With the continuing rise in living expenses, many Americans are experiencing financial strain. To alleviate some of this burden, the Internal Revenue Service (IRS) is distributing automatic checks of up to $1,400 to approximately one million taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns. By understanding how to track these payments, you can ensure you receive the funds you are entitled to.
Who qualifies for the $1,400 stimulus payments?
Eligible taxpayers who overlooked the Recovery Rebate Credit on their 2021 returns may qualify for these payments. This credit is crucial for individuals who did not receive the complete amount of the Economic Impact Payments during the COVID-19 pandemic.
Single individuals can receive up to $1,400, while married couples may qualify for double that, amounting to $2,800. Additionally, families with dependents could receive an even higher total, potentially reaching $5,600.
To be eligible for the payments, individuals must have an adjusted gross income of up to $75,000, or $150,000 for married couples filing jointly. The credit starts to phase out for those whose incomes exceed these limits, ultimately reducing to zero for individuals earning $80,000 or more and couples earning $160,000 or more.
The IRS estimates that these final payments will distribute around $2.4 billion in total. Most recipients are expected to start receiving their payments as early as late January 2025.
How will these stimulus payments be distributed?
By streamlining the payment process, the IRS has made it unnecessary for eligible taxpayers to file amended returns to receive their funds. Automated payments began in December 2024 and will either be directly deposited into the bank account provided on the 2023 tax return or mailed as a paper check to the registered address.
As noted by former IRS Commissioner Danny Werfel, this method is designed to “minimize headaches and promptly deliver this money to eligible taxpayers.”
If a taxpayer’s bank details have changed, the payment will be sent to the new address on record with the IRS. Additionally, recipients will receive a letter confirming that their payment has been issued, making it vital to monitor these communications to verify the payment status.
How to check the status of your stimulus payment
If you are uncertain about your eligibility or the status of your payment, the IRS has launched the “Where’s My Refund” online tool. Updated daily, this tool requires your Social Security number (or individual taxpayer identification number), marital status, and the exact refund amount from your return. By using this tool, you can check if your return has been received, approved, or issued.
If you believe you qualify for the payment but have yet to receive it, there remains considerable time to claim it. Taxpayers who did not file a 2021 tax return can still submit their return and request the Recovery Rebate Credit until the deadline on April 15, 2025, regardless of their income level that year.
Individuals are highly encouraged to review their 2021 returns for any unclaimed credits, as they may still qualify for the payment.
As citizens nationwide await these checks, it’s crucial to understand the eligibility requirements and the process for tracking your payment status. If you haven’t received your payment or have any questions about your eligibility, make sure to verify your IRS account details and file your 2021 tax return before the upcoming deadline. The importance of financial support—especially during these challenging economic times—cannot be overstated, so ensure you claim any benefits you may be eligible for.
