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Although the IRS will no longer send stimulus checks or plus-up payments, taxpayers can claim credits and tax relief. Here the details.
The Internal Revenue Service (IRS) has finished sending the third stimulus check and the plus-up payments. According to the tax agency, from March to December 2021, more than 175 million payments were sent during the third round.
Although the IRS will no longer send Economic Impact Payments, taxpayers have other alternatives to receive other types of financial assistancesuch as some credits and tax aids offered by the IRS.
Financial Information: IRS, Letter 6475, Plus-Up Payments, Child Tax Credit… | Today, March 5
Taxpayers have various options for tax relief, which they can claim when filing their tax return. This year, the IRS sets April 18 as the deadline to file the 2021 tax year return. We share the credits you can request.
In his statement, families can apply for the second half of the Child Tax Credit if they received the advance monthly payments or full payment (up to $3,000 or $3,600 for each child) if they did not receive the monthly payments.
Taxpayers can also claim the Child and Dependent Care Tax Credit of up to $8,000 for one person or $16,000 for two or more. This help allows taxpayers to directly reduce their taxes for the amount spent on the care of children or dependents under the age of 13.
It may interest you: Child and Dependent Care Tax Credit: Amounts, requirements and how to enroll
The IRS also has the Earned Income Tax Credit. Low- and moderate-income workers can claim from $1,502 to $6,728 on your tax return. For more information, visit the portal of the Earned Income Tax Credit (EITC) del IRS.
Third stimulus check: Recovery Rebate Credit
The IRS sent Letter 6475 to taxpayers eligible for the third stimulus check. If you received it, but did not receive the payment last year, you can claim it through the Recovery Refund Credit. This credit is intended for eligible taxpayers who missed their third check, whose payment was incomplete, who had or adopted a child in 2021, or whose income dropped significantly in tax year 2021.
