Are you wondering if you’re eligible for a surprise $1,400 from the IRS? Here’s everything you need to know about the latest round of stimulus checks, which could be landing in your bank account or mailbox very soon.
What’s This New Stimulus Check?
The IRS began distributing approximately $2.4 billion in stimulus funds starting in December. These payments are part of an effort to ensure that eligible taxpayers receive the Recovery Rebate Credit they missed on their 2021 tax returns.
Why Are These Payments Being Sent?
Danny Werfel, the then-IRS Commissioner, emphasized the IRS’s commitment to supporting taxpayers. He mentioned that internal reviews revealed about one million taxpayers did not claim their eligible credits due to the complexity of the process. To simplify things, the IRS is issuing these payments automatically—no additional paperwork is required for those affected.
Who Qualifies for the $1,400 Check?
These checks are intended for individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns. This credit was available to people who missed one or more Economic Impact Payments issued during the COVID-19 pandemic.
How Will I Receive My Check?
You don’t need to do anything to initiate the process. If you are eligible, the IRS will automatically process and send your check either through direct deposit, using the bank account details from your 2023 tax return, or via a mailed paper check to your registered address. Additionally, the IRS will send a letter notifying you of the payment.
What If I Haven’t Filed My 2021 Taxes?
If you didn’t file your tax return for 2021, there’s still a chance to claim your stimulus check. You have until April 15, 2025, to file your 2021 taxes. By filing, you might become eligible to receive the stimulus check if you claim the Recovery Rebate Credit.
How Much Money Will I Get?
The stimulus payment amount can vary, but the maximum any eligible taxpayer can receive is $1,400. The IRS has set aside $2.4 billion for these payments, aiming to cover all eligible under the revised criteria.
Keep your eyes peeled for any mail from the IRS or check your bank account regularly. This bonus payment could be a welcome boost as we head into the new year. If you think you might be eligible but aren’t sure, reviewing your 2021 tax return or contacting a tax professional could be a good next step.
Local Tax
Local Tax is dedicated to helping individuals and businesses with their tax needs. Located at 9429 Somerset Blvd, Bellflower, CA 90706, our team provides expert guidance to simplify your tax process, whether for personal or business purposes. For personalized assistance and to ensure you get the most out of your tax returns, visit us or call us at (562) 925-2203. Our goal is to make your tax experience as smooth and beneficial as possible.
