According to the Internal Revenue Service, the cutoff date to apply for missed stimulus payments from 2021 is approaching in less than a month.
Around 1 million taxpayers qualify for stimulus payments up to $1,400. This funding, referred to as Recovery Rebate Credit, is available for individuals who did not receive one or more Economic Impact Payments during the COVID-19 pandemic.
The IRS noted that many of those eligible either left the Recovery Rebate Credit section blank or reported it as $0, despite being qualified.
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The IRS is set to distribute a total of around $2.4 billion.
Generally, eligible taxpayers will not need to take any action to receive their funds; however, individuals who have not filed their 2021 tax returns may also be eligible. These individuals must file their returns before receiving their refunds, even if their income from work, business, or other sources was low or non-existent.
Payments will be automatically disbursed either through direct deposit or paper checks, and eligible taxpayers will receive a separate letter informing them of the payment.
The tax return submission deadline is April 15.
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