IRS $1400 Stimulus Checks: The Internal Revenue Service (IRS) announced plans to automatically pay eligible individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns throughout January as part of ongoing efforts to assist taxpayers. After analyzing internal data indicating that many eligible taxpayers filed a return but did not claim the credit, the IRS announced the special measure on its official website.
A refundable credit (Recovery Rebate Credit) will provide only for eligible people who did not get any one Economic Impact Payments (EIP), also known as stimulus payments.
Who is qualified to receive stimulus funds?
- Eligible beneficiary will get the stimulus checks automatically, so there is nothing you need to do to receive the check,” the IRS stated.
- The majority of taxpayers who qualified for stimulus check have already received the Recovery Rebate Credit or those payments. Nonetheless, individuals who submitted a tax return in 2021 and even those who haven’t yet done so might qualify.
- ‘Special’ payments will only be made to qualified taxpayers who fulfill the credit’s requirements. According to the IRS, ‘Eligible taxpayers’ either entered $0 or left the Recovery Rebate Credit data field empty on their 2021 tax return.
- If a taxpayer files and claims the Recovery Rebate Credit by April 15, 2025, they may be eligible for a refund even if their income from a business, job, or other source was little or non-existent in 2021.
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How to Proceed If You Qualify for IRS $1400 Stimulus Checks?
Here we are discussing that what to do if you think you might be eligible for the special payments:
Step 1: Check Your Tax Return for 2021: Verify whether you filled out the Recovery Rebate Credit form correctly or left it empty.
Step 2: File your tax return if you haven’t already: You have until April 15, 2025, to file your 2021 tax return in order to qualify for the credit.
Step 3: Revise Your Data: To prevent payment delays, make sure the IRS has your most recent mailing address and bank account information.
How and when can you expect to receive this IRS benefit?
- In the end of January 2025, all the eligible taxpayers will receive these payments automatically.
- Eligible taxpayers will get a separate letter in which the taxpayers will know about their payment, and payments will be made automatically in their account by check or direct deposit.
- “The IRS remains diligent in improving and assisting taxpayers,” said IRS Commissioner Danny Wurfel. “Please do not make any claims.”
- These payments will be done automatically so that the eligible taxpayers will receive the money without having any issue and lengthy application process.
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- The payment amount will depend on different factors, but the check limit at $1,400 for each eligible person. The estimated payout is $2.4 billion.
- Additionally, the IRS reminded taxpayers who have not yet filed their 2021 tax returns that they might also qualify, but they have until April 15, 2025, to do so in order to claim the credit and any additional refunds they might be due.
