Taxpayers may soon receive a stimulus check of up to $1,400, depending on how they filed their 2021 tax returns. This comes as part of the IRS’ effort to distribute about $2.4 billion in payments to individuals who missed out on claiming the Recovery Rebate Credit when filing their 2021 taxes.
In December, the IRS announced that it would be sending these payments to eligible taxpayers who did not claim the Recovery Rebate Credit. This credit is designed for individuals who didn’t receive all or any of the Economic Impact Payments, which are commonly known as stimulus payments.
The IRS noticed that many eligible taxpayers did not claim the credit on their 2021 returns, prompting the decision to distribute these payments automatically. If you are one of the taxpayers who missed claiming the Recovery Rebate Credit, you may be entitled to receive up to $1,400.
To check if you are eligible, review your 2021 tax return. If you left the Recovery Rebate Credit field blank or listed it as $0, you likely qualify for the payment. There’s no need to file any new paperwork, as the IRS began sending out payments in December and will continue doing so through late January.
Eligible individuals will receive a letter from the IRS informing them about the stimulus payment. The payments will either be sent directly to your bank account via direct deposit or as a paper check in the mail.
For those who haven’t filed their 2021 tax returns yet, there’s still a chance to receive the payment. If you file your 2021 taxes and claim the Recovery Rebate Credit by April 15, you may still qualify for the stimulus check.
If you qualify, you could receive up to $1,400, helping provide some financial relief. If you haven’t already, now’s the time to check your 2021 tax return and see if you’re eligible for the latest round of stimulus payments.
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