The 2021 American Rescue Plan provides an opportunity for individuals who missed out on the $1,400 stimulus checks to claim their funds through the Recovery Rebate Credit until April 15, 2025. This includes those who did not file taxes in 2021 or received income from benefits like Social Security. Eligible individuals can receive credits not only for themselves but also for dependents, including university students and disabled relatives, potentially adding up to thousands of dollars. Eligibility is based on 2021 adjusted gross income (AGI), with limits set at $75,000 for singles and $150,000 for couples. Many misconceptions exist regarding eligibility, particularly concerning benefits and adult dependents, which could lead to missed funds. The IRS offers tools and resources to assist taxpayers in claiming their credits, but time is running out, and those who have not filed must act quickly to avoid losing out on unclaimed funds.
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