If you need extra money and believe your odds of winning the $1.15 billion Mega Millions jackpot are slim, try this: The IRS began distributing stimulus money to one million taxpayers. The Internal Revenue Service will distribute $2.4 billion in checks in the following week, the agency stated on December 20. Will you be one of the taxpayers receiving an end-of-year financial boost? This is what you should know.
Why is the IRS issuing 1 million stimulus checks?
The funds will be issued to “eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns,”. “Looking at our internal information, we realized that one million taxpayers overlooked applying for this complex credit when they were eligible,” the IRS Commissioner, Danny Werfel, stated. “To minimize headaches and get this money to eligible taxpayers, we’re making the payments programmed, meaning these people will not be required to go through the complicated procedure of filing an amended return to get it.”
Who is qualified to get the IRS stimulus checks?
If you were a U.S. citizen or U.S. resident alien who filed a 2021 tax return or have yet to submit one but did not claim the Recovery Rebate Credit, you might be one of the 1 million eligible for the IRS payout. According to the IRS, most taxpayers qualified for Economic Impact Payments, commonly known as Recovery Rebate Credits or stimulus payments, have already received them. The IRS made three rounds of stimulus payments during the COVID-19 epidemic. The IRS stated that eligible persons who received stimulus money will be ineligible to claim the Recovery Rebate Credit.
What amount will the stimulus checks be?
Payments vary based on numerous circumstances. However, the IRS stated that the highest payout is $1,400 per individual. Payments to 1 million qualified taxpayers are expected to total around $2.4 billion. To determine the amount of your Recovery Rebate Credit, taxpayers should check their IRS Online Account to see how much they have received or have not received in Economic Impact Payments.
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