As the year was beginning, the IRS made an extraordinary announcement: surplus accounts caused millions of dollars in taxes to be owed by citizens across the country. However, the requests for tax returns were too long in coming… until they arrived unnoticed. These are the last hours for you to receive up to $1200, and now we’ll explain how to do it.
IRS owes you money: official confirmation has been made
The IRS at the moment is the person responsible for the debts of millions of taxpayers in the United States. The tax agency has a large amount of unclaimed tax refunds which must be paid out before the deadline this year. The IRS has declared that the individuals and families all over the country have the right to the tax refunds.
You also can get stimulus checks, child tax credits, and other payments. Nonetheless, the Americans have to act fast and file their 2021 tax returns before the black day in May, 17. If they do not, they will surely fail to get their money that the IRS is still owing to them.
These funds can be the much needed break for the families who are in the middle of high inflation and increasing costs. The IRS is calling on taxpayers who have not filed their returns yet this year to submit their tax returns as soon as they can. You know, you have to fill your taxes ASAP!
Income levels for tax refunds have been published: there are changes
Eligibility for a stimulus check tax refund from the IRS requires that your adjusted gross income (AGI) is below $150,000 if you are married and have jointly filed for taxes or if you are a qualifying widow or widower. Only a single filer or a head of house who will have his/her AGI less than $75,000 can apply for this.
For the couples who are getting married and filing separately, each of them should have the Average Gross Income (AGI) of less than $75,000 to get a payment. Nonetheless, there are phase-outs that cut the amount of your stimulus check if your income is above the set criteria. The phase-out ranges are:
- The total tax rate for married joint filers is between $150,000 and $160,000.
- $112,500 to $120,000 for head of household filers is the target amount.
- The recommended limit for single filers is $75,000 to $80,000.
- The average amount is between $75,000 and $80,000 for married separate filers.
Consequently, even if your income is more than the eligibility limits, you may still get a partial stimulus check given that your income is in the phase-out ranges. The IRS tests your latest tax return to figure out whether you qualify for the assistance and the amount you will have to pay.
How much money could yo get? Record amount as IRS has collected more than ever
The IRS stimulus payments of $1,400 per person, including adults and dependents, stimulate the economy. Thus, a family of four could get up to $5,600 in total stimulus payments. The complete $1,400 will be distributed to individuals making up to $75,000 and married couples earning up to $150,000.
The payments are cut for the incomes which are above those thresholds, phasing out totally for the individuals who are earning more than $80,000 and married couples who are earning more than $160,000. Thus, the amount that you will get is contingent on your adjusted gross income, marital status, and the number of dependants.
Utilize the IRS online tools to verify your payment status and calculate your candidate stimulus amount. Many of the families were extremely happy when they could suddenly see the additional cash in hand to take care of the expenses and also help the economy to recover.
Are you among the lucky ones who will receive up to $1200 in tax returns? If so, remember that the deadline is tomorrow, so the IRS is not going to set any more extensions (this was the last one, they warned you back in April). And, despite what was claimed in several media, this request is compatible with social benefits, including stimulus checks.
