The IRS has exciting news for millions of Americans! Up to $1,400 in stimulus payments is being sent out automatically to eligible taxpayers. These payments aim to help those who missed out on past COVID-19 relief funds. Here’s what you need to know and how to ensure you’re on the list to receive your check.
Why the IRS is Sending Money Now
The latest round of payments addresses gaps in the Recovery Rebate Credit (RRC), a financial benefit linked to pandemic-era stimulus checks. Many people either didn’t know they qualified or made errors on their 2021 tax returns, missing out on money they were entitled to receive.
Are You Eligible?
Eligibility criteria are straightforward. You could receive up to $1,400 if:
- You filed a 2021 tax return but didn’t claim the RRC.
- You accidentally entered $0 in the rebate credit section.
- Your income or dependent status changed in 2021, making you eligible for a higher amount.
Even if you didn’t earn any income in 2021, you might still qualify. This program isn’t limited to those with traditional jobs!
How and When You’ll Get Paid
The IRS is making the process simple:
- Direct Deposit: Payments will be sent to the bank account linked to your most recent tax filing.
- Paper Checks: If no bank account is on file, checks will be mailed to the address the IRS has for you.
Payments will start arriving by late January 2025, and the IRS will send a letter explaining the amount and how it was calculated. Keep this letter for your records.
Haven’t Filed Your 2021 Tax Return? There’s Still Time!
The IRS is giving everyone until April 15, 2025, to file their 2021 tax return and claim the credit. Even if your income was zero, filing a return can get you this payment.
Final Tips
Double-check your tax return to make sure your information is accurate, and update your address or banking details with the IRS to avoid delays. Don’t leave money on the table—this payment could make a real difference!
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