IRS to Distribute Up to $1,400 in Stimulus Payments to 1 Million Eligible Taxpayers
As we approach the end of the year, the IRS is issuing a new round of "special payments" to help eligible taxpayers receive up to $1,400. This money, part of the 2021 Recovery Rebate Credit, is set to reach about 1 million individuals who missed out on earlier Covid-19 relief payments, often referred to as stimulus checks. If you didn’t claim this credit in 2021, you may be one of the lucky recipients of these payments.
The total sum to be distributed is estimated at $2.4 billion, with the maximum individual payment reaching $1,400. These payments are automatic, meaning if you're eligible, you don’t need to take any action to claim it. The IRS is proactively reaching out to those who did not claim the Recovery Rebate Credit on their 2021 tax returns, either by leaving the section blank or entering incorrect information.
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The Recovery Rebate Credit was initially created to help individuals who were due economic relief during the pandemic but did not receive the full amount of the stimulus checks. While most eligible people received their payments, some missed out for various reasons. The IRS has now identified 1 million taxpayers who are eligible but have not yet claimed their rebate credit. By issuing these automatic payments, the agency aims to save taxpayers from the hassle of filing amended returns.
Eligible taxpayers can expect to receive their payments either by direct deposit or paper check. Those who have updated their bank account information with the IRS will receive the payment directly into their account. If you’ve closed your bank account since filing your 2023 tax return, the IRS will send the payment to your mailing address on record. Additionally, a letter will be sent notifying you about your eligibility and the payment details.
For those who haven't filed their 2021 tax return yet, there’s still time to claim this credit. You have until April 15, 2025, to file your return and receive any owed payments. Keep in mind, claiming the Recovery Rebate Credit will not affect eligibility for other federal benefits such as SSI, SNAP, or WIC.
This initiative is a part of the IRS’s ongoing efforts to ensure that all eligible taxpayers receive the financial support they are entitled to. If you think you may qualify, it’s important to check the IRS website for more details on eligibility and payment amounts. This could be an unexpected but much-needed boost before the new year.
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