Stimulus checks have been a distant memory in the U.S., but now taxpayers may seize the opportunity. The IRS conducted an internal review, which has revealed that millions of Americans failed to claim the Recovery Rebate Credit on their 2021 tax returns.
As part of this review, the IRS has announced the distribution of $2.4 billion to eligible individuals who previously overlooked this benefit. If you missed out on claiming this credit in 2021, you might still be eligible for up to $1,400. Let’s dive into the details.
Who Is Eligible for This IRS Stimulus Check?
The purpose behind this stimulus check is to aid individuals who did not claim the Recovery Rebate Credit on their 2021 return. The IRS found taxpayers who were eligible but failed to claim the credit.
Thus, if you didn’t file a return in 2021, you can still be eligible for the credit by filing taxes up until April 15, 2025.
How Much Can You Receive?
These eligible taxpayers could receive up to $1,400 in this stimulus payment. The payment will either be by direct deposit or by traditional paper check as per IRS records.
Eligibility Requirements for the IRS Stimulus Check
Beyond that, here are the requirements for eligibility for the stimulus check:
- Missed Claiming Recovery Rebate Credit for the Year 2021:
- If you filed your income tax for 2021 but missed out on the Recovery Rebate Credit, you are considered an automatic qualifier for this payment.
- No tax return was filed for 2021:
- If you haven’t filed your tax return by 2021, you still can claim this credit if you file on or before April 15, 2025.
- Updating Your Information:
- Make sure your banking information and address are updated in IRS records. Those will be used to make the payments.
How to Claim the IRS Stimulus Check
1. If You Filed Your 2021 Tax Return:
- If you already filed your 2021 tax return but didn’t claim the Recovery Rebate Credit, you don’t need to do anything.
- The IRS has already started sending payments automatically to eligible taxpayers since December.
2. If You Didn’t File Your 2021 Tax Return:
- You must file your tax return before April 15, 2025, to claim the stimulus check.
- You can use the IRS’s free filing tools or consult a tax professional to ensure that your return is filed accurately.
- Once your tax return is processed, the IRS will send your payment either via direct deposit or paper check.
Why This Opportunity Matters
This stimulus check offers crucial financial relief, especially during times of economic uncertainty. For many Americans, this $1,400 payment could ease the burden of rising living costs and provide a financial cushion.
Conclusion
The IRS stimulus check is a second chance for taxpayers who missed out on the Recovery Rebate Credit in 2021. Whether you filed your taxes or not, you can still claim up to $1,400 in financial support.
Make sure to check your eligibility and file your tax return before April 15, 2025, to take advantage of this opportunity. Filing your return on time could also open the door to additional tax refunds or credits.
FAQs
Q1: How much can I receive from the IRS stimulus check?
A: Eligible taxpayers can receive up to $1,400 if they missed claiming the Recovery Rebate Credit on their 2021 tax return.
Q2: Who is eligible for this stimulus check?
A: Taxpayers who did not claim the Recovery Rebate Credit in 2021 or who didn’t file a tax return that year are eligible for the stimulus check.
Q3: Do I need to file my taxes to receive the payment?
A: If you already filed your 2021 tax return but missed claiming the credit, the IRS will automatically send you the payment. However, if you didn’t file your tax return in 2021, you must file by April 15, 2025, to claim the check.
Q4: How will I receive my payment?
A: The payment will be sent either as a direct deposit to your bank account or as a paper check, based on the IRS records.