(RoyalPatriot.com )- The Earned Income Tax Credit, Child Tax Credit, and Stimulus Payments are still owed to almost 9 million people, according to a mid-October IRS announcement.
According to IRS Commissioner Chuck Rettig, the IRS wants to remind potentially eligible consumers, especially families, that they may qualify for these essential tax benefits.
Rettig urges anyone who hasn’t yet submitted a tax return for 2021 to look at their possibilities. They may still be eligible for a number of significant credits even if they are not obligated to file a tax return.
This year, the IRS has extended the deadline for using its free filing facility by one month, until November 17. Even if you don’t have children, you can still file a tax return for 2021 via ChildTaxCredit.gov and claim the benefit.
Even for those who don’t often file, the quick file tool speeds up the procedure, although those who miss the November deadline can still file a 2021 tax return. According to CNBC, tax filers typically have three years to claim any credits for which they are qualified.
Since the IRS didn’t have their information on file from a recent tax return, many of those folks initially didn’t receive their payouts. For instance, those with very little or no income are exempt from paying taxes.
According to the Government Accountability Office, an internal government watchdog, throughout the epidemic, IRS and Treasury struggled to get COVID-relief funds into the hands of some people — especially those with lower incomes, restricted internet connection, or experiencing homelessness.
Even if they received monthly advance payments in the second half of 2021, they are still eligible for this benefit. The total credit for each child may reach $3,600.
The EITC offers tax breaks to individuals and families with low to moderate incomes. The EITC was increased under the American Rescue Plan, bringing the maximum benefit for childless employees to $1,502. For those with one child, the credit is $3,618. For those with two children, $5,980.
The third “stimulus check” is worth $1,400 for each eligible adult, with an additional $1,400 for each eligible kid or dependent adult.
The qualifying income threshold is $150,000 or less for married couples, $75,000 or less for single taxpayers, and $112,500 or less if the taxpayer is the head of the household. Above those levels, the credit gradually disappears.
The IRS advises individuals who are due any of the three benefits to submit electronically to receive their money as soon as feasible.