Stimulus checks, once thought to be a relic of the past, remain a potential source of financial relief even today.
Initially introduced to mitigate the economic struggles brought about by the COVID-19 pandemic, these payments might still be available for certain individuals in 2024 and 2025.
Here’s everything you need to know about ongoing stimulus payments and how you can claim them if eligible.
What Are Economic Impact Payments (EIPs)?
The Economic Impact Payments (EIPs) were designed to provide direct financial assistance to Americans during the height of the pandemic. These payments were distributed in three rounds by the Internal Revenue Service (IRS) and the United States Department of the Treasury:
- First Round: Issued in 2020.
- Second Round: Released in late 2020 and early 2021.
- Third Round: Ongoing distributions up to $1,200.
While most eligible individuals have already received their payments, there is still an opportunity for those who missed out to claim their share.
Third Round of Economic Impact Payments
The third round of Economic Impact Payments (EIPs) was distributed to eligible individuals beginning in 2021.
If you haven’t received your payment yet, there is a chance it could still arrive before the end of 2024. This round mirrors the earlier distributions, with payments of up to $1,200 per eligible person.
Claiming Missing Payments: Recovery Rebate Credit (RRC)
If you did not receive your EIP or received less than the full amount, you may be eligible to claim a Recovery Rebate Credit (RRC) for the 2020 or 2021 tax year. The RRC allows taxpayers to recover missed stimulus payments by filing a tax return.
Key Deadlines for Claiming the RRC
| Tax Year | Deadline to File RRC |
|---|---|
| 2020 | May 17, 2024 |
| 2021 | April 15, 2025 |
Even if your circumstances have changed since the payments were initially sent (e.g., income level, household size), you may still qualify for the credit.
Eligibility for Stimulus Payments or Credits
You may still be eligible for the third round of payments or the Recovery Rebate Credit if:
- You did not receive any of the previous stimulus payments.
- You received less than the full amount.
- Your financial or personal situation has changed (e.g., a significant drop in income or the addition of a dependent).
The IRS provides a simple process to check your eligibility and file for the RRC if needed.
FAQs
Can I still receive a stimulus check in 2024 or 2025?
Yes, if you qualify for the Recovery Rebate Credit for the 2020 or 2021 tax year, you can claim it by filing your tax return before the respective deadlines.
What is the Recovery Rebate Credit (RRC)?
The RRC is a tax credit that allows eligible individuals to recover missing stimulus payments for the 2020 or 2021 tax years.
What are the deadlines to claim missing stimulus payments?
For the 2020 tax year, the deadline was May 17, 2024. For the 2021 tax year, the deadline is April 15, 2025.
