Related video above: Third payment complications have been a problem for some since April 2021.**
CLEVELAND (WJW) – The third stimulus check was sent to eligible American families beginning in March 2021 under the American Rescue Plan Act. And while the Internal Revenue Service has announced that they had now sent all qualified payments, they say some families can still leave money on the table.
Theirs said wednesday that parents of a child born or added to their family in 2021 “may be eligible to receive up to $1,400 for the child by claiming the recovery rebate credit.”
But are you entitled to a recovery rebate credit and should you apply for it? The IRS recently began sending explanatory letters to those who received the third payment, which breaks down how much you received and whether you might be eligible for more. You can also find this information on their website.
However, for those who haven’t received a payment this year, there’s still a way to see if you qualify. Questions to ask yourself:
- Is there a new child in the family?
- Has family income changed drastically? (find the exact qualification dollar amounts here)
If so, people should consider applying for the salvage rebate credit.
The IRS reports sending 175 million third-round payments last year, totaling more than $400 billion.
The recovery refund credit must be filed as part of your 2021 tax returns, and the IRS has made it clear that it will not calculate the refund for you. Learn more about filing those tax returns, which are due April 18. here.