$1,400 Stimulus Checks from IRS: How to Know If You Qualify

The Internal Revenue Service that is commonly known as IRS has declared that a unique end-of-the-year gift would be offered to 1 million taxpayers, which actually in a pandemic style. The pandemic $1,400 stimulus checks will thus be given to them. There will be a total deposit worth $2.4 billion sent as a direct deposit into the bank accounts of eligible individuals. Now, know who will get this pay packet and what are the eligibility requirements.

When and how will you get the stimulus check ?

According to IRS’ announcement, payment will automatically be made “by the end of this month”. Most cases would receive this payment by the end of January 2025 in their American bank-account.

Given this, the applicant will be a taxpayer without claims on 2021 Recovery Rebate Credit in his or her annual returns. This credit was worth $1,400 per person or for their dependents.

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From the desk of the IRS Commissioner

IRS Commissioner Danny Werfel says, Almost 1 million eligible taxpayers do not claim this complicated credit, as our internal data suggests. We put in automatic systems so that the payment can reach the qualified taxpayers.

How will you determine eligibility?

How much of this payment each taxpayer receives depends on variable factors including income, marital status, and number of dependents. A few examples:

Individual income: Amounts are phased out for those with AGI over $75,000.
Couple income: Full amounts for couples earning up to $150,000 AGI qualify.
Count of dependents: An example: A married couple with three kids and an AGI of $149,000 could receive as much as $5,600.

Process of receiving payments

Eligibility will be verified by the IRS, which will also verify through its systems that the eligible taxpayer would not take further steps up to this point to receive this payment. If account/ACH information exists with respect to the 2023 tax return, the amount would also be applied directly to the taxpayer’s account.

Otherwise, the IRS will mail out a paper check with this amount.

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Three rounds of stimulus checks during the pandemic

Initially at the pandemic’s coming, the U.S. government gave three Economic Impact Payments.

First Payment: $1,200 per filer and $500 for each dependent.
Second Payment: $600 per filer and $600 per dependent.
Third Payment: $1,400 per filer and $1,400 per dependent.

This last payment was part of the $1.9 trillion American Recovery Plan passed by President Joe Biden, implemented in March 2021. Over 476 million payments amounted to $814 billion that were made to American households.

Eligibility about the third round was different from the eligibility criteria for the first and second rounds. The dependents would be:

College-going students
Adults with disabilities
Older Americans

This expansion was intentionally designed to be advantages to many families and to help counterbalance the economic impact of the pandemic.

Final thoughts

The $1,400 Stimulus Check could turn out to be a huge saving grace for many of those suffering the pressures of the pandemic. However, the process is now an automated one with the Internal Revenue Service – eligible taxpayers do not need to take any additional step. Ensure your tax records are updated so that you will be able to receive this money on time. Such programs of the IRS do not only provide monetary relief but also work in an organized and transparent manner. If you are not sure if you qualify, visit the IRS official website or contact your tax advisor.

FAQs

Q. What Type of People Are Eligible to Receive the $1,400 IRS Stimulus Check?

Ans: Eligible taxpayers are all individuals who would have qualified for the Recovery Rebate Credit for the tax year 2021 but have not claimed it for themselves or their dependents.

Q. What Is the Expectation regarding the Amount by Which the $1,400 Stimulus Check Will Help Me?

Ans: The income, marital status, and number of dependents determine how much someone can expect to get. A couple earning about $149,000 should expect to receive $5600 for three kids.

Q. When Will I Get the $1,400 Stimulus Check?

Ans: Most payments will probably be disbursed during the last days of this month and into late January of year 2025 for taxpayers that qualify.