Who is eligible to receive the $1,400 stimulus payment?
The IRS has announced that there is now a golden opportunity thrown for over a million Americans to log on to the IRS account and claim a $1,400 stimulus payment. This payment is said to be a reimbursement for missed Recovery Rebate Credits during the 2021 tax filing season.
The Recovery Rebate Credit was launched as part of a package of pandemic-related stimulus funds available for the financial relief of needy persons. The eligible taxpayer, however, failed to claim the credit due to omission or errors in filing their tax return. They may also be qualified for this payment, up to contacting authorities before April 15, 2025, if they did not file their 2021 taxes.
IRS data says that around 1 million American taxpayers fall in the above category, and the payment is guaranteed to go out automatically. In this case, you do not have to move a finger; the IRS will just send you a payment directly, either by direct deposit or a mailed paper check. Besides this, a notification letter confirming that the money is on its way will come with the payment.
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To check for eligibility, the IRS will consider tax returns for the year 2021. You would most likely qualify if you either filed your taxes but failed to fill in the Recovery Rebate Credit field or populated it with a “0.” For those who haven’t filed their 2021 taxes, there’s still time to submit a return and capture this benefit.
What to expect and when to expect it
Payments will be issued around December 2024 by the IRS. This means beneficiaries will have the $1,400 stimulus in their bank accounts by the end of the year or early in 2025, right before the holiday season, to help them pay outstanding expenditures. The IRS will disburse a total of $2.4 billion to approximately one million eligible recipients in a generalized way, meaning $1,400 per eligible person. According to IRS Commissioner Danny Werfel, this whole initiative is to make life easy for taxpayers so they can get their due benefits without any hitches. “We want to make sure this money gets to the people who need it without any additional complications,” Werfel stated.
So, if you think you might be eligible, there’s no cause for concern; there’s no need to call the IRS. Payments are automatically processed. However, if you haven’t submitted your 2021 taxes yet, now is the right time. Filing before April 15, 2025, may put you in line for consideration for the $1,400 payment and likely other credits or refunds you missed.
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This effort by the IRS essentially goes towards figuring out how they can owe taxpayers some benefits even if making a mistake happened due to something challenging like a pandemic. This money can help many families, whether you are paying bills or doing holiday shopping.
