COVID-19 Stimulus Payments Are Still Available for Some, But Not for Long
Did you know that some Americans are still able to get a COVID-19 pandemic stimulus payment? If you’re eligible, you’re going to need to act fast to get yours.
Oct. 12 2022, Published 12:42 p.m. ET
Some people who have little to no income may be eligible for a remaining COVID-19 pandemic stimulus check once they take action.
This lingering benefit isn’t available for long, so it’s important to take advantage of it sooner rather than later. Here’s how to find out if you’re eligible for an economic impact payment and how to get it.
Have little to no income? You may still be eligible for economic stimulus.
People with little to no U.S. income aren't required to file a tax return. The minimum income threshold for required tax filing starts at $12,550 for single filers under the age of 65 and increases depending on age and filing status.
While filing a tax return isn't required for these individuals, there’s still the option of filing what’s called a simplified tax return. Doing so can make you eligible for a remaining COVID-19 pandemic economic impact payment (EIP), or stimulus check.
Is it a stimulus check or a recovery rebate credit?
If you didn’t get the full third stimulus check, you can also claim a 2021 recovery rebate tax credit on your latest filing. A physical or directly deposited stimulus check is just an advance payment version of the recovery rebate tax credit. The tax credit is equivalent to the check’s total value.
If you're eligible for a stimulus payment, don't miss these deadlines.
According to the U.S. Government Accountability Office (GAO), workers who fall under this category have until Nov. 15, 2022, to file a simplified tax return and get their stimulus check.
For people who are required to file a tax return but applied to file late, they must file by Oct. 17 in order to get the payment.
You may also be eligible for the child tax credit.
Even if you have limited income and file a simplified tax return, you can still take advantage of the child tax credit (CTC) program. This program has its own eligibility requirements, including having children under the age of 18 by the end of the year who provide no more than half of household financial support.
The GAO says, “Millions of families may have already received some expanded CTC payments. From July to December 2021, eligible families received advance monthly payments of half their total expected CTC, benefiting around 84 [percent] of U.S. children. Generally, checks were directly deposited into the bank accounts IRS had on file for the recipient family. According to the Census Bureau and the Federal Reserve, COVID stimulus and [advanced] CTC payments reduced financial hardship and food insufficiency among recipients.”
If you have yet to file a regular or simplified tax return, now is the time to do so. Both deadlines are quickly approaching, and doing so can help you secure additional income through economic stimulus. While the money itself has decreased in value thanks to inflation, it’s still yours to have.