The IRS has implored citizens nationwide to submit their tax returns for the fiscal year 2019 before the cut-off on July 17. It emphasized that approximately 1.5 million individuals have yet to claim their federal refunds, as stated in a recent news release. This could be your last chance to cash your stimulus check related to the 2019 taxes.
The IRS has provided some leniency for certain taxpayers from 2019 and 2020 who found it challenging to meet the deadline due to the impacts of the COVID-19 crisis Stimulus Check. This includes the waiving of associated return penalties. Yet, the due date is drawing near, and any unclaimed funds will be retained by the Treasury if not filed in time.
This is the date when you will no longer be able to cash your 2019 stimulus check
The amount of refund each tax payer is eligible for will vary based on the tax status of their household. The IRS approximates that both California and Texas each house over 100,000 individuals who might be qualified for a tax refund. The IRS has provided guidelines on how taxpayers can secure critical documents for their 2019 forms. This can be achieved by either requesting copies from their employer or bank, or by procuring an income transcript from the IRS’s official government website.
A stimulus check is a check sent to a taxpayer by the U.S. government. Stimulus checks are intended to stimulate the economy by providing consumers with some spending money. When taxpayers spend this money, it boosts consumption and drives revenues at retailers and manufacturers, thus helping the economy.
In the context of the COVID-19 pandemic, the U.S. government issued several rounds of stimulus checks as part of larger relief packages to help mitigate the economic impact of the crisis on individuals and families. These checks were distributed based on income level, with lower income individuals and families generally receiving larger payments.
When are the stimulus checks cashed?
The disbursement of stimulus checks does not follow a strict schedule and varies depending on several factors such as legislative approval and administrative logistics. Once a stimulus package is approved by the government, the Internal Revenue Service (IRS) typically begins sending out checks, either through direct deposit, physical checks, or prepaid debit cards.
Individuals have a certain period of time to cash or deposit these checks once received. The exact time frame can vary, but for example, the first stimulus check issued during the COVID-19 pandemic in 2020 needed to be cashed within one year of issuance.
It’s important to keep in mind that this information might change based on new legislative decisions or IRS guidelines, and it’s always a good idea to check the official IRS website or consult with a financial advisor for the most accurate and up-to-date information.