IRS $1,400 Stimulus Checks: If you have not claimed the Recovery Rebate Credit in your 2021 tax return, then there is good news for you. The Internal Revenue Service (IRS) has announced that a special payment plan has started from December. Under this, an amount of up to $1400 is being sent to more than one million taxpayers.
What is the reason for Stimulus Checks?
The IRS aims to deliver an amount of $2.4 billion to those who did not claim the Recovery Rebate Credit in their 2021 tax return. IRS Commissioner Danny Werfel said that this credit was quite complicated, due to which more than one million taxpayers could not take advantage of it.
When will the Stimulus Checks arrive?
According to the IRS, these payments are being sent automatically from December and are likely to reach by the end of January in most cases.
What do taxpayers have to do?
Taxpayers do not need to take any additional action for these checks. Automatic payments will be sent to the bank account or address you have with the IRS on your 2023 tax return. The IRS will also send a separate letter to eligible taxpayers informing them of this special payment.
Who determines eligibility for Stimulus Checks?
The IRS said most taxpayers who were eligible for Economic Impact Payments have already received payments.
But this special payment is being sent to people who filed a tax return in 2021 but left it blank or filled in $0 despite being eligible for the Recovery Rebate Credit.
How much will the stimulus checks amount to?
The amount of this special payment can vary, but the maximum amount will be $1,400 per person. The IRS has posted more information about eligibility and payment calculations on its website.
What if you didn’t file a 2021 tax return?
If you haven’t filed a 2021 tax return yet, you may still be eligible for this money. However, you must file your tax return by the April 15, 2025 deadline and claim the Recovery Rebate Credit, even if you have minimal or no income.
Rounds of COVID Stimulus Payments
The IRS made three rounds of payments during the pandemic:
- March 2020: $1,200 per tax filer and $500 per child under the CARES Act.
- December 2020: $600 per tax filer and $600 per child under the Consolidated Appropriations Act.
- March 2021: $1,400 per tax filer and $1,400 per child under the American Rescue Plan Act.
FAQs On IRS $1,400 Stimulus Checks
Q. What are Stimulus Checks?
A. Stimulus Checks are payments made by the government to taxpayers as financial assistance. They are typically distributed during times of economic crisis.
Q. Do I have to apply for Stimulus Checks?
A. No, these checks are automatically sent to eligible taxpayers.
Q. What if I haven’t filed a tax return?
A. If you’re eligible, you must file your tax return by April 15, 2025, and claim the Recovery Rebate Credit.
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