Deadline approaches to claim $1,400 IRS stimulus check – are you eligible?
The deadline is nearing for certain American taxpayers to claim up to $1,400 in stimulus funds related to pandemic relief.
Fox – 32 Chicago
- The Recovery Rebate Credit offers up to $1,400 per individual, aimed at assisting taxpayers who missed out on full stimulus payments during the pandemic.
- You must submit your tax return by April 15 to be eligible for the payment (if qualified).
The IRS has revealed plans to automatically distribute payments to qualifying taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax submissions.
The Recovery Rebate Credit allows for a maximum of $1,400 per individual and is intended to aid those who did not receive the full amount of stimulus checks during the pandemic. Some refunds may not be processed until late January.
Overall, the IRS estimates that these payments will distribute $2.4 billion to approximately one million qualifying taxpayers.
Who qualifies for the IRS payment?
The IRS announced that it is issuing payments after discovering through internal data that many taxpayers filed 2021 returns but omitted the “Recovery Rebate Credit.”
This credit was established to support individuals who did not receive all or a portion of their stimulus payments during the pandemic. Lawmakers authorized three rounds of such payments: two in 2020 and one in 2021. Most eligible taxpayers have received their payments, but some could claim the funds later through the Recovery Rebate Credit.
The IRS has reminded those who did not file 2021 tax returns that they may still qualify for the credit. These individuals must file their returns by April 15, 2025, to claim the rebate alongside any additional refunds they may be owed.
Even those with little or no income can claim the credit by filing a 2021 return.
Is an application needed for the IRS payment?
The payments will be issued automatically either via direct deposit or as paper checks. Recipients will also receive a letter notifying them of the payment.
“These payments are indicative of our commitment to support taxpayers,” said IRS Commissioner Danny Werfel. “By reviewing our internal data, we realized that one million taxpayers missed claiming this intricate credit when they were indeed eligible. To streamline the process and ensure these funds reach those entitled, we’re implementing automatic payments.”
The payments apply to taxpayers who submitted 2021 returns but left the Recovery Rebate Credit field empty or marked it as $0 while being eligible for a refund.
When will the IRS distribute the payments?
The tax agency has indicated that checks will be sent out in December, with the majority of the payments expected to be received by late January 2025.
Payments will be directed to the bank account provided on the taxpayer’s 2023 return or to their most recent address on record. If a bank account has been closed, the IRS will reissue the payment via paper check to the recorded address.
