The IRS has announced it will begin sending automatic stimulus payments to approximately 1 million eligible taxpayers by the end of January. These payments are for individuals who missed claiming the Recovery Rebate Credit on their 2021 tax returns, potentially entitling them to as much as $1,400.
This proactive step is part of the IRS’s efforts to ensure that everyone who qualifies for stimulus payments receives them, even if they inadvertently left money on the table during tax season.
What Is the Recovery Rebate Credit?
The Recovery Rebate Credit was introduced to allow taxpayers to claim missed stimulus payments (officially known as Economic Impact Payments) on their tax returns. However, the IRS found that many eligible individuals either skipped this section or misunderstood how to claim the credit when filing their 2021 taxes.
To fix this, the IRS is automatically processing payments for those who qualify—meaning no additional action is needed if you’re on their list.
Who Is Eligible?
These payments will go to individuals who filed a 2021 tax return but did not claim the Recovery Rebate Credit, even though they were eligible for it. If you’ve already received your full stimulus payments, you won’t qualify for this round of payouts.
The IRS will send payments directly to the bank account or mailing address associated with your 2023 tax return. Recipients will also receive a notice in the mail to confirm the payment.
Still Haven’t Filed Your 2021 Taxes?
If you didn’t file a 2021 tax return, there’s still time to claim your Recovery Rebate Credit. You have until April 15, 2025, to file and receive any refunds you’re owed, including these stimulus funds. This opportunity is particularly important for individuals with little or no income, as they may have overlooked the process entirely.
Why This Matters
This initiative highlights the IRS’s commitment to ensuring every eligible taxpayer receives the financial relief intended during the pandemic. Automating these payments simplifies the process, ensuring that funds quickly reach those who qualify.
If you’re unsure whether you’re eligible or need assistance, visit the IRS website or consult with a tax professional to learn more. Don’t leave money you’re entitled to sitting unclaimed!
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