IRS Announces $2.4 Billion in Stimulus Payments: Don’t Miss Yours!

The IRS has announced the release of $2.4 billion in stimulus payments to nearly one million eligible Americans. These payments, worth up to $1,400 per individual, aim to correct missed opportunities for claiming the 2021 Recovery Rebate Credit. If you’re wondering whether you qualify or how to secure this financial boost, here’s everything you need to know.

Who Qualifies for These Stimulus Payments?

The payments are targeted at taxpayers who:

• Filed their 2021 tax return but either left the Recovery Rebate Credit section blank or entered $0.
• Earned an adjusted gross income (AGI) in 2021 below the following limits:
  • $80,000 for single filers.
  • $120,000 for heads of household.
  • $160,000 for married couples filing jointly.
• Were not claimed as dependents on another tax return.

Unfortunately, nonresident aliens and those above the income thresholds do not qualify for these payments.

How Will the Payments Be Sent?

If you’re eligible, you don’t need to do anything! The IRS has started issuing payments automatically:

• Direct Deposit: Payments will go to the bank account linked to your 2023 tax return.
• Paper Checks: If direct deposit details are unavailable, a check will be mailed to your address.

The IRS expects most payments to be delivered by the end of January 2025. Additionally, they’ll send a letter confirming the payment details.

Haven’t Filed Yet? There’s Still Time!

If you didn’t file your 2021 tax return, you still have until April 15, 2025, to claim the Recovery Rebate Credit. Filing your tax return for that year is crucial to ensure you don’t miss out on this valuable financial support.

Why Are These Payments Happening?

During the COVID-19 pandemic, the U.S. government issued three rounds of stimulus payments under different relief acts, including the CARES Act and the American Rescue Plan. While most payments were distributed successfully, some eligible individuals missed out due to errors or incomplete tax filings. This new distribution aims to address those oversights.

Stay informed and ensure your tax information is up-to-date to benefit from programs like these. The IRS’s move is a reminder that it’s never too late to claim the support you deserve!