IRS Final Notice
The Internal Revenue Service (IRS) has reminded individuals eligible to file their 2021 tax returns by April 15 to claim the Recovery Rebate Credit, as reported by The Independent. Payments will be issued automatically to eligible filers based on the bank account details provided in their 2023 tax returns, per the report.
However, if taxpayers delay until April 15, they may encounter processing delays that could hinder their ability to claim the stimulus check on time. While some may think the IRS will extend deadlines or automatically issue payments, the agency has confirmed this will not happen.
Eligibility for Stimulus Payments
The amount of the check depends on the adjusted gross income (AGI). Single filers can receive the full $1,400 if their AGI for 2021 was $75,000 or below, with a phaseout beginning at an income of $80,000, as reported by The Independent. This continues for dependents of any age. Married couples filing jointly are eligible for the full $2,800 if their combined AGI is $150,000 or less, phasing out at $160,000, according to the same report.
Time Is Running Out
The IRS recently announced that approximately 1.1 million Americans are still eligible for this stimulus check. The agency revealed that around $2.4 billion in stimulus payments were already distributed in January to those who filed on time. For those who have not yet filed, the clock is ticking.
For late filers, the average refund is approximately $781, not including any potential stimulus credits.
FAQs
How will the IRS distribute the payment?
The IRS will automatically send payments to your bank account, using the bank information provided in your 2023 tax return.
What happens if I file at the last minute?
Filing late may result in processing delays that could prevent you from receiving your stimulus payment on time.
