New IRS $6,600 Refunds in December 2024 – Who will get it? Check Eligibility

If you’ve been waiting for some good news from the IRS, December 2024 might bring just what you need. The IRS has announced refunds of up to $6,600 as part of a financial relief initiative aimed at taxpayers who may have missed claiming certain tax credits during the 2020 tax year. This program targets specific groups, offering a chance to receive substantial refunds retroactively.

Whether you’re an individual taxpayer or a family wondering if you qualify, this article breaks it all down. Let’s explore who is eligible, how to claim these refunds, and key steps to maximize your benefits.

New IRS $6,600 Refunds in December 2024

The IRS’s decision to offer refunds of up to $6,600 provides a vital opportunity for eligible taxpayers to access financial relief. Whether you’re a parent or an individual worker, this is your chance to claim benefits you may have missed.

By understanding the eligibility requirements and following the outlined steps, you can secure the refund you’re entitled to. Don’t wait—file or amend your 2020 tax return before the April 15, 2025 deadline.By understanding the eligibility requirements and following the outlined steps, you can secure the refund you’re entitled to. Don’t wait—file or amend your 2020 tax return before the April 15, 2025 deadline.

What Is the IRS $6,600 Refund Program?

This refund program is essentially a second chance for taxpayers who missed claiming the Earned Income Tax Credit (EITC) for the 2020 tax year. The EITC is one of the most significant tax credits for low- to moderate-income workers. For families with three or more qualifying children, the maximum credit for 2020 was $6,660.

Why is the IRS offering this now?
The IRS periodically reviews tax policies and compliance data to identify taxpayers who might have missed credits. This program is part of their commitment to ensuring eligible individuals receive the benefits they deserve.

Eligibility Criteria

To qualify for the refund, you must meet specific conditions set by the IRS for the 2020 tax year. Here’s a closer look:

Income Limits

For 2020, the Adjusted Gross Income (AGI) limits were as follows:

• Single or Head of Household:
  • 3+ qualifying children: $50,594
  • 2 qualifying children: $47,440
  • 1 qualifying child: $41,756
  • No qualifying children: $15,820
• Married Filing Jointly:
  • 3+ qualifying children: $56,844
  • 2 qualifying children: $53,330
  • 1 qualifying child: $47,646
  • No qualifying children: $21,710

Qualifying Children

A “qualifying child” must meet the following criteria:

1. Age: Under 19, or under 24 if a full-time student, or permanently disabled at any age.
2. Residency: Lived with you in the U.S. for more than half the year.
3. Relationship: Must be your child, stepchild, adopted child, sibling, or descendant of these relatives.

Filing Status

Eligible filing statuses include Single, Head of Household, Married Filing Jointly, or Qualifying Widow(er).

Steps to Claim the Refund

Here’s how you can ensure you receive your refund:

Step 1: Gather Your Documents

• Collect all 2020 tax-related documents, including:
  • W-2s and 1099s: Proof of earned income.
  • Social Security Numbers: For yourself, your spouse (if applicable), and qualifying children.
  • Proof of Residency: School records, medical bills, or leases to show where you and your children lived in 2020.

Step 2: Amend Your 2020 Tax Return

• If you already filed your 2020 return without claiming the EITC, you’ll need to file an amended return using Form 1040-X.
• Include Form 1040 and Schedule EIC to claim the EITC.

Step 3: File Electronically or by Mail

• Electronic filing is the fastest way to process your claim. However, you can also mail your return to the IRS.

Step 4: Track Your Refund

• Use the IRS’s “Where’s My Amended Return?” tool to monitor the status.

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Important Considerations

Be Accurate

The IRS scrutinizes claims involving credits like the EITC. Double-check your forms to avoid mistakes that could delay processing or trigger an audit.

Retain Documentation

Keep all supporting documents for at least three years, as the IRS may request proof during a review.

Seek Professional Help

If you’re unsure about the process, consult a tax preparer or CPA who specializes in EITC claims.

Frequently Asked Questions (FAQs)

1. Who is eligible for the $6,600 refund?

Taxpayers who meet the income thresholds and other IRS criteria for the EITC for the 2020 tax year are eligible. Eligibility depends on filing status, income, and the number of qualifying children.

2. What is the deadline to claim the refund?

The deadline to file or amend your 2020 tax return is April 15, 2025.

3. How can I check if I qualify?

Use the IRS’s EITC Assistant Tool to verify your eligibility.

4. Can I claim this refund if I have no children?

Yes, taxpayers without qualifying children can claim the EITC, but the maximum refund amount is significantly lower.

5. What should I do if I lost my 2020 tax documents?

Request a copy of your 2020 tax transcript from the IRS using the Get Transcript tool on their website.