Are you qualified to receive one of the $2.4 billion in stimulus cheques that the IRS is mailing out?
Payments will be made to qualified U.S. taxpayers via paper check or direct deposit.
The Internal Revenue Service (IRS) said that if U.S. taxpayers did not claim the Recovery Rebate Credit on their 2021 tax return, they would be eligible to receive a stimulus check by the end of January.
After examining internal data that revealed eligible taxpayers who filed a return did not claim the credit, the IRS said the decision was made. “Refundable credit for individuals who did not receive one or more Economic Impact Payments (EIP), also known as stimulus payments,” the IRS describes the Recovery Rebate Credit.
“Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible,” IRS Commissioner Danny Werfel stated in a news release. “To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.”
What qualified taxpayers need know about stimulus checks, including how to get them, is provided here.
What Steps Must Eligible Taxpayers Take to Receive Stimulus Checks?
The stimulus payments, which were disbursed automatically in December and are expected to arrive by late January this year, are available to qualifying taxpayers without any action on their part, according to the IRS.
According to the IRS, the payments will be sent to taxpayers via paper check or direct deposit.
How Can Taxpayers Determine Their Eligibility for the Stimulus Payment?
A separate letter informing qualified taxpayers of the impending stimulus payment would be sent to them.
Along with the reminder letters, taxpayers can review their 2021 tax returns to determine whether they entered 0 or left the Recover Rebate Credit field empty.
What is the amount of money that taxpayers will get?
The IRS states that while stimulus payments will vary, the maximum amount that an eligible taxpayer can get is $1,400.
According to the revenue service, a total of $2.4 billion is expected to be distributed nationally.
What if a person failed to submit their tax return for 2024?
If they file their 2024 return and claim the Recovery Rebate Credit by April 15, 2025, those who did not file a 2024 tax return may still be eligible for the stimulus payment, according to the IRS.
“Eligible taxpayers who did not file must file a tax return to claim a Recovery Rebate Credit, even if their income from a job, business or other source was minimal or non-existent,” according to the Internal Revenue Service.
Get Latest News Live on Storify News along with Breaking News and Top Headlines from US News, Trump News, Taylor Swift and Travis Kelce, Kamala Harris, Entertainment, Technology and around the world.
