$1400 IRS stimulus checks, $1 billion in unclaimed tax refunds & $5000 DOGE checks update

WASHINGTON - American taxpayers are encouraged to act quickly to see if they are eligible for refunds that could provide vital financial relief – before time runs out!

Here are the tax refunds you may be entitled to and an update on the possibility of DOGE dividend checks:

$1,400 stimulus payments for those who did not claim Recovery Rebate Credit

What we know:

The Internal Revenue Service (IRS) announced plans in December 2024 to automatically issue payments to individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns.

The Recovery Rebate Credit, a refundable credit, applies to those who missed one or more Economic Impact Payments (EIPs), commonly referred to as stimulus payments.

While the IRS reports that most eligible taxpayers have already received their payments or credits, those who have yet filed their 2021 tax returns may still qualify.

Eligible taxpayers must file their returns and claim the Recovery Rebate Credit by the April 15, 2025, deadline. Payments will vary depending on individual circumstances, with a maximum payment of $1,400 per person. The IRS estimates the total payments to amount to approximately $2.4 billion.

More information from the IRS can be found online.

READ MORE: Deadline approaches to claim $1,400 IRS stimulus check – are you eligible?

More than $1 billion in unclaimed refunds for tax year 2021

What we know:

The IRS estimates that more than $1 billion in refunds remain unclaimed by taxpayers who have not filed their Form 1040, Federal Income Tax Return, for the 2021 tax year.

The revenue collection agency estimates the median refund amount is $781 for 2021. This estimate does not include the Recovery Rebate Credit or other credits that may be applicable.

Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.

The three-year deadline of April 15, 2025, is quickly approaching! Here are more resources online from the IRS.

READ MORE: IRS owes millions to DC, Maryland & Virginia taxpayers - claim yours now

$5,000 DOGE Dividend Checks status update

What we know:

Earlier this year, President Donald Trump expressed support for the idea of returning a portion of savings from Elon Musk’s Department of Government Efficiency (DOGE) to U.S. citizens as a form of dividend.

Trump stated that his administration is exploring a proposal to allocate 20% of the savings generated by DOGE’s cost-cutting measures to American citizens, with an additional 20% directed toward reducing the national debt.

In an interview with FOX News’ Dana Perino, James Fishback, founder of investment firm Azoria Partners, discussed how this could work, and who could qualify.

"The plan is very simple, Dana. We think DOGE will save $2 trillion in total. You take 20% of that-that's $400 billion. You divide that by the number of American households that will pay federal income tax this year. That's $79 million," Fishback said.

"That gets you $5,000 to every American taxpaying household next summer. It'll have President Trump's signature on it, because without him without his leadership this would not be possible."

"The conditional nature of the tax refund (available only to payers of federal income tax CY 2025) incentivizes labor force participation because only net payers of federal income tax in CY 2025 are eligible to receive President Trump's 'DOGE Dividend,'" Fishback wrote on his website, mydogedividend.com

As of now, no updates have been provided as to the status of the DOGE Dividend proposal.

READ MORE: Trump DOGE Dividend Checks: Status and who could qualify for payment if it happens