bank account listed on your most recent tax return or sent by paper check to your address of record.
What happens if your bank account is closed? No need to worry. The IRS will reissue the payment by check to your address of record.
What If You Didn’t File a 2021 Tax Return?
If you didn’t file a 2021 tax return, you might still qualify for this credit—even if you didn’t have much or any income that year. The IRS has set a deadline of April 15, 2025, to file a 2021 return and claim your Recovery Rebate Credit.
Here’s what to do if this applies to you:
- File a 2021 tax return.
- Include the Recovery Rebate Credit if you’re eligible.
Don’t leave money on the table—especially when it could be as much as $1,400 per person!
How to Know If You’re Eligible
You might qualify for this payment if:
- You filed a 2021 tax return but didn’t claim the Recovery Rebate Credit.
- You left the Recovery Rebate Credit field blank or entered $0 when eligible.
- You haven’t yet filed a 2021 tax return but do so before the 2025 deadline.
Eligible taxpayers will also receive a letter from the IRS notifying them of their payment.
Don’t Miss Out on Your Unclaimed Credits
With $2.4 billion in unclaimed credits, it’s worth checking if you’re eligible. Whether your payment comes automatically or you need to file a 2021 return, don’t miss this opportunity to claim money you’re owed. If you have questions about your eligibility, consult with myself or a member of my team, or visit IRS.gov for more information.
The Deadline is April 15, 2025, to File a 2021 Return and Claim Your Recovery Rebate Credit
If you haven't seen a rebate credit check or direct deposit, and feel you're owed the rebate, let me know and we'll help you determine if you're eligible.
And, of course, if you find yourself with tax problems of any kind, don't hesitate to contact us for help and guidance. That's what my team and I are here for.
You can contact me by one of the methods below in the blue box, or email me at Larry@TaxProblemSolver.com and we can review your specific issues and solve them. You can also click here to book a free consultation.
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