URGENT: IRS to Send Unclaimed Stimulus Checks Worth Up to $1,400 – Are You Missing Out?

The IRS will automatically send almost 1 million taxpayers special payouts of up to $1,400 in the coming weeks. The funds will be put immediately into qualified people’s bank accounts or mailed as a printed check.

The IRS said it will distribute approximately $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. People who missed one of the COVID stimulus installments or got less than the full amount could claim the credit. However, on Friday, the IRS revealed that many eligible individuals had not done so.”Looking at our internal data, we discovered that one million taxpayers failed to claim this complex credit when eligible,” IRS Commissioner Danny Werfel said in a statement.

What is the possibility that I will receive a check?

Sorry, it’s relatively low. According to the IRS, most taxpayers who filed for federal stimulus funds, also known as Economic Impact funds, had already received them. The IRS has stated that special payments will be made to individuals who filed a 2021 tax return but left the Recovery Rebate Credit data box blank or filled it out as $0 while qualified for the credit.

How will this work out?

Eligible taxpayers do not need to take any action. The payments will be sent out automatically this month and should arrive via direct deposit or check by late January 2025. They will be mailed to the taxpayer’s bank account stated on their 2023 return or to the address on file with the IRS. Payments will vary, but the maximum amount is $1,400 per person. The IRS has made eligibility and payment calculation information available online. The IRS intends to send letters to eligible taxpayers advising them of the extra payment.

What if I haven’t yet filed a 2021 tax return?

You could still get the money. However, taxpayers must file a tax return and claim the Recovery Rebate Credit before the April 15, 2025 deadline, even if their income from a job, business, or other source was little or nonexistent, according to the IRS.

The pandemic resulted in three waves of household payouts totaling $814 billion. The IRS determined the amounts people received based on income, tax filing status, and the number of children or qualified dependents. In March 2020, eligible persons received up to $1,200 per income tax filer and $500 per child under the CARES Act. In December 2020, eligible persons got up to $600 each income tax filer and $600 per kid under the Consolidated Appropriations Act. In March 2021, eligible taxpayers might receive up to $1,400 per income tax filer and $1,400 per kid under the American Rescue Plan Act.